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MT trading journal and learning log
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MT trading journal and learning log

  #11 (permalink)
Elite Member
Seattle Washington
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: ES
 
Posts: 52 since Jan 2011
Thanks: 52 given, 35 received

The problem with trading tired - it increases risk

march 2

Yesterday was an emotional disaster as I traded like I wasn't. Reflecting on it last night I should have known not to trade or to trade sim instead of RT. I hardly slept in the night before - got up restless several times and didn't get but 2 hours of sleep. I thought a couple cups of coffee woudl do it - yeah, it jumbled me up good. An expensive and stupid lesson - trading requires focus and presence as much as anything else.

this am I am alert and more focused - have read several posts and that helped to add a dose of encouragement
today I am observing my trade entries and trading sim the first half of the day to reorient after yesterday -
just like chart patterns, I have developed my own patterns - patterns of success and patterns of failure - yesterday reinforced patterns of failure for me - TODAY I WANT TO REORIENT MYSELF TO MY TRADING PATTERNS - LIKE REPATTERNING MYSELF -
I trade with the trend and look for convergent double bottoms and lower low bottoms, and pullbacks in an uptrend and divergent double tops and higher high tops, and pullbacks in downtrend - I use an macd and double stochastic to help identify the swings and the div/conv tops and bottoms. Trend is identified a self-optimizing enhanced exp ma (go it from a friend and it works well ).

Trading Trend has been up since the open with
6:35 - 3 ticks
646 - 4 ticks
659 - 4 ticks
704 - 2 ticks (that was a very quick)
This was all sim trading
I am using the 2 bar reversal entry along with macd to trigger entries and stochastic swings to time entries
Larger pullback at 715 and I have no defined way to enter it - trend is still up
double top on 9000 sh chart - took sell entry after second top on 2brev - exited for 1 tick loss
however trend is not really down - this may be congested range top
note double bot forming 730
I have one specific indicator that I use to identify the trading trend - if I heed it I will usually be successful - if I chose to do otherwise I can frustrate myself
entry based on double bot and 2bar rev was 730 - I did not take it as it looked like a trading range
740 and I need to horiz mark low and high of first hr of trading

754 buy entry placed at 1312.75 - this is interesting - I bought the top and got stopped out for 6 tick loss
THERE WAS NO PATTERN TO SUPPORT THIS TRADE - NO DOUBLE BOT, no PULLBACK , nada, WITHIN A LARGER SWING MOVE UP, - NO CRITERIA SAID TO act ON THIS - IT WAS JUST A TRIGGER WITH NO REASON TO SHOOT (REMINDS ME OF THE VIDEO I WATCHED YESTERDAY ABOUT DEVELOPING A TRADING METHODOLOGY)
802 - double bottom pattern appeared and the buy trigger that showed up was valid - did not take entry
From 800 to now (about 11 am) I have been applying my system and documenting its entries on a separate sheet
HAVE COME TO CONCLUSION WHICH I HAVE BEEN AVOIDNG A LONG TIME - I AM VERY SHORT TERM TRADER - I HAVE DESIGNED A SHORT TERM SYSTEM - SCALPING TYPE - (THAT CAN SIGNAL BIGGER MOVES) -
I HAVE HELD THE BELIEF THAT A COMPETENT TRADER IS ABLE TO TAKE AND RIDE THE BIG MOVES OF 4- 6 POINTS AND EVEN TRADE 5 OR 10 CONTRACTS DOING IT!!!! come on - that is not my nervous system or me!!!
THAT IS NOT ME AND IT PROBABLY WILL NOT BE ME - I LIKE TO TRADE AND BE IN THE MARKET - THAT IS WHY I USE A 3000 SHARE CHART FOR ENTRIES WITH 9000 SHARE CHART FOR TREND -
THAT'S WHY I JUMP OUT QUICKLY ON THE FIRST REVERSAL - I AM THINKING TO STAY LONGER TO PROVE I AM COMPETENT WHILE ALSO WANTING TO COMPLETE THE TRADE QUICKLY AND MOVE ON
SO MY INNER TRADER AND MY NEED TO PROVE SOMETHING HAVE BEEN IN CONFLICT

It is now 12 noon and I have documented 19 trades using the trading criteria I have established - I have observed how conditioned I am to hope (maybe pray) for bigger moves when the reality is the probability of that is very low - amazing what one can do when there is no real pressure to act
It is not just what I see but what I think about what I see based on what I have seen and known with these patterns in the past - I am not a reflexive trader at this point in time

Attached Thumbnails
MT trading journal and learning log-3-2-first-hour-so.jpg   MT trading journal and learning log-3-2-830-1030.jpg  

Last edited by mindfultrader; March 2nd, 2011 at 04:15 PM. Reason: add
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  #12 (permalink)
Elite Member
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what a client taught me today about my trading

This brief note is for me to look at and think about tomorrow before the trading day starts.

In the morning I trade and seek to develop the skills and discipline of a competent trader. In the afternoons I am a psychotherapist in private practice seeing individuals and couples. Been so for 24 years .. love doing it too!

Today one of clients taught me something I need to pay attention to about anxiety that really stuck a note regarding trading. The client is in medical practice ..."when I get anxious I often cannot see what is there. Its not a blur; its just not registering in my mind and memory...I am looking at something that has no meaning...not blank, just information that I can't interpret." That's anxiety alright!

That is often me with a chart...in my anxiety I often cannot see what is there. The only difference between me and my client is I have acted on the anxiety, instead of doing what my client is learning to do: become aware of the anxiety and then think about what I am doing right now.

Tomorrow, 3/2, I am putting up a large note above my main monitor with one question: what do I see on the chart in front of me?

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  #13 (permalink)
Elite Member
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WHAT AM I SEEING TODAY? Trading journal 3-3


Trading journal 3-3-11- What am I seeing?
630 uptrend -
trade setup at open not taken
640 - buy on dbot +3
644 buy on ssb - early exit - set target for 4 ticks - +2
700 buy on what llconv - stopped out for 6 tick loss -6 (note - bought against intermediate trend (39) I had doubts and entered anyway (ahh - I know this pattern having bought in many times before - it is a setup for countertrend sell to setup the lower low entry that emerged at prior 10x3 bottom support pivot - reinforces the role of pivot support lines
as of 700 trading trend is down
lower low conv on 900 chart
745 - buy on pullback ssb + 4 ticks
749 llconv buy -target 4 +4
Convergence/divergence with 900 share tops and bottoms appears predictability today
NOTE TO MYSELF - ASSESS EVERY SETUP PATTERN IN CONTEXT OF LARGER TRADINGTREND AND STRUCTRUAL TREND =- THINK ABOUT WHERE PRICE IS IN RELATIONSHIP TO S/R LINES AND LARGER SWING CYCLES
858 bought a weak minor retracement - exit quickly for 3 tick loss (was distracted checking emails) -2
924 entered a buy on weak signal - target was as 4 ticks but it failed -5 ticks - the larger cycle top was in place and I ignored it (as noted above) - feel mental fatigue setting in - take a walk or exercise now
came back after exercise and noticed that the 924 buy trade was profitable and my stop was too tight by one tick
1045 buy trade taken on cycle bottom - market is at its high range - placed better stop at support of prior swing - risk = $87.50 - profit target 1.5 points = 6 ticks 1329.50 - meeting R at HOD moving profit down to 4 ticks at 1329 - out now at 3 ticks + 3

Attached Thumbnails
MT trading journal and learning log-3-3-1st-hr-3000-sh.jpg   MT trading journal and learning log-3-3-9000-sh-chart-1st-2-hrs.jpg  

Last edited by mindfultrader; March 3rd, 2011 at 03:10 PM. Reason: adding info
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  #14 (permalink)
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Posts: 52 since Jan 2011
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tarding journal 3-4 close but no bananas

Trading Journal 3-4 - closer but no bananas
630 struc trend up - trading trend down
watching for 1st pb after dbot - no setup
647 buy at 3rd bottom failed - exit -2
650 sold on setup + 3
consolidation bottom at 1326.75 - wait for confirmation of direction
bought a small pullback after bounce off support line - but trend still down error in mot wating for direction confirmation
missed perfect sell at 703 which broke Sline
2 sells at 713 and 719 but I was not at computer - marked on chart for reference
Noticing how I think I know what market will do if I enter (strange self-talk)
tradable pullback at 724
first hr hi and low in place - dt in place
734 b @ 1321.25 - 1st pullback after ll conv bot + 5 ticks
IDENTIFY PULLBACK AFTER LLCONV ON 9000 SH CHART
753 buy at 1323.25 on cycle bottom -target 1325.25 - stop 1321.5 r=1323.75 expect minor pullback to 1322.75 - pullback is showing strength so I exit at 1323.5 -DON'T LIKE THAT I EXITED EARLY - DO LIKE THAT I WAS AWARE DOING IT +1 GOOD DECISION TO EXIT EARLY WITH PROFIT
so far this day I feel good about my trading - observing and thinking - less negative self-talk - less errors more focus
higher high divergent top at 805 in trading downtrend so busy thinking about the last trade i missed it
LOOKING FOR SUPPORT AT 1320 ON ES - 50% OF L-YESTERDAY TO HIGH TODAY - MAJOR CYCLE BOTTOM FORMING
837 buy at 1323.50 on small pullback stop = 1321.75 target = 1327.50 exit for loss - premature entry - 6 ticks
I fought the trend and the trend won - made small sell trade for few ticks - AND MISSED GREAT DOUBLE TOP SELL SIGNAL IN THE PROCESS
910 and 920 - got 2 nice sell for 12 ticks total - now 1100 am pst and I have been been studying my entries
This has been a good day for me - not just profit wise - made 10 ticks - but in being calm, waiting for signals, identifying targets and exiting well

Attached Thumbnails
MT trading journal and learning log-3-4-27000-share-chart.jpg   MT trading journal and learning log-3-4-9000-share-image-27000-pattern.jpg  

Last edited by mindfultrader; March 4th, 2011 at 03:34 PM.
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  #15 (permalink)
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Posts: 52 since Jan 2011
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trading journal 3-7

Trading Journal 3-7
Got that flu bug and feel a bit queasy this am so I'll be quite observant and not trade too much today.
Read Al Brooks book about price action this wkd - tough to plow thru as others have said - helpful also
The flu bug has me down but good so I am lying low - watching and observing - will not take trade unless it screams at me to be taken
639 b 1st cycle bot at 132525 sold at 1326 at rline
I AM RESPECTING THE RLINES AND WAITING FOR CLEAR ENTRY SETUPS
got a div and then dbl top that produced a CT sell signal at 704
sss at 712
The flu bug has me down but good so I am lying low - watching and observing - will not take trade unless it screams at me to be taken

Attached Thumbnails
MT trading journal and learning log-3-7-1st-2-hrs.jpg  

Last edited by mindfultrader; March 7th, 2011 at 03:28 PM. Reason: add chart
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  #16 (permalink)
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  #17 (permalink)
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Trading journal 3-8 I can do this

Trading Journal 3-8 I can do this
Well, after a quiet small profit day Mon (I was sick with flu) today i start fresh.
Monkeyed with my indictors and stopped -went back to what I had - they work. just need to monkey with myself watching for 1st setup on 9000 sh -
1td tr almost at open - sell sss ret for + 7 ticks
2nd tr at 645 sss 2brev - mom cross dn + 5 ticks
ttl is down - st is down bounce off 1306.5 support line
ttl up st down
3dr tr - ssb at 710 - 6 ticks -early exit +5
st day now up -
4 - error - early entry - anticipated ssb and did not wait for ttl cross conf after now day high - 4 ticks
NOTE ON CONVERGENT BOTTOM IS SECOND BOTTOM OF CONV THE FIRST OF THE TWO DRIVE OT A TOP?
5- second chance - entered on 2nd signal at 734 - got out quick for breakeven - it just could not make a new high error
waiting for convergent or double bottom in ut
I CAN DO THIS - MANAGE MY EMOTIONS - WAIT AND WATCH FOR THE HIGHEST PROBABILITY ENTRIES DEFINED BY MY SYSTEM - SET STOPS AND TARGETS - MANAGE THE TRADE - DRAW THE S/R LINES - THINK ABOUT WHAT THE CHART IS SAYING ABOUT PRICE ACTION -
DEVELOP MY OWN INTERNAL PATTERNS OF TRADING THAT ENABLE ME TO EXPERIENCE BEING A COMPETENT TRADER
WHEN MY INTERNAL PATTERNS OF TRADING MEET THE CHART'S PATTERNS OF PRICE ACTION, I SUCCEED
TRADING A PATTERN MATCHING PROCESS FOR ME
this is similar to the video I watched about developing a trading methodology on the futures.io (formerly BMT)
If ........ then ..............
If (pattern appears) then (pattern of action) - I CAN DO THIS
There are 3 specific patterns I identify with the MT system
6 - buy at 820 - another run at the high - looks like inverse HS - target = 1321.5eyes close overhead first cycle bottom after convergent bottom - exited at yesterday close resistance for 2 ticks - ahh it blew thru it to almost hit my initial target - bitter sweet trade + 2 ticks

7 - ssb in strong ut - typically would not take as it was not a cycle bottom - strong ut can create cycle bottom failures - price action does not retreat to create cycle bottom - exited for 1 tick
8 - buy at 1322.75 - ssb pattern at 10x3 cycle top - momentum conf - target - not clear
will ride it up with close stops - decided that I would close out with breakeven - it may go up more and I am aware that I was pushing it - do not want to get into hope mode and I could feel it coming -
MY HOPE HAS NO IMPACT ON THE MARKET - it went up and could have captured 1 point or more but I got out so that means nothing - I GOT OUT WISELY WHEN I STARTED TO HOPE FOR A MOVE AND THAT IS GREAT TRADING FOR ME
Now I see the target - the open of 3-4 NOTE MAKE SURE ALL CLOSES AND OPEN FOR PAST 4 DAYS ARE MARKED ON 27000 SHARE CHART AS R/S LINES AND MAGNETS
market at quiet time - doing misc calls etc, will follow but resume trading at 1030 or so
Now 1024 and noticing a potential sell trade ... am aware of the pattern that has to show for me to enter sell .. also aware that this may become a buy or congestion range as cycles conflict seeking alignment
ITS FEEL GOOD to watch for pattern to form knowing it is predefined and clearly recognizable - if it forms I will act, it f it doesn't I won't! NOVEL CONCEPT! AND I DON'T KNOW WHAT THE MARKET IS GOING TO DO
now 1040 and it is different to trade relaxed ...waiting for a pattern to emerge.. no pattern has emerged so I can wait ....
Like all human behavior, the market is patterned and this relatively predictable and probabilistic.. no certainties just probabilities... I need to remember that when I think nothing will happen
9 waiting pays off as sell trade pattern emerged at about 1100 am - target not clear but entry clear look to exit at turn of MA's or doji bottom or cycle bottom entered at 1321.50 exit now 1320 + 6 ticks
today has been a good day - confirmed the importance of pattern recognition and waiting for patterns to emerge

Attached Thumbnails
MT trading journal and learning log-3-8-es-9000-sh-630-900-pst.jpg   MT trading journal and learning log-3-8-details-some-trades.jpg  

Last edited by mindfultrader; March 8th, 2011 at 03:57 PM. Reason: add
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  #18 (permalink)
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trading journal 3-9

Trading journal 3-9
Getting a late start to the day now almost 7 am and am usually up 90 mins ago - getting oriented
st up - tt dn
720 placed a trade at 715 that should not have been taken - scalped 1 tick but very poor RR ratio
bought on 3000 share ssb - luck is not a good way to trade - this was an error
830 Signing off as family crisis with a car.

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  #19 (permalink)
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trading journal 3-10

Trading Journal 3-10
I look forward to the trading day - yesterday was not possible - life and its complications got in the way - early morn market is down some
R at 1312.50 - overnt - lo1 1302.5 low from 3/6 - watching daily for inds of break down to use options to entry put pos
No trades taken as of 740 AM PST - I do not have my trader mindset yet
My trader mindset = back of my brain is not occupied with things other than my chart - front of my brain is active and I can feel myself present in my brain and body - I am thinking about and writing notes about what I am seeing in the chart
Finally got it together at about 730 - took 3 tr trades and 1 ct trade from about 8 am to right now at 930 s quick scalp trades using 3000 share chart
about 13 ticks - happy with that

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  #20 (permalink)
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trading journal 3-11 trust the patterns - take the signals


Trading Journal 3-11 - Trust the patterns - take the signals
#1. 632 took small ssb - late entry - exit at rline - 1 tick (may cont up after small ret) 1294.5 - 1294.75
IT CONTINUED UP TO 1297.5 TARGET: this was a valid ssb setup and trade with clear target
NOTE - stops on 3000 would have kept me in
# 2- 700 10x3top - small 3000 sss on 9000 ABC - sold - late entry got anxious as support appeared got out -1 tick entry is excellent profitable trade on 3000
NOTE 9000 bars have big range today
# 3 - major error - bought the 3rd drive to a top in a downtrend - duh! WAIT I AM TRADING THE MARCH CONTRACT - TIME TO GO TO JUNE BIG DIFFERENCE!!!
· would have made a big diff in trades had I used June contract - lesson learned
recuperating from the dumb mistake
watching setup for 2nd drive to a cycle top (905am) - setup shaping up no signal yet -
while waiting , reading other posts and found ESFXtrader's system desc interesting
incorporated his 45 cci into my chart - very interesting to check out - thank you ESFXtrader
off to the office for clients 1130


Last edited by mindfultrader; March 11th, 2011 at 03:36 PM. Reason: add
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