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Goal for the day Several big news events today, continue with 2 trades, work on entering earlier and runners.
End of day summary
Great disappointment with my trading today. Broke my 2-trade rule for starters, then broke my 2-point Stop rule. After the CPI news and the 40-point jump in the market I became bias with the market retracting and recovering the 40 points. I couldn't shake that bias all day, down to my last trade. I cannot understand how this or any market can continue higher with what is going on in this World! Oh well, what did I learn? Nothing is guaranteed, trade what you see, expect the market to continue higher for the foreseeable future.
Overall overlooking the rule infractions, I managed to make a profit of $5 bucks! I made 8 trades, 2 were at breakeven, 1 loss (-24 ticks), 5 winners (+31 ticks) total (+7 ticks)
Thoughts
I stayed with it all day with a couple breaks. Felt like I put a hard day in at the office. I let my bias affect my trading while breaking my rules. I can continue to work hard like this making multiple trades or make a couple smart trades early and enjoy the day, that is once I become profitable with the funds to trade.
End of day summary Was unable to read the price action early, 5 losses 1 win. Took a couple hours break, returned to make 5 winning trades and on the last trade I let the price action touch an order entry while holding with left mouse and that cost me 3 points. Prior to that I had recovered half of the morning loss.
Going to take a break from journaling, I have been spending too much time at the computer posting and I feel it is affecting my trading.
Back in May of this year I started this journal to be more accountable, mostly with not moving the stops and to be honest the lure of the journal contest attracted me, which by the way took 1st place It is now December 5 months later since I last posted.
I have decided to start journaling again, but I am going to keep it simple. Before I put too much into the journal taking too much of my time, which caused a burnt out. My focus will be on overcoming the moving of my STOPS, to be accountable to this group of traders. I will not be making many comments about the day's trading, mostly images of start of trade and end of trade showing where the STOPS were placed.
I posted a thread in the Traders Hideout labeled, "Addiction and Stops" which I asked for advice on how to break the habit of moving STOPS. I received a lot of good advice and thanks for the responses. In that thread I mentioned failing 3-Evaluations in a very short period of time. Starting next week, I will purchase another Evaluation (if permitted after 3-failed attempts) and post the results daily. I will strive to cut losses early and not move my STOPS once placed.
Looking forward to seeing it, and wishing you the very best with it!
(Slightly unusual time of the year to start one, two weeks before Christmas, but no problem with that as long as you take your time and await suitable opportunities rather than rushing it?)
Stop placed at 8 ticks and was hit moments later. Successful at not moving stop. Note: image with markers was reopened next day to capture stop placement and doesn't reflect actual price action and trend line at time of trade.
Screenshot (208)
Screenshot (211)
Lesson Learned
Should have been more patient with waiting for a second pullback before breaking last high. Plenty of room left for a 1-point scalp before hitting top of voided area.
Suggestions:
1 Options are the tail wagging the dog. 0DE's expire a half hour before the regular NY market closes. Personally I get real cautious about an hour before the close and plan on being out by the 0DE expire.
2. I did a study of the difference between volume charts and tick charts and they are really almost identical. I think you may find something more useful than volume.
3. To me the hardest part of price action is learning to be hockey player. You know anyone can see where the puck has been, the trick is figuring out where it is going to go and getting to it in time.
To try to get there I have added extra junk to my charts. Color change EMA 21. Then I added a color change ZLEMA 21. Then an EHMA 7 using Fat Tails (Lizard Indicators) ama Multimoving average cross.
Then I added a 1,000 tick overlay (line on close) and used it for Fat Tails QQE which is a smoothed RSI with some fib based ATR crosses.
I now have enough crap on my chart so that the ushers will not let me into the church of the pure price action anymore. But I like where I am at for now. This is from later in the week. Ignore my Elliot Wave I don't use that on these fast charts but sometimes, in hindsight, a pattern works out.
Both systems use human emotion to trade, the difference is in the time as usually 15 minutes is a very fast Elliot Wave Chart.
Edit- I am using a one hour opening range. And good luck on your journey!
ES 12-24 (2000 Tick) _ ES 12-24 (1000 Tick) 2024_12_05 (9_57_41 AM)
It is now December 5 months later since I last posted. 