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First time journal. newbie trader. Trying to get more discipline in my entries and exits.
Using Sierra Chart Delta Volume Bars (32 contracts on right chart, 256 contracts on left chart) with Candle Price Volume Bars. White arrows indicate disagreement between cumulative delta (CD) bar and price bar. Up arrow below price bar indicates close-open >=0 and CD down resulting from Bids not allowing price to go down. Down arrow below price bar indicates close-open <=0 and CD up resulting from Asks not allowing price to go up. Lower study is Cumulative Delta (CD). Right edge of price chart is Volume at price (bid and ask). Pink horizontal line on right chart is evolving POC. Pink curve on left chart is VWAP. Very light, almost impossible to see moving averages are 8 period SMA's.
Red and green columns at far right are the Chart DOM, which, when live have the resting bid and ask quantities. These columns also allow me to place a long or a short order with just a click of the right mouse button - a very nifty feature. Also not seen is the chart dom graph which graphically depicts the resting bid and ask quantities as horizontal bars.
Rules:
Trade with the direction (STD and LTD).
Trade at support and resistance = good location (LOC).
Enter with two price candles and 2 CD bars in your direction.
Stop loss (s/l) = 9T.
Target (tgt) = 20T.
2:1 reward to risk (R:R) net of commission (9.5T loss vs 19.5T gain).
A failed trade is when a bar closes past the swing low/high you were using to anchor the entry.
Thus, you want to enter less than 9 ticks past the swing point.
Do not widen the stop loss.
The target can be widened.
This one I am not certain of yet: Do not let a MFE>=10T turn into a loss.
0810.29, Long 1, +7T, chickened out, LMOTT, LOC good, at support, structure good, exit poor Left money on the table (LMOTT) – chickened out – FEAR.
0932.05, short 1, +3T, entered late in the L/T trend down, but did it after an up blip, LOC fair, exit poor, LMOTT – chicken exit.
0932.38, long 1, +4T, entry ok – after 2 up candles in price and CD, after small pullback. LOC good S/T, bad L/T – because LTD was still down. Trying to catch the bottom!
I saw this yesterday and want to show a screen shot of it...
I did not trade it.
At 1303 Central Time there was a huge resting bid at 30.15 that was taken out in one fell swoop.
I had been watching that order and was wondering if it was going to be pulled or would it be consumed.
Well it got consumed, and more.
The order first started out at 30.10 but was raised to 30.15 just a couple minutes before it was consumed.
One order taken out by another big order. At least that is my interpretation of it. I could be wrong.
VEry poor day. I was very lucky on the last trade which closed just before 1330 CT and brought back from a $382 net drawdown to +$82 net gain for the day. Whew!
0733:15 +6T, chickened out a little, entry OK but late in the move.
0930:10 fighting the trend
0934.10 fighting the trend
0936.25 - did not move s/l to B/E. MFE=10T. Notice how CD bottomed out lower than PA (price action).
9045:59 +20T finally snagged a good one.
1209:58 -9T - thought I had a lower swing high and the beginning of a move down. No such luck
1236:34 3 x -9T: 3 bad trades, fighting the trend. Could have exited earlier, but letting the s/l do the work.
1255.04 +47T Finally caught the wave in the last half hour. The yellow vertical bands indicate the 5 minutes before 0730, 0800, 0930, 1300, 1330 which are news, opening, inventory, last half hour and end of pit session, respectively. I try to get out of trades during these blocks (except 1300).
+5T net of commission on 2 trades. Yesterday I traded too much. Today I was too timid. On final trade I chkened out very early. In fear of having a losing day, I set s/l above a recent low. If I vfollowed my rules (+20T target) I would have had a much better trade. More discipline needed.
A note on the second screenshot: You can see the Chart DOM graphical ladder and also the recent bid and ask volume numbers. This was a live screenshot.
For the week: +$259 net.
9011:47 +2T - this was a mistake so I got out right away.
1319:22 +4T chickened out. the normal 20T target would have worked.
1053:12 short 1, +3T, trying to pick the top. Got lucky getting out right away.
Need to trade with the trend. Don't be a perma-fader.
1118:56 short 1 @29.87, +13T. Chicken exit, Left money on the table (LMOTT). Fear of giving back too much. This is my curse. Another minute and it would have hit my target (20T).
