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BRETT'S NAKED IN IOWA JOURNAL
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BRETT'S NAKED IN IOWA JOURNAL

  #191 (permalink)
Elite Member
Iowa City, Iowa
 
Futures Experience: Advanced
Platform: ninja Trader
Broker/Data: Velocity/TT
Favorite Futures: es, eur/usd,6E
 
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Posts: 244 since Sep 2010
Thanks: 24 given, 333 received

Thanks to everyone for the comments, I appreciate them. The last couple of day's Iíve stood aside to try to get my head right. This is definitely a game that needs to be taken serious with self decline.
I have failed to trade my trade plan and have lost money. I must get back on track so I'll be trading the Eur/Usd with a small position size to get straight. I don't like to sim, I want to be honest with my trading.

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  #192 (permalink)
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9/26/2011 prep

The euro is trading in a range between 1.3550 and 1.3385. Today we could be range bound but any lower high or high high in range and we should break threw. Best trades are shorts near 1.3550 and longs off the bottom.

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  #193 (permalink)
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brettwilson69 View Post
The euro is trading in a range between 1.3550 and 1.3385. Today we could be range bound but any lower high or high high in range and we should break threw. Best trades are shorts near 1.3550 and longs off the bottom.

Can't wait to see your update chart and post for today man.

Did you have some good time to reflect on how things were going for you and get everything straightened out?

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  #194 (permalink)
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9/28/2011

I had a good trade Monday on the ES I will post tomarrow; my chart is on another work station. I was out yesterday and will get back on track today.

Prep for the ES: The ES is moving up after finding a base at 1163. Micro bias is at 1167 and holding this up. If we break 1167 look for the ES to close yesterday's gap at 1158. If we base at 1158 or 1163 then look for the ES to move up to 1190. On a smaller time frame we are holding 1173 area and try to move up.

Prep for the Eur/Usd: The Euro is moving up to test the 1.38. Micro bias is at 1.3600 and macro is 1.3545, I'm looking for the Euro to base around these area's and continue up. The line in the sand is 1.3545, if we break it then I'm looking for shorts.

Attached Thumbnails
BRETT'S NAKED IN IOWA JOURNAL-eurusd-30-min-9_28_2011.jpg   BRETT'S NAKED IN IOWA JOURNAL-es-12-11-5000-tick-9_28_2011.jpg  
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  #195 (permalink)
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Trade Plan changes

So after last week with only one day of trading and a lot of rest from minor outpatient surgery, I thought it would be good to redo my trading rules and try to get into a rhythm. This journal, prep and trading my trade plan with few or no random trades are the most important parts to my success.

Here is my revised plan:


My method is based on market structure and price action. I trade using only a range bar and 50ema.

I will trade the
ES with a 4 or 5 range bar and 1 or 2 contracts. I will trade Eur/Usd and Aud/usd with a 7 range bar and 20,000K to start.

I will trade between 5:30 am CST and 11:00 CST. Around the noon hour I seem to get chopped up and lose attention after this time.

I will take 20 trade samples on each instrument with results and spread sheets posted.

I will post prep and trades every day.

Trades
I will take continuation with pull backs of 1/3 to 2/3 of last action move with structural bias.

Skip all continuations if market retest fails(failed continuation) before pull back.
Skip all trades that are not with the moving averages unless after Macro retest fail (failed continuation).
The second is a retest of an inside bid zone or retest of inside offer zone with structural bias.

The last is a retest failure of a confirmed macro bid zone or offer zone with macro bias.

Entry is 2nd consecutive up or down range bars or an up down up or down up down in these zones with a stop above or below the first bar.

If stopped out and trade still confirms trade I will take trade if R/R will 2nd loss is greater than 1.5 to 1. I will also not take any trade that does not offer 1.5 to 1 R/R to first target. I had too many of my losers at top of zones with no R/R or retail entries.

Exits
I will be scaling out, 1st target will be at the first structural target of the action move and second will be at a major structural target or full volatility.

Max daily loss 75.00 euro and 350.00
ES



I would tell anyone who is struggling with discipline or trading randomly to use this journal forum it does work! Thanks Big Mike

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  #196 (permalink)
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10/3/2011 Prep

Both the euro and Es are holding micro bias to the down side but are both very stretched.

Euro micro bias is 1.3380 with marco 1.3680. If we hold 1.3310 and start to retest micro bias I believe we will start a correction of the last leg down and move up to test the 1.3460 area (.385 retracement).
If we break 1.3310 then down we go to 1.325 and 1.290.

ES is holding micro bias at 1129 and marco at 1160. If the ES holds the 1115 area I would expected it to corrected also taking out micro bias and moving up to the 1135 old support or up to 1148.00.But if we take out 1115 then down to 1100 and 1050.

Attached Thumbnails
BRETT'S NAKED IN IOWA JOURNAL-eurusd-30-min-10_3_2011-prep.jpg   BRETT'S NAKED IN IOWA JOURNAL-es-12-11-5000-tick-10_3_2011-prep.jpg  
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  #197 (permalink)
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10/3/2011

Great day to trade, I missed a few trades being timid. I must not over think, see the trade and take it.

ES 1.75 1 for 2
Euro 7 pips 1 for 2

Attached Thumbnails
BRETT'S NAKED IN IOWA JOURNAL-es-12-11-5-range-10_3_2011-trades.jpg   BRETT'S NAKED IN IOWA JOURNAL-eurusd-7-range-10_3_2011-trades.jpg  
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  #198 (permalink)
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brettwilson69 View Post
I must not over think, see the trade and take it.

Yessir

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  #199 (permalink)
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10/04/11 Prep

The Es is at support and bouncing off of it. The micro bias is 1087.50 and macro is at 1134. Micro bias is the line in the sand today, if we test it and make a higher low after expected 1087.50 to break. If it holds expected side ways day between 1070 and 1085.


The eur/usd is still trending down without a major retracement. Todayís Micro bias is 1.3225 and is also the line in the sand. A higher low with a test and we should break it and start a correction of the macro leg down. The first target retest of old support 1.3375. A hold of micro bias and down to 1.290.

Wait for the test and then micro continuations down or up after things are clear

Attached Thumbnails
BRETT'S NAKED IN IOWA JOURNAL-es-12-11-5000-tick-10_4_2011-prep.jpg   BRETT'S NAKED IN IOWA JOURNAL-eurusd-30-min-10_4_2011-prep.jpg  
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  #200 (permalink)
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Posts: 244 since Sep 2010
Thanks: 24 given, 333 received

Today's Trade 11/04/11


My prep for the ES was off a little the true micro bias was at 1194. My tick chart showed a different level then the 30 min. That didn't make a difference on my execution; I find it hard to trade the ES and Euro at the same time when theyíre moving in tandem. I seem to take setup on one and not the other, today is a good example of that. I traded the Euro in the morning and the ES in the afternoon. My ES trades in the afternoon where with the trend but a lot of backing and filling like always in the afternoon.

Euro + 94 Pips and a bad exit
ES a grinding +.50

Attached Thumbnails
BRETT'S NAKED IN IOWA JOURNAL-es-12-11-5-range-10_4_2011-trades.jpg   BRETT'S NAKED IN IOWA JOURNAL-eurusd-7-range-10_4_2011-trades.jpg  
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