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Market MCL
6:30pm Short @72.15 | Exit @72.18 | Result -$3.00
6.55pm Short @72.20 | Exit @72.22 | Result -$2.00
7:49pm Short @72.23 | Exit @72.27 | Result -$4.00
8:00pm Short @72.35 | Exit @72.37 | Result -$2.00
8:04pm Short @72.42 | Exit @72.48 | Result -$6.00
8:11pm Short @72.45 | Exit @72.47 | Result -$2.00
8:39pm Short @72.56 | Exit @72.59 | Result -$3.00
Trades today
Market MES
10:10am Short @4797.50 | Exit @4800 | Result -$12.50
10:17am Long @4799.75 | Exit @4796.50 | Result -$16.25
10:18am Long @4797 | Exit @4796 | Result -$5.00
10:25am Short @4796.75 | Exit @4802.50 | Result -$28.75
10:32am Short @4802.50 | Exit @4803.25 | Result -$3.75
10:43am Long @4803.50 | Exit @4803 | Result -$2.50
10:47am Short @4802.25 | Exit @4805.50 | Result -$16.25
10:58am Long @4805.50 | Exit @4804.75 | Result -$3.75
11:11am Short @4803.25 | Exit @4804 | Result -$3.75
11:45am Short @4803.50 | Exit @4803.75 | Result -$1.25
12:07pm Short @4800.50 | Exit @4804.25 | Result -$18.75
12:21pm Short @4804.50 | Exit @4805.25 | Result -$3.75
2:21pm Short @4818.75 | Exit @4821.50 | Result -$13.75
2:38pm Short @4820 | Exit @4821.75 | Result -$8.75
A review of yesterday's trades revealed that I did trade with a clear objective of closing a 1-4 tick loss. I had several trades in the MES with greater than a 8 tick losses. I was not disciplined in my approach of closing a 1-4 tick loss. I let the hope of several trades turning around to cause me to hold onto losses. This isn't charity, I need to keep my losses in an acceptable range.
12:50pm Short @4791.50 | Exit @4792 | Result -$2.50
12:52pm Short @4792 | Exit @4792.75 | Result -$3.75
12:53pm Short @4791.75 | Exit @4798.50 | Result -$33.75
Well I let the 12:53 trade go past my stop. Oh well I'm human lol. Gonna keep working on reducing my losses. Can't trade for the next few days I have other priorities.
I will probably start trading again this coming Friday or Monday.
I have been trading 14 years and I still do not understand how a chart is used to predict the direction of a market. I know many of you use charts successfully to make money and I respect the time and hard work you have put into your charts. I used charts in the first couple years of my trading but all of my back testing has told me the direction is about 50/50.
10:03am | MES | Long @4825 | Exit @4823 | Result -$10.00
10:26am | MES | Short @4823 | Exit @4824.75 | Result -$8.75
10:31am | MES | Long @4821.75 | Exit @4835 | Result +$66.25
Trades today
12:23pm | MES | Long @4884.50 | Exit @4883.50 | Result -$5.00
12:51pm | MCL | Short @75.14 | Exit @75.22 | Result -$8.00
1:01pm | MES | Long @4880.50 | Exit @4880 | Result -$2.50
1:13pm | MCL| Short @75.37 | Exit @74.82 | Result +$55.00
1:20pm | MES | Long @4879 | Exit @4878.50 | Result -$2.50
1:52pm | MES | Short @4884 Exit @4885.25 | Result -$6.25
2:41pm | MES | Long @4881.75 | Exit @4881.25 | Result -$2.50
Looks like Stocks and oil are correlated this afternoon.
Its 2:10pm now, MES at 4883. I say MES hits new highs before close.
Edit: its 3:48pm and MES at 4881, I was wrong lol
12:53pm MES | Short @4881 | Exit @4882.75 | Result -$8.75
1:03pm MCL | Short @74.19 | Exit @74.20 | Result -$1.00
1:17pm MCL | Short @74.15 | Exit @74.18 | Result -$3.00
1:37pm MES | Short @4882 | Exit @4895.75 | Result -$68.75
1:42pm MCL | Short @74.07 | Exit @74.50 | Result -$43
Good job, you managed to buy the bottom in CL. And not for the first time if I remember correctly. An $1.89 run from swing low to high. Impressive. Serious, no pun intended.
On the chart it can be seen that the low @73.94 was the exact swing low of yesterday and the volume (1m chart) was the highest since the move down signaling buying came in. I know, you don't like charts. It was visible on the footprint chart as well. And maybe on the DOM.
A small stop below the low @73.94 for 8t risk was all you needed.
You gave the next two trades more room but those were against the trend (01/22 was a strong trend day up and yesterday an inside day (with pullback to test the 01/22 breakout at the 09:00h open).
CL will probably take out the high from 12/26 at @76.28 and next is $80 (11/30 high). But who knows, anything can happen. Just trying to help a little.
Yeah I am trying to take the idea of tight stops and buying lows/selling highs and marry the two. I am conflicted though. Half of me believes that it is impossible to predict the direction of the market and the other half of me believes there is some predictive power in buying lows/selling highs concept. I think ultimately the bedrock of my strategy is money management. When I employ the buy low/sell high concept I often forget money management and today I let my stops slide a bit too much.
