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Johnny's Journal
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Created: by JohnnyAustin Attachments:102

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Johnny's Journal

  #11 (permalink)
Site Administrator
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Most of your pics are not working. It is much better to simply attach pictures to the post instead of using a third party photo sharing website and embedding links. You also do not need 5 posts to do this.

Mike

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  #12 (permalink)
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johnnycakes78704 View Post
I think NT7 just error-ed out on me. Anyone else had a problem with NT7 showing the incorrect results of trades?

FYI, NT performance reporting is total crap, as in completely unreliable and frequently erroneous. The totals may be correct on the current day, but the other stats are frequently wrong and the longer the period of time the worse it gets due to the accumulation of errors. If you look at the the two pics, the only difference between the two is that I checked and unchecked the "Group Trades by ATM Strategy". You will need to maintain a separate trade log and calculate your own stats. Good luck to you on your journey!

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Johnny's Journal-no_group_atm.png   Johnny's Journal-group_atm.png  
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  #13 (permalink)
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Mike and Vegas, thank you for the info.

Reviewed my ins/outs yesterday, made sure I followed my rules today. I think my trading style works best on the 2min chart. Not as busy as the 1min chart but allows me to see the trend that fits my trading style. Still, my biggest 1 trade gain thus far at 1.5 points.

The first attached file shows my first trade of the day. Short at 1270.25 and cover at 1268.75.

Looking at the trend, the reversal is there but then the trend continues for an additional 1 point trading gain. Should I have allowed the reversal (I'm assuming this is the scalpers getting their fill of the trade) and stayed in the trade for an additional point gain, closing out around 1267? Probably. Looking at the volume in comparison, it is very low, not indicating a breakout of the trend.

The second chart shows the (true) trend breaker.

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Johnny's Journal-nt7-4.jpg   Johnny's Journal-nt7-5.jpg  
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  #14 (permalink)
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Following the defined rules, it would have been possible to eek out a gain of an additional point even if I re-entered the trade, but I follow the ZLEMA's tracking of the upper or lower Bollinger bands, getting into a trade when it crosses the mid-point of the bands. Looking at the chart, it would have been possible to stay in for another 1 point gain, but where the zlema (green) moves away from the lower band, I would have stopped out the trade there at the blue price indicator (pro churning). I'm not a shoulda, woulda, coulda guy. I'm happy with what I've learned thus far AND in its application.

Edit: Personally, I'm kicking myself as the downward trend continued to 1262-ish.

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Johnny's Journal-nt7-6.jpg  

Last edited by JohnnyAustin; January 7th, 2011 at 12:39 PM.
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  #15 (permalink)
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Following the indicators....stopped out 3 times due to severe reversals. My stop is 1.5 points. Not pleased....

Looking at where I went wrong...and it seems I tried to get back into the shorts twice, which backfired on me even though the trade was accurate according the indicators. Went long, stopped out by reversal. Trade coming back up, rehit indicators, took trade again but more cautiously. Considering taking small .50 -.75 gains.

Stopped out again for another 1.5pt loss.

Took a breather and came back. Watched 1,2,3,5,10 minute charts to verify the trend and indicators were working. Came in late as I didn't want to get bit again but let it run for a 2 point gain. Could have had .5 more but wanted to see if it would get to 3. After stop, mkt dropped .75 or a whole point. Glad I got out.

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Johnny's Journal-nt7-7.jpg  

Last edited by JohnnyAustin; January 7th, 2011 at 05:22 PM. Reason: Final trade update
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  #16 (permalink)
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Week in Review:

Following the rules set into place works, at least have this week. Profit was achieved when the rules were followed. Care needs to be taken to not balk when a small reversal happens when the reversal volume stays low as this will further profitability. Is it worthwhile to sell at reversal, let small gain happen only to short it again to eek out maximum profit? I think not. That is what bit me today, 3 times today. Practice letting the winners run. As always, let the rules make the trade, not the ego. My ego has never paid the bills, instead, just wrote checks my body won't cash. And today...seeing the big points move, my ego wanted in on it.

Remember, there is no breaking the bank....there is no bank.

Acquired trading log external to NT7, will use that to document in/out, short/long, pnl, etc.

My goal is small consistent profits every day. As the understanding, experience, accumulation, and education increases, the amount of contracts will increase.

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  #17 (permalink)
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Stopped out twice on trades that met my criteria. Started LATE today, unable to make trades on morning move, didn't start trading till about 11am CST.

Reviewed trades, both were headed in right direction and were thought to be good trades.

3rd trade has finally gone profitable. Need 3.25 points to recover losses. Should I hold to let profits run or take the .25 to .50 scalp multiple times today? I think that might be a better idea than trying to let the market run up 3-4 points.

Volume is dying off....

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  #18 (permalink)
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Trading range appears to be narrow, around 1-2 points. Shorted when indicated, gained a point back. Saw churning, closed position. Bought again on indicators, gained .25 points and closed position. Trading range is now three quarters of a point, looking for a breakout either way. Ease of movement is hovering at -.04 on 1 min chart and +.03 on 2 min chart.

Edit: Bollinger band full range at 2:21pm is 0.72 points


Last edited by JohnnyAustin; January 10th, 2011 at 04:22 PM. Reason: Insert bollinger band range.
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  #19 (permalink)
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Massively frustrated. Was able to get small move points and then stopped out on a regular basis today. Total points lost were 8.25. Big moves in short trading ranges when I followed the trend created the losses.

Total points gained were 2.5. 13 trades today, only 37% of longs were profitable and 40% of shorts were profitable. Average winning trade was .5 points, average losing trade was just over 1 point.

Starting the day earlier will mean the difference between success and failure. While I was watching the market for a bit before I entered a trade, catching up on points loss after stoploss is very difficult. Definitely looking forward to tomorrow.

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Breaking about even today. Sticking to my rules. Need to think seriously about trailing stop limit. Had a trade that went 10 ticks positive then went to 4 ticks positive where I closed it out, and it then continued the reversal. Less trades, less trades, less trades. This will result in more profitable trades. 1-2 points per day POSITIVE is the goal.

As of now, at 1:41pm CST, I am 0.25 ticks down with one long contract. Closed it out at a .75 point loss. Bollinger Band has a range of less than 1 point. Watching a breakout to the low otw. Time to short?

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