Started last night in the Asian session with a few trades on gold.
1. Short on a PB, started moving against me and I waited too long for it to move in my direction. I'm still working on this. I often wait too many bars for a trade to evolve. Sometimes I scratch and then it continues in my direction, but probably 70% of the time it really is running against me and my best move is to scratch.
2. Went long on a breakout PB, hit T1 for +10, didn't have time to move T2 and it was it for +20, total of +30 ticks. Nice!
3. Another long on a PB, started moving against me & I managed to move stops quickly to bail out for +10.


This morning I started out by doing something I don't think I've ever done before: order by mistake!
1. I moved my cursor over to the side of my chart to adjust the chart, it drifted slightly to the right and when I clicked I was hovering over Buy Market!! Now I had 2 CL contracts I didn't want. I considered keeping them because all indications were for a bull move, but then it suddenly turned down so I bailed for a 12 tick loss. Had I stayed in, the trade would have been good for +37!!
2. A half hour later CL did set up a long PB that I took for +19 so I felt a little better.


3. YM offered a PB after breakfast. Or so I thought. It had pulled back too far & I should have known better. It was actually the first move of a new trend!! I scratched for -13.


4. Went long on an NQ PB and hit T1 for +20 and it ran to T2 for another 31 for I ended that one with +51 ticks.


Overall a nice start to the week. Other than my clicking error, no major mistakes. I am still watching and trading several markets and I think part of my next evolution is going to be to narrow down that list to just one or two for each session. I feel I can concentrate better and have a chance to learn the rhythms of a market if I'm only trading a couple. We'll see, right now I'm still finding out which markets would be the best to concentrate on.

Today's results:
7 trades
4 winners: $821.00
3 losers: ($403.00)
Net P/L: $418 after commissions

Here's hoping we all have a great week!

Very nice trading Mike. Nice work.

K

Today is one of my short days when I have about an hour to trade before leaving for work.

Last night I revisited gold on the Asian session hoping for as good a result as the night before. Unfortunately, gold had other ideas. I went short on a pullback but the price stalled and after 20 minutes I lost faith in the trade and started looking for the exit door. I managed to escape with only a 3 tick loss, so not bad.


This morning I tried a breakout pullback on CL. I hit my first target for +10 and hoped it would run but it backed up so fast that I ended up with 3 ticks of slippage and -1, so a total of +9 ticks for the trade.


I've said before that I don't have an actual breakout strategy yet, other than a breakout pullback. This morning, however, ES was setting up a perfect pullback just prior to the open and all signs pointed toward a drop so I went short at the open, trading it as a straight pullback. I did shorten my first target as price was slow to respond and hit it for +7, then I pulled my 2nd stop down as well and it was it for +2, giving me +9 for the trade.


Finally, YM offered a pullback and I went short hitting my first target for +20. The second leg lingered but looked like it might run. However, I was getting close to having to leave for work so I pulled my stop down on the second contract and was hit for +11 giving me +31 ticks for the trade.


All in all a nice morning with no major errors. Plus, I felt a little better about my trade management as I concentrate on trying to improve that aspect of my trade plan.

Today's results including last night's Asian session:
4 trades
3 winners: $339.50
1 loser: ($36.00)
Net P/L: $303.50 after commissions

Looking forward to a full day of trading tomorrow. Happy trading everyone!

Nice trading Mike

K

Today was interesting, and I know I say that a lot. But the fact is that part of what I find so fascinating about trading is not just about the winning or the losing, it's about what trading reveals about me! And, as long as I can remain receptive to the sometimes not so flattering things trading shows me about myself, that part is as interesting as recording my trades. Last night and today, for instance, I realized that I've been giving advice to folks even newer to trading than I am that they need to narrow their markets to allow better focus. And yet, I remain scattered over half a dozen! Today I decided I need to follow my own advice. First, I am finding that only gold seems to be a reliable market in the Asian session and even then only during certain times. For the RTH there are several good choices, but my preference has always been oil and the Dow mini. This is a perfect time to try limiting my markets. Not only will it allow more focus, but it will reduce my prep time in the evenings as well. In addition, thanks to NinjaTrader and @Big Mike and his 10 Year Anniversary Contests, I will be switching platforms over the next week or so and will have plenty of extra things to concentrate on besides just the markets.

Today was not just an up and down day, it was more like, down, down, UP! I'm only providing a couple charts today because, as mentioned above, I was all over the place! In the Asian session I tried a pullback on CL, but there just isn't enough volume and it floundered around and bit me for -6 ticks. Then I tried a trade on GC but it was later in the session than I normally trade and I was lucky to escape with only a -10 tick loss.

So I started the RTH this morning with a negative number. I took a trade on the ES and should have scratched the trade when it stalled in profit but I didn't and took a 16 tick loss. Now the negative number is growing! Then I took 3 trades on YM with mixed results but overall a positive outcome of 32 ticks.


Then I turned to CL and took a trade that backed up in less than 60 seconds to bite me for -20 ticks. So, even with my small profit in YM, I digging the hole deeper. But, at least I wasn't at my mandatory Session Stop Limit so I continued. And finally, I got that one trade that saved the day. On a CL pullback, I hit my first target for +10, then held my stop back on the second contract and kept moving my second target along the bottom of the trend channel. Sure enough, just like in the books, price finally smacked into my target for another 42 ticks, or +52 for the trade.


The net P&L for the day is pitiful but it's better than a negative. Also, although I love that I pulled off that last trade, I always hate being saved by a single trade because it shows that I am still lacking the consistency I want. Nevertheless, I survived the day, got to do a little Yee-Haw!! on the final trade, and it's all good!

Today's results:
8 trades
3 winners: $672.00
5 losers: ($650.00)
Net P&L: $22.00

Hope everyone has as exciting a day as I did, and I hope your net is a little more impressive than mine!

Last night I didn't find any opportunities in the Asian session. Now that I'm limiting the markets I watch, at least for awhile, it's a lot easier and there's less prep time but there's always FOMO lurking because I'm not scanning 6-9 charts. I'll get over it!

Today is one of my short days with only about an hour to trade. Probably because I didn't trade last night coupled with the fact that I only had an hour this morning, I was a bit trigger-happy. I took a short on CL after it closed below the OR, the next bar reversed and stopped out both contracts and THEN it continued downward. I don't often take those trades and usually wait for a pullback or at least a confirmation of some sort. But I was especially in error today because all my indicators were showing bullish, not bearish. As a general rule, I only trade in the direction of the momentum which means I don't normally catch reversals and I'm okay with that. Anyway, it was a bad trade on several levels and I paid $200 for the error.

Later, YM set up a similar situation, closing above its OR. I had not yet had time to analyze the CL loss or else I might have taken the YM trade. True, it was the same in that there was no pullback or confirmation, but all my indicators showed bullish. After I decided to pass on the entry it ran almost 70 ticks.


No charts today, nothin' to see here folks, just move along............

Good post Mike. These were good trades, but today is not an easy day for technicals. I agree with you on "focus". I am still working on one instrument, one chart, on profit; not an easy thing to do.
I guess we will both keep working on it.

K

Well today was certainly interesting for the markets! I can only wonder what next week will look like. I guess we'll just all show up in our places with smiles on our faces and try to find a way to profit. The great thing about trading is that it doesn't matter if the markets go up or down, just as long as they go somewhere and we can find an edge.

Today I used the Chatbox in FIO while I traded for the first time. It was nice to get some feedback from other members while the market was active. I have a twitter account but many of the people I follow have thousands of followers so you're not usually going to get any feedback from them. The chatbox did crash this morning, so I hope that won't be a regular occurrence, but these things happen. Big Mike said there was a server overload or something like that.

I couldn't find a trade in gold on the Asian session last night. Restricting my markets makes my prep easier and allows greater focus, but of course the tradeoff is limited opportunity. I can live with that for now because I need the focus.

This morning I started off with a stupid trade. First, I have indicators that I use to help me decide where the trend and momentum is and I don't trade against them. This morning, however, CL had taken such a dive after the China announcement that it was taking a while for the indicators to move back up. I could see that the trend had changed so I got ready to enter. Along the way, I never even looked at my ATR which tells me if it is too volatile to trade. Now I will occasionally go anyway if it's under 20% over my R, but this morning it was 100% over my R and I didn't see it. Result was a 22 tick loss. Not a great start!

However, about an hour later, volatility did come back into my range and I took a nice pullback that hit both targets for a total of 33 ticks so I felt somewhat redeemed.


By 8:00PT my primary markets of CL & YM were both hitting volatility so high there was no way for me to trade them. I still have a screen set up for EC even though it's no longer a focal point. I wondered if all the tariffs and Trump tweets were having a positive impact on the Euro so I took a look and sure enough found a couple trades there. The first one hit both targets for 57 ticks and second trade hit my first target but then backed up quickly and took out my second contract at BE for a total of 16 ticks.


I finally took off and went to the gym. When I came back I did try one more trade in EC but by then the momentum just wasn't there and I ended up scratching both contracts for -14 ticks.

With the exception of my first bone-headed trade, today was good and I did follow my rules for the rest of the trades. The results were positive and, as I said above, I also enjoyed the feedback in the chatbox and will probably continue with that when time allows.

Today's results
5 trades
3 winners: $768.25
2 losers ($319.50)
Net P&L: $448.75

This was the end of my 10th week back on live trading. It has been up and down but I do feel I am gaining in consistency. I've made some changes over those 10 weeks that I think have been positive. It will be a while before my numbers reach my target level because I am aiming for 70% winning sessions (not trades), 90% winning weeks and 100% winning months. Pretty ambitious, I know, but I think it is possible. Right now I'm only at 58% winning sessions and 50% winning weeks over these past 10 weeks. But, I know that includes some stinkers while I made changes and improved my system, a process that will undoubtedly go on forever, so I am still optimistic and encouraged.

This week's results:
25 trades
13 winners: $2,600.75
12 losers: ($1,614.50)
Net P&L: $986.25

Over the weekend I am installing a new keyboard and mouse, and next week I should have NT8 ready to go. With those changes comes a large possibility of errors so I am considering just trading the micros next week. I'll make that decision over the weekend but I thinking that might be prudent.

This has been a long Friday wrap-up. Thanks for indulging me and I hope everyone has a terrific weekend!!

NW Trader 

Well today was certainly interesting for the markets! I can only wonder what next week will look like. I guess we'll just all show up in our places with smiles on our faces and try to find a way to profit. The great thing about trading is that it doesn't matter if the markets go up or down, just as long as they go somewhere and we can find an edge. Today I used the Chatbox in FIO while I traded for the first time. It was nice to get some feedback from other members while the market was active. I have a twitter account but many of the people I follow have thousands of followers so you're not usually going to get any feedback from them. The chatbox did crash this morning, so I hope that won't be a regular occurrence, but these things happen. Big Mike said there was a server overload or something like that. I couldn't find a trade in gold on the Asian session last night. Restricting my markets makes my prep easier and allows greater focus, but of course the tradeoff is limited opportunity. I can live with that for now because I need the focus. This morning I started off with a stupid trade. First, I have indicators that I use to help me decide where the trend and momentum is and I don't trade against them. This morning, however, CL had taken such a dive after the China announcement that it was taking a while for the indicators to move back up. I could see that the trend had changed so I got ready to enter. Along the way, I never even looked at my ATR which tells me if it is too volatile to trade. Now I will occasionally go anyway if it's under 20% over my R, but this morning it was 100% over my R and I didn't see it. Result was a 22 tick loss. Not a great start! However, about an hour later, volatility did come back into my range and I took a nice pullback that hit both targets for a total of 33 ticks so I felt somewhat redeemed. By 8:00PT my primary markets of CL & YM were both hitting volatility so high there was no way for me to trade them. I still have a screen set up for EC even though it's no longer a focal point. I wondered if all the tariffs and Trump tweets were having a positive impact on the Euro so I took a look and sure enough found a couple trades there. The first one hit both targets for 57 ticks and second trade hit my first target but then backed up quickly and took out my second contract at BE for a total of 16 ticks. I finally took off and went to the gym. When I came back I did try one more trade in EC but by then the momentum just wasn't there and I ended up scratching both contracts for -14 ticks. With the exception of my first bone-headed trade, today was good and I did follow my rules for the rest of the trades. The results were positive and, as I said above, I also enjoyed the feedback in the chatbox and will probably continue with that when time allows. Today's results 5 trades 3 winners: $768.25 2 losers ($319.50) Net P&L: $448.75 This was the end of my 10th week back on live trading. It has been up and down but I do feel I am gaining in consistency. I've made some changes over those 10 weeks that I think have been positive. It will be a while before my numbers reach my target level because I am aiming for 70% winning sessions (not trades), 90% winning weeks and 100% winning months. Pretty ambitious, I know, but I think it is possible. Right now I'm only at 58% winning sessions and 50% winning weeks over these past 10 weeks. But, I know that includes some stinkers while I made changes and improved my system, a process that will undoubtedly go on forever, so I am still optimistic and encouraged. This week's results: 25 trades 13 winners: $2,600.75 12 losers: ($1,614.50) Net P&L: $986.25 Over the weekend I am installing a new keyboard and mouse, and next week I should have NT8 ready to go. With those changes comes a large possibility of errors so I am considering just trading the micros next week. I'll make that decision over the weekend but I thinking that might be prudent. This has been a long Friday wrap-up. Thanks for indulging me and I hope everyone has a terrific weekend!!

Congrats and great trading!

Very nice indeed Mike. I look for many more next week.
Make it a great weekend

K