5/9/24

Jobless Claims @7:30

Todays Focus
Trend Lines, Measured Moves, New Gap Method and Smaller Stops

Pre Trade Chart


Todays Performance
Better but not good. Once again I struggle with keeping a small Stop (why so hard to be wrong?). Very good Win Ratio today but the three trades that went against me hurt. Seven successful trades, all but one for a 1 point scalp.

Note: tomorrow after a trade and before removing the support resistance lines, take screen shot of each trade as I go for better study.


Looks like I made a profit today $5.00 Things are looking up!





Thought for the Day
Hope and whishing have no place in trading

5/10/24

Today Focus
Trade entry timing at arrow areas

Note: Appointment at 9:00

News: Consumer Sentiment 9:00


Pre Trade Setup



Todays Performance
Rose early hoping to get in a couple trades before my appointment. Finally around 7:30 was able to place a trade that fell within my new trade method. Two strong legs up overnight plus multiple pullbacks to the trend line, as well as to the black dotted arrow support. That's two supports plus a strong trend up, good place to go for a scalp. Trade was successful for 5 ticks. Was a bit greedy thinking it would continue but came back to Stop me out. Giving myself a B+ on this one for being patient and not making other trades while I sat and watched for two hours.




Overall thought for the week
Per Ninja Traders Trade Performance, 98 winning trades, 53 losing trades. I'm happy with that even though I lost money (SIM). This week was about staying focused with my trial scalping method and not resorting to my old style trading. I need to now focus on letting the trade go earlier when it goes against me. I feel this method has merit, probably good as any other.



Just Saying
To be honest this journaling was about as much work as my trading was this last week. I knew it would be but I was driven to do it anyway. I will continue through the end of the month with the journal, it has gotten somewhat easier for me as far as installing images but putting my thoughts in print is another matter. Coming from an automotive background writing isn't my forte. Any comments or suggestions welcome. Thanks

5/11/24
Saturday morning study

My Saturday morning study of Fridays chart. I marked locations on the chart where if I had placed a trade at the arrow line (Retracement Arrow), it may have been a successful trade. In the real world it remains to be proven due to getting Stopped out.


Each colored rectangle represents 1 point scalp where I would place an entry just above the reversing candlestick wick. If the trade failed it was because the next occurring candlestick went 1 point lower than entry. During 7:30 to10:00am session I counted 10 successful trades and 3 unsuccessful.

See ya Monday!

5/13/24

Todays Focus
Clarity, if what you are seeing on the chart seems cloudy to you take a break. Fewer trades today, 5 max. Think it's live and it counts!

Pre trade chart


Post Trading
Satisfied with my performance today, held firm with fewer than 5 trades. Early on the market was easy to read with 2 successful trades but around 9:00 am the market started to consolidate or went into a very tight range that wasn't tradable for me. Around 11:00am price action opened up and made my 3rd and final successful trade. Watched the market for another hour or so then closed up and went to the gym. Got back around 2:30, didn't see any good setups and also noticed a very large volume being traded, until close.

Trade Performance shows 6 wins, 3 losses. All the trades I made today were successful 1 point trades except for the runner that got stopped out at breakeven. Ninja Trader will call it a loss if contract is canceled or Stopped out at breakeven. I suppose that's because of the commissions.


Screen shot of my trade in action, 2 long bodied candle sticks, price action turning off my Retracement line (arrow) with I believed a 1 point scalp possibility.

This was a nail bitter, not a good trade but it was successful. There was a lot of unbought territory above it and it had the look of a reversal.

Third and final trade, after breakout, a return to the retracement line, very quick 1 point scalp but like the other two my runner got Stopped out.

Trading was tough for me today but I my trend lines and retracement lines kept me in the game.


Final Thought
Keeping a journal for all to see keeps you focused. Make every trade like it counts even though its SIM.

5/14/24

Todays Focus
Be patient at the Retracement areas, monitor prior price action around Retracement areas, don't hesitate to place trade, if first scalp successful bring Stop to minus one tick at breakeven for better chance of runner.

Pre Trade Setup


Post Trades
Regretfully I lost control today, with the two big news items today the market didn't behave so that my new method of trading fared well. After the 7:30 news I waited for the market to return to previous area to begin trading. First trade was successful but the runner was Stopped out.

Why the failure, for starters I believe my earlier focus was on not hesitating trade entries, that was my biggest mistake. With the market moving fast like it was, entering without hesitation, caused me not to see the bigger picture. Frustration set in and I started moving my Stops, all that led to almost account closure. I am very frustrated not only with myself but with Futures trading as a whole. I will continue with my journal throughout the month but will only trade with one contract until and if I can regrow the account.




Thoughts
I don't like SIM trading but it does bring out your worst habits. I still feel that this new trading method has merit but I believe I will incorporate it with other ways of trading and not be so focused on it.

5/15/24

Study from 5/14 losses.





What's going on in my head? I think I'm trying to do to much with studying a new concept and putting it all out for all to see. I has some stress to deal with on both counts. Suck it up! shake it off, get some rest!

Todays Focus
Lower my contract size to1 contract. Look for runners.

Trade Results
First trade successful then I noticed a very bad lag on my computer. After the large gap up from the news item I became biased and kept shorting. Another couple losses. I decided to look into the lagging computer and found a Microsoft Update was waiting. I shut down and started the update and more than an hour had passed and still updating. After restarting, I found all my chart markers had disappeared or moved. For that reason I am not posting a chart today.

Thoughts
Gotta dig deep tomorrow, be disciplined. Go back to trading my old ways (scalp no runners) and keep an eye out for the larger picture. Don't be biased, don't think the market can't go higher!

5/16/24

Pre Trade
Trying not to be biased but anything but a small pullback then continued upward would be surprising. If Ninja Trader will allow 1 contract for what I have remaining in the SIM account I will try and rebuild (Do Not Try, Do ). Changing the Retracement Arrows colors to Magenta and will be using only a few, will move them as I go. Dotted arrow lines now represent older Retracement areas (see 1 Day and 30 Min charts). Why change? The charts were getting to busy and the time to place the arrows were taken my focus away.

No other focus today other than relax.



Again not off to a good start but I felt it a legitimate one, just turned on me. I think it had something to do with the 9:00am news.


Things are looking up, two successful scalps.


Unfortunately I had other things to do today so I couldn'tmake any more trades.


Tomorrow I may have to switch over to MES due to small account.


Thoughts
Had a better night sleep, felt relaxed today and focused. Still need to get a grip on being wrong and letting a looser go.

5/17/24

Pre Trade
Let the looser go early!



Was hoping to get a trade or two this morning before an obligation I have on Fridays, Sea Turtle Patrol. My wife and I volunteer to walk the beach looking for turtles or turtle nest. If we find them we then notify Texas A&M Marine Staff, they will come out and remove the eggs and take them to be incubated. Once they hatch they are returned to where they were found and are released back to the Sea. Very good cause, the organization also accept donations, if interested found here https://seaturtlecenterfoundation.com/pages/how-can-you-help

Made some trades late in the day, knowing it isn't smart to trade so late Friday's. Needless to say I sucked, didn't really put much thought into them, just more or less gambled I would be right, not so much. Come Monday I have another opportunity to succeed. I believe I can rebuild the account only if I control my losses or Stop. I will need to move to the MES due to the the size of the account, I will trade 1 contract until I double the account.


Me being hardheaded thinking the market wouldn't go higher. Finally I took a long and won

Not much more to work with, we will see.

5/18/24

Saturday study
Mental drawing notes to look for. Look for entries after two strong legs down, after breaks of trend lines and Retracement and second (or third) entries. New method I have been working with does have merrit but only if applied to these other entries just mentioned.

Screenshot (860)

5/19/24

Sunday Chart Observation and Analysis
As I watch the markets move I see patterns. I recognized this pattern this morning. It has no particular value just many times, especially in a trend it repeats.






Sitting around the garage this morning putting my old automotive analytical skill to work.