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AttitudeTrader Trading Journal


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AttitudeTrader Trading Journal

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  #41 (permalink)
 Deucalion 
Calgary, Canada
 
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I don't enough about your style, and its impossible to convey everything on paper (I strongly believe that)...but 1:1 RR is too little, unless you can maintain a high WR (that blasted expectancy again). Some folks can do it. I can't even look at a trade unless I know it can withstand my million mistakes each day and still make me money. I used to think singles is enough, not now..I know there are elephants to be shot and by god I have the tenacity to go for it.

So should you, get the blood running...shoot for the GMan, they are human too and they all bleed

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  #42 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
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Deucalion View Post
...but 1:1 RR is too little,

I would tend to agree...


Deucalion View Post
unless you can maintain a high WR (that blasted expectancy again).

...yes, I let my Expectancy number tell me whether my RR is high enough.


Deucalion View Post
I used to think singles is enough, not now..I know there are elephants to be shot and by god I have the tenacity to go for it.

So should you, get the blood running...shoot for the GMan, they are human too and they all bleed

You crack me up! Thanks for the motivator! Have a good week.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #43 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
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Posts: 358 since Oct 2009
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Trades as noted on attached chart:
  1. Short at Thurday's low. Unsure about entry so I trailed a tight stop. Got stopped out on quick pop up then price moved down past my original target. Had I left my stop where it was, I would have had a full profit.
  2. Price hit NPOC and appeared to be turning around. Long on shallow pullback. After this and the next 2 trades I realized that the swing high here nearly touched a 50ema that I often use - but wasn't.
  3. So convinced that price was moving up that I tried again.
  4. So convinced that price was moving up that I tried again.
  5. Put 50ema on chart, accepted that trend was down. Short with target at gap close. This time I didn't move stop, and this time price didn't reach important s/r and I take a full stop out.
I've hit my daily loss limit at this point. I need to take a break and come back in a little while.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #44 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
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Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received

SIM: -43 ticks, -$240.00, 5 trades, 5 cntrcts

I've been trying to trade in a very minimalistic fashion (no indicators), but it would appear that I'm not at that level yet and need some help with determining market direction. I've used a 50ema off and on recently and I see that price tends to react relatively well in relation to it, but it's not quite enough. So I'm going to try incorporating an indicator that I've used off and on for quite a few years and have a fairly good understanding of: WoodiesCCI. Everyone has probably either heard of it or used it at one time or another.

I also spent the afternoon researching futures.io (formerly BMT) here for info on anyone trading the CCI and among a lot of gracious posters I found some very helpful stuff by Jeff Castille and have been trying it during the afternoon market. I think this may help me to take more appropriate trades while I continue to learn how to really understand price action. So thanks to Jeff and again to Big Mike for what's available here.

I'm attaching the final chart for today with the trades I took (bright blue arrows) while I was working with the CCI and new ideas I learned. When I looked at my DOM I was pleased to see that I actually made a respectable comeback after the morning's losses. I will still only be logging the trades I took prior to hitting my daily loss limit. It's important for me to know that I can get back to new equity highs after difficult losses.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #45 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
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Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received

Testing/studying today, so I'm not logging trades.

As is often the case (for me anyway), speaking out loud (publicly) before I've had time to be sure of something can be a bit embarrassing. I think I spoke too soon yesterday regarding adding indicators. Testing them today with my style of trading just wasn't working. I may be having difficulty right now by keeping it simple, but I think that's where I need to be.

Anyway, I know that I need to be able to identify areas to "do business" in a better way than I've been doing it, so late this afternoon I went back to something that I learned many years ago and still seems to stand the test of time. It's some simple Fibonacci retracement/expansion levels that I learned from Trader-X.

I'll work with this for now and see how it feels going forward.

For the sake of sharing what I'm doing, I've attached a chart with some notations of what I saw/did.

And I want to wish a big Happy Birthday to Big Mike today!

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #46 (permalink)
 Big Mike 
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AttitudeTrader View Post
And I want to wish a big Happy Birthday to Big Mike today!



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  #47 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
 
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Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received

SIM: +57 ticks, +$275.00, 2 trades, 2 cntrcts

Trade 1: Test of bottom of RZ. Falling 50ema. Short on break of the 3rd candle, which had a fairly long upper wick and closed red. Target is yesterday's low. Because price was testing 50% of the rise of the last 2 days (45min chart), and report was due out at 9:00cst, I was aggressive with my stop. Price ended up moving back up from that 50% level and I was stopped out at my trailing stop.

Trade 2: Bottom of RZ pierced by 2 more bars with long upper wicks, falling 50ema tested, ORH, current POC, and Monday's high pierced. Short on break of red shooting-star-like (13th) candle. Target is yesterday's low (conservative) or 1/2FE (aggressive). I was filled at my target price, but then price proceeded to move down to hit 1/2FE ( 119.1% ) and bounce from there. Obviously my target could have been more aggressive, but this was a nice 2.0R trade for me.

The move after the FOMC announcement made my trades look like peanuts, but I had already determined that I wasn't going to trade in the afternoon today.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #48 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
 
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Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received

Actually didn't really plan to trade this morning after the huge gap down, but a couple of opportunities presented themselves. This may be it for the day for me.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #49 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
 
AttitudeTrader's Avatar
 
Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received

SIM: +57 ticks, +$275.00, 2 trades, 2 cntrcts

I'm trying to use the tools I've decided to use and do it the same way every day, so when price opened so much lower this morning, I didn't have much in the way of reference levels to use to make decisions. I was about to just go do other things and wait until this afternoon to trade, when price seemed to be setting up for a short opprotunity, so...

Trade 1: Short at break of early LOD after price pierced early HOD and created a red shooting star with a long upper wick. My target was the naked close at 10657 (yellow line on chart), but while I was writing my notes about the trade I forgot to adjust my default bracket order to my intended target/exit price and I was taken out of the trade early. Due to my uncertainty about today's action, I would have been trailing a stop anyway, so I would have been stopped out with a little more profit than I got.

Trade 2: Long on break of green hammer with long lower wick after test of early LOD/ORL. Target is HOD and CLVN. Out at target.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #50 (permalink)
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
 
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Posts: 358 since Oct 2009
Thanks: 6,868 given, 868 received


Didn't take any trades today because I didn't like the rangebound action, so here are the notes for my charts for future reference:

At the 1 marked on the chart: I was watching this level very closely because price had reached the naked close (closed the gap) and the 50% retracement level of my Fib measurements. Price also created offsetting or dark cloud cover candlesticks, but I was still unsure because price had moved above the 50ema and was still inside of the range of yesterday's last upswing. Target would have been ORL/LOD, which was hit. My method worked, but I made a judgment call not to take the trade.

At the 2 marked on the chart: Price created a strong bullish engulfing pattern after testing ORL, but again, I wasn't comfortable with the range-bound conditions.

At the 3 marked on the chart: By around 10:15cst I was getting a little antsy and I didn't want to do anything stupid, so I shut down my charts and did other work/stuff.

At the end of the day when I saw the sideways action that had occurred, I was very happy with my decision to walk away.

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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