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Johnny's Journal
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Johnny's Journal

  #121 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Amp and Zenfire
Favorite Futures: TF
 
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Posts: 362 since Dec 2010
Thanks: 116 given, 433 received

Mike,
Thank you for the advice, most helpful. I will be limiting my trading to 3 trades per day.

Today is replay day of a day I've not traded before. Entered the trade with some hesitation, seeing as how far the market had dropped thus far. PA said short, so I did. Next bar gave me 2-3 ticks and thought it would be a slow decline. Next bar when to 4 ticks, then 7, then 9, then 17, then 20 ticks. Bar closed, new bar opened and went down 1-2 ticks. Closed position out for a 20 tick gain as getting greedy would have resulting in a reversal, as you can see it has.

Should I have left the trade stand, it would have left me with a 45 tick gain. But again, I don't know the future and am doing my best to not be greedy.

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  #122 (permalink)
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Still on replay of TF from Jan 4th I think. Watched for another move, saw it and placed the trade, which was a short. Trade went to 30 ticks in the money before retreating to 24 ticks at which point I closed out. Nervous taking the trade, seeing as how the market has dropped from the open almost 10 points. But being able to claim 4.4 points out of that has been good.

One trade left for the day.

I felt uneasy about the trade, thinking it could reverse on me. Looking back earlier in the day, there have been 15 tick long bars which would have hit my 9 tick short, but it didn't. I saw the market stall at 29 ticks in the money but didn't close the position. Small reversal, still in the money, would have been good as if I'd left it, there would be been another 40 tick gain on top of that. Market at 778.0.

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  #123 (permalink)
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Posts: 362 since Dec 2010
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Last trade for the day with the replay on TF. I saw how far the index had dropped and had the idea that it must come back up at some point in time. Looking at the 1min and 5 min chart, I felt I identified a fantastic entry point. Which I did, but unfortunately the long was entered right before lunch at the 782 mark. That was a long hour and watching the PA on the 5 min chart, I extended the stop to 2.4 points which was the intersection of the 1min chart's 20 day EMA and 50 day EMA. Never hit the stop. Position hit a maximum of 786.2 before it started a big reversal of over 2 points. Exited the position with a 3 point gain.

NT7 was giving me a fatal error each time I attempted to place a trade within the chart. Don't think it is an error with the feed, seeing as how I'm on the market replay connection. Unfortunately my entry/exit points were not recorded after the error started.

I wish I would have seen the crossing earlier and rode my existing 1 point stoploss. At that point, the market was at 780 and had risen 5 points already. I wanted to have a long trade but think I missed the entry point due to the 5 min chart focus.

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  #124 (permalink)
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Closed out of the chart. Was WAY to busy to trade and as soon as I took the trade I had to exit it as I was called away from my desk. Will replay another instrument to get some screen time in. Saw the PA, would have loved to of been in it today. I think I'll go with the 6E of yesterday and see how I do there.


Last edited by JohnnyAustin; February 22nd, 2011 at 04:32 PM.
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  #125 (permalink)
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Yes, the 3 trades a day concept really helps focus people. You don't want to take them all in 5 minutes. You want to spread them out. You want them to be "good". The mind is a powerful thing, just gotta know how to motivate it into helping you accomplish your goals

Mike

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  #126 (permalink)
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Thus far today, I've made two short trades and pulled out 15 ticks. Been really cautious about PA as I'm learning it, but it hasn't let me down thus far. Today I was watching the 1 min time frame as I wanted to be sure about the trades and not get caught out on the wrong side of a developing trend.

I need to work on letting winners ride. My first trade I cut short for a 4 tick gain. The trend continued down for an additional point. The next trade, image below, I placed based off the downward SMA of 50 and the SMA 20 crossing below. Rode that, with a stop in place, from 14 ticks in the money, to 2 ticks out, back to 11 ticks in the money. Closed out a trade from 797.4 to 796.3.

I'll be watching the news and perhaps I'll see a set up for a long later on today, but I doubt it. We are having our first ultrasound today and I'm cutting out early to be there. Need 7 ticks for a 2 point net day.

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  #127 (permalink)
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Posts: 362 since Dec 2010
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Was watching for my long signal and it hit. I waited a bit to ensure it wasn't a false breakout and took the trade. I felt really really good about this one. Went long at 797.6. When it got to 2.2 points, it got a little squirrely but I stayed in the trade as it retreated to 1.4 ticks in the money. Regained momentum and went up to 3 points, saw resistance, and I closed it out as I need to get back to work. Closed at 800.8.

32 tick gain on the TF, total gain today is 47 ticks. Not too shabby. Should I have stayed in, another 15+ ticks have presented themselves. I'm not worried about it, I am happy with today.

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  #128 (permalink)
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First trade of the day was a short. I logged into my computer and saw a short right off the bat but I waited a bit, reviewing the previous bars to see how it was moving and decided to take the short. Once I entered, it rode down for 16/17 ticks. It stalled there so I placed a cover order but it wasn't filled. Came back up, went back down to 10 ticks and I placed a close order there. Wouldn't close and advanced again. Came back down again to 9, and this time my order filled. Good timing too, the market has since reversed and gone up to over my entry point on a solid long. I'm not in the market, am waiting a bit to really see the long on the 3/5 min chart.

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  #129 (permalink)
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Posts: 362 since Dec 2010
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Placed a trade while seeing super choppy bars. Bad idea. Stopped out of a long, after seeing it cross above the PA lines, then reversed for what would have been a 24 tick gain. Not happy and the more I look at the chart and these long bars with long shadows, the more annoyed I get as having made the trade.

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Posts: 362 since Dec 2010
Thanks: 116 given, 433 received


Ok. Went for my final long. It was a good trade, almost hit my stop but then reversed and went off like a rocket. Unfortunately, the price stalled and I exited, seeing as how reversals have been so common today and the chart was showing long shadows, I closed out for 17 tick gain at 798.3. It has since gone to 800, so that would have been another 17 ticks in gain. Oh well. In the money today for sure. Not at good as yesterday, but 18 ticks profit. I'll take it. 2 days, 65 ticks gross profit. Minus commissions, 62 ticks net profit.

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