Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I am so glad to be part of futures.io and I believe the experience will be worthwhile. This trading journal is to help me hold myself accountable and also seek expert's contribution to better aid my trades.
I successfully registered for a $50,000 evaluation with OneUp Trader. I am very much impressed with the trader's profile and the promptness in answering my mails, considering I reside in west africa and they operate from the states, I suppose.
Note: I am not in anyway affiliated with OneUp Trader.
I was first introduced to the world of futures during my Msc programme in the states in 2013. I have traded live and demo during this period in an on and off pattern. My greatest limitation has been availability of fund considering I prefer risking 1% or below during each trade.
The trading methodology will be based on Al brooks and PATs Trading.
Trade Time ES New York Session 3pm - 6pm WAT
CL London session 9am - 12pm WAT
Trading Edge 1 EMA Pullbacks in Strong Trends
2 Clear and strong reversals after major trendline breaks and retest of TL
3 First Hour failed breakouts and breakout pullbacks of patterns from prior day
Trade Break After 100 Placed trades
Break Duration 2 - 5 days
Entered a sell order at about 9:02 WAT. A pullback to the 21 EMA. The market couldn't get to my TP of 20 ticks, it was just 2 ticks shy. I noticed a reversal pattern and considering that I am a momentum trader, the trade was making no head way for close to 30 minutes (thereby creating a barb wire formation). I decided to exit my position with a +9 ticks win at about 9:40am WAT.
My instinct was right afterall. The market went bullish.
I entered a sell order at about 3:40 pm, 10 minutes after the inventory release. I waited for the break of a strong support line (Low of yesterday's trade). After the break, I waited for a pullback after the formation of 3 bearish candle stick. My TP of +20 ticks was hit at about 3:41pm. The trade lasted for just a minute.
Word of Wisdom: Sometimes the best trade is not to trade.
Another trade day. It was not exciting not because I did not win but because i failed to stick with one of my rules.
Anyway, I'm a work in progress and that's the more reason why I applied for oneUP Trader so has to improve my trading discipline.
Trade one : This sell trade was entered by 9:04 and my SL was hit at about 9:16 pm. The loss of this trade gave me a reason to have an indicator to specify overbought or oversold region.
Result : -10 ticks
If you look at the chart, you will realize it is a good pullback setup but the strong bullish pullback bar and the oversold region gave me up.
Trade 2 was also based on the EMA pullback and the same reason for its fail could be attributed to fact that I was buying in an overbought region. So I believe the probability was further reduced because of the "overbought" factor.
It is important to note that I have never used an indicator on the futures except for the 21- EMA. After 2 consecutive losses, I had to scrutinize the chart to see what went wrong. On adding the MACD, on the chart, I realized two things
1. I sold in an oversold area for Trade 1
2. I bought in an overbought region for Trade 2.
I decided to use MACD for the sole purpose of validating my entry (based on overbought or oversold), Since I am on the lookout of just 2 high probability trades per day.
Trade 3 was sheer indiscipline. I am still trying to figure out why the trade was placed. I believe My psychology is already programmed for 2 trades in a day. So I guess that's why I acted rashly.
The Mistake was made. I have forgiven myself. I am ready for friday.
Trade 2: - 8 ticks
Trade 3: - 10 ticks.
The journey of a thousand mile begins with an intent then it is followed by a step.
I just took one trade today. I feel like beating myself up considering that I already had a thing for friday.
On Friday and mondays, I usual aim for 10-15 ticks because the market tend to be sloppy.
The market went 18 ticks my way and rebounded. Notice from the chart, the market came to test that low again. This is a regular occurrence in CL. I could've adjusted my TP to that point considering that the bullish bar was quite strong.
Anyway, I exited the trade with 9 ticks because the market is becoming sloppy.
Note: I switched to the August contract month because there was more action going on there. After all, I believe the present month contract is expiring on the 17th (Tomorrow).
I usually trade just 2 contracts per trade but I entered the market not knowing I am yet to select my ATM strategy.
Overall Week performance: Achieved roughly 8.3% of my profit target for the week
Total No of Days traded: 3
About OneUp:
On the side note, an RT of $5 per contract is really biting. I see myself as a scalper, the only difference is that I limit my trades. Anyway, I will advice folks that want to try OneUp Trader (OUT) out to really factor this in.
I was really impressed about their trade analysis on the trader's profile. One simple word to qualify it - Professional. I may share some of it with you folks.