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8/27/15 Thursday
Live Trades: 1 win
Day’s P/L: $220.98
Managing to pick up some small nuggets as the gold rush continues. One trade today on YM good for 45 ticks. The more I can matriculate the account away from initial investment the more easily I should be able to pull the trigger. At least, that’s what I’m telling myself!
Lots of good opportunities today that were identified in real time as marked by the dots. I believe the day would have been nicely green had I taken them all. The volatility is definitely helping as price doesn’t tend to stick around long, and momentum carries it quite far. Hopefully this action will continue for a while without doing too much damage to the markets.
8/28/15 Friday
Live Trades: 2, 2 wins
Day’s P/L: $165.87
Two trades on ZN today. It is continuing to be my most reliable and comfortable instrument to trade.
Markets much quieter today except for CL. Once again missed a great move on CL. Initially, I couldn’t find a confident entry, then as the trend matured I became more reluctant to give it a go as pull backs got deep and it looked to be turning. One thing to remember is that on strong trend days, deep pull backs are to be expected. Don’t give up looking for opportunities in the direction of trend just because of a deep pull back. At the time it looks like the trend is reversing, and sometimes it does. But, often resumption from a deep pull back comes in the form of a series of higher lows, with progressively smaller pull backs before a new strong break. Pay attention to these before giving up entirely on the move.
I was hoping for a late big move in YM to cap off a nice week. Upon opening the platform I quickly decided there would be no trading until price made a strong move out of what looked like a long, slow correction, preferably to the down side. It never happened so no trades. I can’t help but think the gold rush will resume sometime next week. Be ready.
Weekly Summary 8/24/15 to 8/28/15
Live Trades: 14, 7 wins, 7 losses
Week’s P/L: $563.12
Starting balance for the week: $2900.91
Withdrawals for the week: $0
Deposits for the week: $0
Ending balance for the week: $3464.03
Beginning account balance from first live trade on 3/10/15: $3000.00
Total Withdrawals: $0
Total Deposits: $0
Total Gains/losses from 3/10/15: $464.03
Best week since going live. Volatility was high so there were a lot of opportunities. Marked many areas live, and for the most part the choices were sound. Still struggling with hesitation and doubt but it is getting better. I felt like there was a ton of money left on the table because of it. Just need to keep plugging away and not get too frisky trying to chase big dollars. Slowly build the account cushion and confidence. More decisive trading will result.
One technical note, when an instrument is trending strong like CL has been lately, don’t give up on it just because of a deep pull back. These deep PBs are often opportunities to jump back on board another large move. Look for a series of higher lows in an uptrend to signal resumption. Opposite in a downtrend.
Great job. And yes, the volatility does present a lot of opportunities..but you have to still take them....and you did. You are definitely improving. Now the trick will be how to use different strategies on choppier days or weaker days. On those days, I do more waiting and play more reversals at the edges of ranges or failures at support/resistance.
8/31/15 Monday
Live Trades: 2, 1 win, 1 loss
Day’s P/L: $161.38
Two trades, one on YM and one on CL. Missed the most part of another epic day on CL. Can’t seem to get myself to trust the set ups there. Someday it will happen and things will open up. I did manage the one trade there after a deeper pullback and higher lows, as referenced in the weekly summary. The other instruments were a little slower. I now have about 4 full stop outs to play with as a cushion and still remain in the money. Intermediate goal is 10 full stop outs cushion ($1500). Admittedly it’s a sick way of looking at it, but it works for me.