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  #11 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65


No trades today as I was on a break.

I needed that time to remind myself what works and what doesn't in terms of daytrading.

1) Indicators that I use work well on days with high and very high volatility.

2) On days with low volatility they indicate a move that's often already done.

3) Therefore it's crucial to look at volume levels and ATR to determine market conditions.

4) I'll use pivot points for entries & exits.

5) I'll adjust stops and targets to volatility.

6) I don't trade when there is something that significantly lowers my ability to focus and self-control.

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  #12 (permalink)
Posts: 10 since Jan 2021
Thanks Given: 1
Thanks Received: 10

qwachu View Post

No trades today as I was on a break.

Sometimes the hardest thing is to take a step back and pause in trading... Good reflection, keep up the work
You are still in the green

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  #13 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65


I've removed SMA50 and added ORB (Opening Range Bar) in order to have additional point of reference throughout the session (besides Pivot Points).
The ORB on my chart is shown as two yellow horizontal lines drawn from the high and the low of first M1 bar of the US session (15:30 GMT+1).
It comes from a book "Pivots, Patterns, and Intraday Swing Trades. Derivatives Analysis with the E-mini and Russell Futures Contracts" by M. William Scheier.
It is used as potential support/resistance level.

I've also removed TTM_Squeeze indicator, because it erased the objects I've drawn in MT4 chart every time I switched timeframes. I still look at it, but on MT5 demo account.

Today I've made 3 trades.

Instrument: FUS100
Open: 18:25 at 13674,00
Close: 18:30 at 13663,10
P/L: +10,90 points

Entry: after almost 3 hours of consolidation around ORB there was a breakdown which I entered after second red bar with volume spike.

Entry Trade#23

My stop loss was 20 points.

Here I saw the volume spike. TTM_Squezze also signals the break (confirmation).
It appears as first grey dot after series of blue ones (on the bottom).
There's also momentum pointing down.

Breakdown Trade#23

Exit: my initial target was 17643,00 (30 points), but didn't manage to keep the position as price moved up after going just past pivot point

Exit Trade #23

That's weak discipline on my side. Needs work.

Instrument: FUS100
Open: 18:49 at 13664,98
Close: 19:05 at 13679,78
P/L: +14,80 points

Entry: I had twofold indication to enter: TTM_Scalper on M1 fires signal to go long + increased volume on the low bar (hammer candlestick).

Entry Trade#24

Reversal Trade#24

My stop loss was 20 points and target 52 points.

Exit: I closed that position earlier, because of waning momentum, but that's weak discipline again!
(my original plan was to hold it unlike in the first trade today)

Exit Trade#24

I've re-entered that trade on next signal to go long.

Instrument: FUS100
Open: 19:14 at 13682,98
Close: 19:35 at 13703,15
P/L: +20,17 points

Entry: TTM_Scalper signals long on M1

Entry Trade#25

My stop loss was 15 points and target 33 points.

Exit: I have accidentally move a stop loss to 13703 and the price was kind enough to hit it.

Today's P/L: +45,87 points
TOTAL P/L: +103,89 points

Although I've made a nice profit today it would be nicer if I had the discipline to stick to the plan and didn't make stupid mistakes.
Work in progress...

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  #14 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

By the way...

I'm in Journal Challenge w/$1500 prizes from Topstep!, so if you feel like it hit "thanks" button

I'll appreciate it!

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  #15 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

DAY 10

Today 4 trades. Just like last friday I'm in the red for the day, but not too deep by the courtesy of the last rally to ATH.

Instrument: FUS100
Open: 17:01 at 13728,73
Close: 19:19 at 13721,00
P/L: - 7,73 points

Entry: I waited for a breakout of the ORB and then joined on TTM_Scalper long signal

Entry Trade#26

Stop loss - 15 points. My target was the next pivot level.

Exit: I closed the trade when I spotted a breakdown. Could close this trade earlier, but decided to wait this time.
The truth is if a waited long enough and had a stop loss of about 25 points I could close it at ATH :P

I went short rightaway instead.

Entry Trade#27

Instrument: FUS100
Open: 19:20 at 13718,78
Close: 19:31 at 13734,10
P/L: - 15,32 points

My stop loss for this trade was 15 points and it was hit after 11 minutes.

Instrument: FUS100
Open: 20:05 at 13712,15
Close: 20:08 at 13720,98
P/L: - 8,83 points

I looked for another short and entered it on an impulse which was a mistake.
Price moved against that position anyway so I closed it.
That's something to avoid in the future.

I should be done for the day... but didn't want to end it in such stupid way.
I returned after one hour break.

Instrument: FUS100
Open: 21:31 at 13753,35
Close: 21:48 at 13779,64
P/L: +26,29 points

Entry: waited for a breakout and entered it after first bar with volume spike

Entry Trade #29

Volume spike Trade#29

Stop loss was below that first bar with increased volume - 10 points.

Exit: I targeted just above the next pivot level - 13780,00. TP was hit.

Exit Trade#29

Today's P/L: - 5,59 points
TOTAL P/L: +98,30 points

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  #16 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

I'll just post a quick summary of the first two weeks:

2 weeks summary

(I've noticed that I labeled two trades as Trade#16 in this journal.)

R:R is not what I would expect, but that's is fine as long as win rate stays above 50%.

Everything can change as it is only 30 trades, so I look for gathering more data.

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  #17 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

DAY 11

Yesterday I didn't trade, because of President's Day in US.

Today I've looked for short positions 3 times. Best day in February so far.

Instrument: FUS100
Open: 16:48 at 13859,40
Close: 16:56 at 13824,98
P/L: +34,42 points

Entry: short signal near pivot level on M5 chart

Stop loss above nearest high - 16 points

Entry Trade#31

Exit: price gets below S1 pivot level and to ORB lower line

Exit Trade#31

Instrument: FUS100
Open: 17:46 at 13780,03
Close: 18:09 at 13727,23
P/L: +52,80 points

Entry: after price got to S2 and pulled back a bit I entered short as it got below again

Stop loss was 24 points

Entry Trade#32

Exit: price got to S3 and I closed the position

Exit Trade#32

Instrument: FUS100
Open: 21:51 at 13748,28
Close: 21:53 at 13759,98
P/L: -11,70 points

Entry: I was waiting for a breakdown in the last hour and entered short on a volume spike, downward momentum

Entry Trade#33

Exit: 11 points stop loss was hit

Today's P/L: + 75,52 points
TOTAL P/L: + 173,82 points

I've also started free trial in TopStep Trader. I want to learn how TSTrader platform works and how to set it up.

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  #18 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

DAY 12

After best day in Febraury there was the worst day, profit wise at least.

Instrument: FUS100
Open: 18:20 at 13598,28
Close: 18:30 at 13619,32
P/L: -21,04 points

Entry: I went short after price pulled back to nearest pivot level and then went below

Entry Trade#34

Stop loss was 21 points and I was hit after 10 minutes.

I've ignored signal in opposite direction and momentum.

Instrument: FUS100
Open: 20:05 at 13675,73
Close: 20:22 at 13655,40
P/L: -20,33 points

Entry: I went long on long signal in TTM_Scalper and pivot level

Entry Trade#35

Stop loss was 20 points and it was hit after 17 minutes.

Instrument: FUS100
Open: 21:40 at 13701,48
Close: 21:55 at 13689,78
P/L: -11,70 points

Entry: I went long hoping that breakout move will be continued (as it was in last week) - that's not an entry signal so I'll treat such thoughts as a warning in the future

Entry Trade#36

Stop loss - 20 points

Exit: price moved against on higher volume so I closed the position

Exit Trade#36

Instrument: FUS100
Open: 21:55 at 13687,28
Close: 21:56 at 13699,73
P/L: -12,45 points

Entry: I went short on an impulse - that's something to avoid
Exit: I closed position on an impulse as well

I have to eliminate trades like the two above. That would be a big part of learning how not to lose money.

Today's P/L: - 65,52 points
TOTAL P/L: 108,30 points

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  #19 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

DAY 13

Today I got to my maximum drawdown in Feb and for now it is 1,08% (five consecutive losing trades).

Good that this losing streak ended today as well.

Instrument: FUS100
Open: 16:50 at 13526,23
Close: 17:00 at 13515,53
P/L: -10,70 points

Entry: I went long a bit late on TTM_Scalper long signal (M5 chart)

Entry Trade#38

Stop loss - 20 points. Target: next pivot level (S1)

Exit: I closed this trade on an impulse, as there wasn't any reason for this other than first bar with lower high after reaching
lower line of ORB (and that's my rationalization after the fact)

Exit Trade#38

As you can see below Trade#38 would work out after being quite close to stop loss level (~5 points).
I feel like idiot when I look at it now.

I guess that's inevitable part of learning...

Instrument: FUS100
Open: 17:27 at 13564,85
Close: 17:29 at 13546,28
P/L: -18,57 points

Entry: after a breakout there was a pause and I went long near S1 pivot expecting continuation

Entry Trade#39

Stop loss - 20 points. Target: midpoint between PP and S1 pivot levels (13620)

Exit: closed this trade just before stop loss

Exit Trade#39

This time price went south quite fast...

Instrument: FUS100
Open: 18:20 at 13539,23
Close: 19:36 at 13601,53
P/L: +62,30 points

Entry: long signal on TTM_Scalper after a small breakout (M5)

Entry Trade#40

Stop loss was 26 points.

Exit: closed position after reaching above 2:1 R:R and on diminishing momentum

Exit Trade#40

Today's P/L: +33,03 points
TOTAL P/L: +141,33 points

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  #20 (permalink)
Kalisz, Poland
Posts: 59 since Apr 2020
Thanks Given: 97
Thanks Received: 65

DAY 14

Friday was a painful day for me. 3 trades, 3 losses. I didn't trade more as it probably would have ended even worse.

Instrument: FUS100
Open: 17:03 at 13686,48
Close: 17:17 at 13667,03
P/L: -19,45 points

Entry: long signal on M15 chart which I entered with delay (I should pass on it once I didn't make it as it occured)

Entry Trade#41

Stop loss was 20 points and it was hit after 14 minutes.

Instrument: FUS100
Open: 17:30 at 13694,85
Close: 17:50 at 13673,78
P/L: -21,07 points

Entry: long signal on M5 chart just after stopping out the last trade

Entry Trade#42

Stop loss - 21 points. It was hit after 20 minutes.

Instrument: FUS100
Open: 17:53 at 13678,6
Close: 17:59 at 13664,03
P/L: -14,57 points

Entry: I thought that this pattern will repeat so I went long (instead of going short as the signal pointed out)

Entry Trade#43

Stop loss at 15 points was hit 6 minutes later.

This last trade, had I followed my plan, was worth around 66 points (PP level as target) do I could easily be up for the day and the week.
I tried to outsmart myself and I got the lesson.

Today's P/L: - 55,09 points
TOTAL P/L: +86,24 points

As now I have 43 trades (46,5% winning, 53,5 losing) I am able to look closely on what worked out and what didn't.
Hopefully I could figure out some actionable conclusions for next week and minimize the probablity of making the same mistakes.

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Last Updated on February 3, 2023

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