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The journey continues
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The journey continues

  #31 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

Thanks

Hey Adamus. Thank you.

I will echo everyone else who has read Brooks book, its a hard read. I am on my 3rd reading of it, but it has really helped me with my trading. I spent sometime a couple of months in the live room that they put on for Al Brooks, but he only trades the ES and my account size is to small for the ES.

Al has 3 more books coming out in Oct, Nov and Dec of this year. From my understanding they are suppose to be easier to understand and have been edited much better, but we will wait and see.

Also, I have been reading all the articles Your Trading Coach | Home. I like Lances style and it seems to be very simlar to Al Brooks, but he is a little easier to understand. He has a bunch of free articles that I find value in.

If you need any help please let me know. I am still learning too, so by no means am I close to being an expert.

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  #32 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

4/11/2011

I got my computer back up and running but couldnít trade on Friday.

Trade 1
The GBPUSD had been in a DT most of the morning on the higher time frame. There was a DB at 1.6345, which was broke with a strong Bear bar down at 6:15. I couldnít tell if this was going to be a fake out breakout or not. The PB to the previous support started strong but slowed down as it got close to the 1.6345 (see 3M chart) Part of me wanted to just place limit order to go short at 1.6345, but I didnít have the you know what to do it. I waited for it to bounce. I put a limit order to go short at 1.6342 1 pip below the close of the prior bar. I was filled with 1 pip slippage.

Price dove to my first PT but, I didnít get filled. Watching the close of the on the 3M chart, I started to get a little worried that this wasnít going to go my way. I moved my stop to BE and was stopped out, with 1 pip slippage against me. Good call on my part because the market took off.

I did not get in the run up; there wasnít a good PB for me to enter on. Yes there was one at 7:40, but I need to leave for the office at 7:50 so there just wasnít enough time for me.

I was a little upset about missing the run up, but I stuck to my rules and did not jump into a trade just because it was moving.

Grade B+

Todayís Total: (2)
Weekís Total: (2)

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  #33 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

04-12-2011


I had a work function last night so I couldn't post, but I did trade.

Trade 1
GBPUSD had been trending up most of the morning. There was news at 6:30 so I stayed on the sidelines until after that. After forming a DB pull pack I put a market order in to go long. The entry was more aggressive than normal, so I only traded 1 car. I was only looking for a quick scalpe because my R:R was low. I hit my target on the next bar.

Grade A

Right after that when it stopped at resistance I was thinking about shorting because it hit some major resistance, but I just couldn't pull the trigger. I was happy with my little profits. I need to work on being more confident in my trading plan.

Today +7
Week +5

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  #34 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

04-13-2011

I'm not sure what the hell happen today. Internet issues and mind farts.

Trade 1
I went short after a small PB and a DT. The trade went against me fast. I was watching the 3 minute chart and the bears slowed way down. I tighten my stop and took a small lose.

Grade B

Trade 2
After fixing my internet issue, there was a fake out break out. I was very aggressive with my entry and had a very tight stop. To tight. I was stopped out quickly.

Grade C

Trade 3
Mind fart. I meant to go short, but end up buying. As soon as my order was filled it dropped like a hot stone.

Grade F

Trade 4
This was the trade I meant to take. After the fake out break out, I knew we were going down. I went short with a limit order. I had my targets all picked out. My first target was hit quickly. My 2nd target was at the major support area. After things slowed down, I got scared and exited via market order. Just like yesterday, I need to have more confidence in my trading plan.

Grade C

Today (6)
Week (1)

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  #35 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

04-14-2011

I had some traveling to do this weekend, so I didn't have time to update my journal until now.

Trade 1
This was just a really bad trade. Here is what I was thinking. It was close enough to resistance and it had 3 pushes up and I was thinking reversal.

What I really should have been thinking. Long-term trend is up. It hasn't got to long term resistance. Wait for a good P/B then go long (2 bars after I was stopped out).

I really deviated from my trading plan on this one.

Today (9)
Week (10)

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  #36 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

4-15-2011

The EURUSD had been trending down for most of the morning. There was a bounce off of LT support at 7:00. Then at 7:30 a nice strong bear bar broke support. Then a medium bear bar, followed by a strong bull bar. The bull bar didn't look so strong on the 3 minute chart. So I thought this was going to be a break out. Turns out it was a breakout failer.

I was trading 2 cars on this trade. I didn't think I was being to aggressive, thus the 2 cars.

I traded my plan, but I was wrong. I am ok being wrong. I just need to be right more time then I am wrong.

Grade B+

Today (22)
Week (33)

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  #37 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

hi lipton, just wondering about that LT support before you took that trade. The next bear bar after support broke was completely under support - i mean, the high was lower than support. you don't incorporate that into your rules? for me, that would mean the support was invalidated.

by the way, what is LT support? daily pivots? (i am really ,really green at this PAT)

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #38 (permalink)
Elite Member
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Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

Hi adamus,

LT support, I should say higher time frame. The red dashed lines are S/R from a 60 minute chart. Every morning I look at what I believe to be key areas of S/R and use that for my over all trading.

Yes, the 2nd bar was completely below support. Sometimes I will take a trade once it breaks support and sometimes I will wait for a pull back to support before entering short. Allot of times it will break support then reverse, fake out breakout is what I like to call it. I don't have a hard fast rule on this. I am still learning how to tell if itís going to be a true breakout or a fake out.

As you can see this turned out to be a fake out. I should have moved my stop to right above my entry bar, after that bull close. I didn't, because I was hoping (bad thing).

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  #39 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

4-18-2011

No trading today. I had early meetings at the office. I am sad I missed today because there were some really good trades to be had. Oh well, there is always tomorrow.

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  #40 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Beginner
Platform: NT
Broker/Data: Zen-
Favorite Futures: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 98 received

04-19-2011


Not a good day. I had a relapse.
Trade 1
Nice triangle formed after a complex P/B and break of a channel. I took the a limit order after the break of the triangle. I had my first target right below the last S/H. While the next bar was developing, I notice a D/T forming and exited my trade. Which was a good thing. I had my stop placed right below the support of the triangle. I would have gotten stopped out.
Trade 2
Nice strong bull bar entering back into the channel. I took the a limit entry. After a medium bear bar and a weak bull bar, I didn't feel great about the trade so I move my stop 2 ticks below the D/B. I felt that I might be wrong. Next bar I got stopped out to the tick.
Trade 3
Chernobyl melt down.
After getting stopped out to the tick the market jump 30 pips in 7 minutes. I was very %#$@ off. I was hot. I entered on a market order, which I almost never do. This was 110% revenge trade. The really sad thing was I kept telling myself just exit and forget about it. I couldn't push the freaking button.
After getting stopped out, I got up and left. The smartest thing I did all day.
Day Total (32)
Week Total (32)

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