Overview of last week

• Highest volume week since the election
• Last week's ATR was 118/ 148
• Range has been above ATR for the last 5 weeks
• 5/6 days have been negative, second time this year that has happened
• There's been some heavy buying
• Current range between ~5650 and ~5900, will we see continued b uying at the ~5650 mark? or will the downtrend continue and potentially break it?

Key News

• Monday -
• Tuesday - BOJ Minutes
• Wednesday - Home Sales, EIA
• Thursday - Jobless Claims
• Friday - PMI Composite flash, New Home Sales

Scenarios for the week
There's not a lot of economic news this week and we are approaching the summer break but the market has been very strong. Here's some potential scenarios.


This is the first time I've done weekly scenarios, so I'm unsure as how I will use this for trading. Something to work on I guess.

Goals for this week

• Journal every day you don't have to go into the office early
• Figure out this new TWS data situation, my subscription has changed for some reason
• Start new spreadsheets for tracking my data

Additional psychology goals for this week

• Be extra cautious as you haven't been in the market for a while. You currently don't have a 'feel'

Alright guys, let's do this. I'm back!

SoftSoap 

Overview of last week[LIST][*]Highest volume week since the election

Thx for sharing your trading
journey.

Profitable trading to you.

SoftSoap 

Hi all ....It has been a while since I have posted on FIO, so I thought I'd share an update. I was going to do a webinar this Thursday, but I won't be able to do that anymore. I've asked @tturner86 to cancel it so take out your anger on me guys! I was going to do a webinar this Thursday, but I won't be able to do that anymore. I've asked @tturner86 to cancel it so take out your anger on me guys! As the market was slow and my discipline started to slowly fade away from little movement (one can only take so many days with a low range of 30 without going crazy!), I decided to focus on other things in regards to my life plan. One of the things that I knew I was going to have to address sooner or later, is the need to bring in additional income so that I could grow my trading account. I've always known that I don't have sufficient capital to be able to trade as a career. At least not yet. However, I have other skills which are quite marketable specially in the city I live in (Calgary, AB, Canada), so that makes things easier for me. These last 2 months I've been focusing my efforts on starting my own management consulting firm. This firm is completely unrelated to trading, and it leverages my previous experience. This allows me to look for clients at my own pace, and still be able to make trading a priority once I have gotten comfortable enough with my clients..... -SoftSoap

Hi SoftSoap

Very sad to read your temporary leave of absence from trading.
But a mil thx for all your posts.... so far.
Hopefully, there will be much more in the future.

In trading futures, you really do not need more than 5k to start,
if you already have your trading tools selected and simmed it
for a while to test its yields.

AND ANY TRADER, SIM OR LIVE OR OTHERWISE, WHO
COULD NOT KEEP, MAINTAIN AND GROW THE 5K,

HOW ON EARTH, CAN HE/SHE DEFEND ANY AMOUNT
BEYOND THE 5k?

When you decide to return

Please do

STAY AWAY FROM ES,

it is not for beginner,
regardless of how popular
and attractive it may seem.

bEFORE YOU DECIDE TO RETURN
TO THE VICIOUS BLOOD LETTING
TRADING ARENA;
Give me a jingle, if you like,
would like to add some
NEW FUEL TO YOUR TRADING,
without any cost or obligation, K?

I can only show you what I know,
there is no guarantee that the next
trade of mine would be profitable
either, LOL.

Plan to post video but can't, sorry.









Just a bit more to perhaps
render some desire in you
to return to trading a little
sooner, rather than later, K?

Trading is very much like flying!

Do you wish to soar like
an eagle, like this Boeing?

Or just be content with
what you could have become,
if you would only search and
stick with it a little more,
a little longer, with a little more
controlled impulses.... perhaps?

Have a content and satisfied life
whatever you decide and endup
pursuing, K?

• ON activity was relatively bullish
• Daily Range @ 50/69 ATR
• All my NQ component data is delayed, so I have to figure out what data subscription I need to change to on TWS
• NQ is up 50 points from previous close
• 40k volume so far

Setups
Green signifies long opportunities
Red signifies short opportunities



Psychology goals for the day

• 0 FOMO trades
• 0 Emotional trades
• Engage deliberate thinking in all trades
• Do not get greedy with any trade
• Abide by your trade management rules
• Do not break any golden or silver risk management rule
• Set alarms and walk away during non-critical periods
• Maximum of 3 trades per day
• All trades must be part of plan / scenarios
• Do not look at P&L until end of week
• Do not trade while the market is flat on a daily basis
• If up more than 15 pts of profit and I have to leave, set stop loss to minimum break even
• No trading unless plan is complete
• No trading if you are in a rush to leave the house

Good first day back. Took 2 trades today and walked home with a winner.

I'll update my journal tomorrow though as I'm just getting home and I have to be in the office for a 6am meeting tomorrow.

I won't be trading tomorrow, but I've placed a potential ON swing trade, not sure if my price point will be hit though.

See you guys tomorrow!

SoftSoap 

Good first day back. Took 2 trades today and walked home with a winner. I'll update my journal tomorrow though as I'm just getting home and I have to be in the office for a 6am meeting tomorrow. I won't be trading tomorrow, but I've placed a potential ON swing trade, not sure if my price point will be hit though. See you guys tomorrow!

Won't it be great, if we could also follow
your trade in terms of clarity and exact,
such as.... walk home with a winner?

exactly just how much was it?

it would be even greater if you
could just also show us a screen
shot of your trading screen for
all of us to also learn from what
you actually saw at that moment?

Like this for example, K?

"Regardless, Thx SoftSoap for sharing.

vont 

Won't it be great, if we could also follow your trade in terms of clarity and exact, such as.... walk home with a winner? exactly just how much was it? it would be even greater if you could just also show us a screen shot of your trading screen for all of us to also learn from what you actually saw at that moment? Like this for example, K? "Regardless, Thx SoftSoap for sharing.

Patience my friend. I always write very detailed psots with screenshots about my trades.
Quality posts take time though! Just trying to find some time in between meetings to be able to post it.

Stay tuned!

First day back, and I’m glad to be back. P&L wise things went well, but psychology wise there’s room for improvement.
However, for being away for quite a while, I feel I handled myself well. I made a mistake with my first trade but I quickly set myself straight and was able to trade well for the rest of the day.


First trade

I walked into the market with the wrong mindset. I was excited to get into a trade and I played the “the price is here, where do I think the price will be in an hour or 2?” game, so I went long. This trade was a quick reminder of how strong your psychology must be before getting in the market. This trade was a pre market trade so not a lot of information of course.





I’m honestly very grateful that I got stopped out relatively early, as this helps reinforce that I shouldn’t do that. Very glad that I didn’t win that trade. This might sound crazy to those of you who haven't read my journal before, but it is a very cheap lesson in the long term. I would rather my mistakes get punished and I lose money immediately, than for my mistakes to be rewarded in $$$.


Trade Grade – Bad

• Not in plan
• Bad entry point or target
• Feels like a gamble

Second trade
I put the previous trade behind me and focused on looking for the next opportunity. The market at open was showing signs of some price absorption so I chose to get into the long side. I got in just in time and the market reversed and moved up shortly after.



As the market moved up faster than I expected, I knew it was appropriate to modify my target to just below the next expected area of resistance.
I also modified my stop to guarantee a small profit should the trade turn at the ~50 area, which I didn't expect it to.




I walked away for a bit as per my psychology goals and when I walked back in the market was close to my target and the signs were stronger than before that we were going to continue this bull trend. I modified my stop and target as per my trading rules.



I then had to step out as I had to go into the office. As per my psychology goals, I made changes to my stop order to guarantee a profit and I walked away. I did not know whether I won the trade or not until I got home at the end of the day.





Trade Grade – Excellent

• It was in the plan
• Observed signs of entry
• Good target and stop
• Excellent
• Also adapted to the market either by modifying entry for better potential, or exited early/late depending on the market conditions

Overall, any day where I walk away with 30+ pts off 1 contract is a good day, but I do want to emphasize my psychology more so I can get back into good shape.

Psychology goals for the day

• 0 FOMO trades – Failed, my first trade was a FOMO trade
• 0 Emotional trades - Passed
• Engage deliberate thinking in all trades – Passed, although the trade was a FOMO trade, it was a conscious FOMO trade…
• Do not get greedy with any trade – Passed, the changes made to my trade were aligned with my scenarios and with my trade management rules
• Abide by your trade management rules – Passed
• Do not break any golden or silver risk management rule - Passed
• Set alarms and walk away during non-critical periods - Passed
• Maximum of 3 trades per day - Passed
• All trades must be part of plan / scenarios – Failed
• Do not look at P&L until end of week - Passed
• Do not trade while the market is flat on a daily basis - Passed
• If up more than 15 pts of profit and I have to leave, set stop loss to minimum break even – Passed, I did this for the second order before walking away
• No trading unless plan is complete – Failed, I took my first trade before I had completed my
• No trading if you are in a rush to leave the house – Passed

I'll be able to trade on Wednesday, so I'll see you guys tomorrow with my prep!

• Yesterday we saw a slight bear day (slight in comparison to last 2 weeks)
• The question is:
  
  
• Was yesterday a pullback from the bull trend?
• Or was Monday a pullback from the bear trend?
• Or are we still in range mode between the 5780 and 5640 area?
  
  
• The last 8 days volume has been higher than average
• Range yesterday was 55 / 72 ATR
• So despite higher volume we did not see
• Current day range @ 42.25 / 69 ATR
• ON activity saw trends both ways with a continuing bear trend from previous session until sometime after the EU open
• Activity has picked up and is now higher than open
• Saw some strong volume at ~7 EST
• Saw that continued buying but with less resistance 90 minutes later
• Weekly RTH VPOC @ 5765
• Nothing major stands out when looking through the BOJ stuff last night, but I am a bit out of the loop and

News

• Home sales @ 10
• EIA Report @ 1030

Scenarios and setups I'll take today




Psychology goals for the day

• 0 FOMO trades
• 0 Emotional trades
• Engage deliberate thinking in all trades
• Do not get greedy with any trade
• Abide by your trade management rules
• Do not break any golden or silver risk management rule
• Set alarms and walk away during non-critical periods
• Maximum of 3 trades per day
• All trades must be part of plan / scenarios
• Do not look at P&L until end of week
• Do not trade while the market is flat on a daily basis
• If up more than 15 pts of profit and I have to leave, set stop loss to minimum break even
• No trading unless plan is complete
• No trading if you are in a rush to leave the house