NexusFi: Find Your Edge


Home Menu

 





Papa's Trading Journal


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one papa15 with 339 posts (1,003 thanks)
    2. looks_two bluemele with 47 posts (46 thanks)
    3. looks_3 Big Mike with 43 posts (47 thanks)
    4. looks_4 PandaWarrior with 43 posts (40 thanks)
      Best Posters
    1. looks_one papa15 with 3 thanks per post
    2. looks_two Big Mike with 1.1 thanks per post
    3. looks_3 bluemele with 1 thanks per post
    4. looks_4 PandaWarrior with 0.9 thanks per post
    1. trending_up 90,786 views
    2. thumb_up 1,216 thanks given
    3. group 20 followers
    1. forum 566 posts
    2. attach_file 174 attachments




Closed Thread
 
Search this Thread

Papa's Trading Journal

(login for full post details)
  #451 (permalink)
 
papa15's Avatar
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248

Today is one of those days I detest writing in this journal....I don't have anything good to say. However, that is when the journal means the most.

I was totally out of synch with the market. I took trades that were not fully aligned with my methods (I seemed to mix methods to derive the entries). I exceeded my daily stop loss. I kept imagining what would happen instead of focusing on the reality of what I was seeing.

I guess there is some good news. I just quit trading. I must take my lumps, figure out why I could not trade what I was seeing and why I did not stick to my plan. A most disappointing day.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my NexusFi Trade Journal Started this thread
The following 5 users say Thank You to papa15 for this post:

Can you help answer these questions
from other members on NexusFi?
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
Futures Close-Out Policy
Commodities
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
ZombieSqueeze
Platforms and Indicators
Trader Dale [email protected] or Scammer Dale
Trading Reviews and Vendors
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Daytrading ES & NQ
32 thanks
Just another trading journal: PA, Wyckoff & Trends
31 thanks
Battlestations: Show us your trading desks!
30 thanks
Spoo-nalysis ES e-mini futures S&P 500
28 thanks
Supertradersams Thread Journal on NQ/MNQ
23 thanks

(login for full post details)
  #452 (permalink)
 
papa15's Avatar
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248

In reviewing this morning's trading, I really failed to follow my guidelines for scalping entries. In hindsight, none of the entries were appropriate. Overconfidence? Lack of patience? Too much information? A combination of all of the above? I am not sure which it is, but lean towards it being a combination of all of the above.

I really, really like the setup using the Renko chart, but I think having 2 is bringing some level of confusion. I am going to switch to one 6 better Renko chart to replace the 4 and 10. I am going to eliminate the 5 minute chart and go with the 15 minute with the inside bar on it. They will be the only 2 charts I will use and I will restrict myself to one computer. That should eliminate the information overload. Using a 6 better Renko chart means I should use a bigger target than I was with the 4 Renko. Instead of focusing on a daily goal, I will focus on the weekly goal, thus on days I AM in synch with the market, I should make 3 or 4 trades and quit. It would take only a couple of days a week like that to make my current weekly goal.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my NexusFi Trade Journal Started this thread
The following 3 users say Thank You to papa15 for this post:
(login for full post details)
  #453 (permalink)
 
papa15's Avatar
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248


I am glad this week is over. I did a little better than yesterday but still a red day. The last 2 days ruined the entire month's work, well it was not just those two days as Friday the 13th certainly had something to do with it.

The biggest flaw in my trading (IMHO) as a scalper is I settle for small gains per trade and per day, but my losing trades and days overwhelm many winning trades/days. I know most trade with a greater reward than risk ratio. I have not mastered that in my real trading, but can generally do it in my sim trading. I am trying to overcome this flaw. I am trying to make my daily goal to do 4 trades. If all 4 are winners, I will make more than my daily stop loss. I am trying to go for larger wins on individual trades and bring the trade stop loss behind price action. I see the flaws and I am trying to take action, but I keep stubbing my toe.

Part of the reason for the toe stubbing is data overload....too much information, looking at too many different things, making too many changes. If you have read this journal for a while, you know exactly what I mean. Yesterday, I thought if I switched to the 6 better Renko, it would replace both the 4 and the 10 better Renko charts I was using. I did not like it as much as I thought I would, so rather than introduce another change, I switched back to the 4 better Renko and will define my entries from that chart. I have let the 5 minute chart go...I may keep the 15 min just to get a bigger picture but not to trade from it.

Enough rambling. I will deal with my issues.

Go enjoy this weekend. Remember those who died in the service of our country. We can disagree about whether we should have fought a particular war or not, but we can all agree that those who served and paid with their lives deserve our respect and gratitude. Their families need our support also. As a veteran I am not ignoring other veterans; we have our own holiday. This one is especially for those no longer with us.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my NexusFi Trade Journal Started this thread
The following 10 users say Thank You to papa15 for this post:
(login for full post details)
  #454 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Posts: 50,241 since Jun 2009
Thanks Given: 33,109
Thanks Received: 101,368



Enjoy your weekend,
Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor


For the best trading education, watch our webinars
Searching for trading reviews? Review this list


Lifetime Elite Membership: Sign-up for only $149 USD
Receive exclusive offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal
(login for full post details)
  #455 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Posts: 50,241 since Jun 2009
Thanks Given: 33,109
Thanks Received: 101,368


papa15 View Post
Go enjoy this weekend. Remember those who died in the service of our country. We can disagree about whether we should have fought a particular war or not, but we can all agree that those who served and paid with their lives deserve our respect and gratitude. Their families need our support also. As a veteran I am not ignoring other veterans; we have our own holiday. This one is especially for those no longer with us.

Also check out our charity drive, if you haven't seen it already:


Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor


For the best trading education, watch our webinars
Searching for trading reviews? Review this list


Lifetime Elite Membership: Sign-up for only $149 USD
Receive exclusive offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal
(login for full post details)
  #456 (permalink)
 
papa15's Avatar
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248

Looking back at the week, my execution was poor. I took too much heat on a lot of winning trades and had too many losing trades. All this indicates my entries were not good, and just points out very poor execution of a good system. I found myself entry too often at the end of a little run and watched the market pull back enough to hit my stops, or just reverse its direction completely.

My goal is to trade from only one chart, with one technique. To accomplish this and to help me stay on the right side of the trend, I made one change to the 4 better Renko chart. I deleted the 50 sma and added a slow ema and a fast ema. I am using a 21 ema and 55 ema for the slow and fast ema's.

My plan/guidelines:

1. Trade with the long term trend as identified by the EMAs. If the fast ema is above the slow ema, then only look for longs. If fast ema is below the slow ema, then only look for shorts.

2. A short signal is when the CCI is below the zero line, below its signal line, headed down, and the signal line is headed down (CCI and signal line are both red).

3. A long signal is when the CCI is above the zero line, above its signal line, headed up, and the signal line is headed up (CCI and its signal line are both green).

4. Use a 17 tick trailing stop and 12 tick target. Cut the trade if the CCI crosses its signal line in the opposite direction of the trade; this is a reliable indication the entry was not good.

The above should reduce the number of "false" signals, keep me trading with the trend, help with the risk/reward ratio issue, and get me out of bad entries sooner. I fully realize the answer to my issues is not in a chart/indicator/setup, but is rather in MY EXECUTION of the plan. The plan works. I just have to stick to it. My focus is on reducing risk (cutting losers sooner than I have been doing, I really took too much heat this past week).

I plan to sim trade this setup this coming week.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Attached Thumbnails
Click image for larger version

Name:	Newtemplate.png
Views:	164
Size:	125.5 KB
ID:	39482  
Visit my NexusFi Trade Journal Started this thread
The following user says Thank You to papa15 for this post:
(login for full post details)
  #457 (permalink)
 
Jeff Castille's Avatar
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
Posts: 2,109 since Jun 2009
Thanks Given: 1,783
Thanks Received: 3,303

Good morning Papa,

I was curious........what setting is your CCI on? AND.........what generates the longer term signal line on the CCI panel?

Also, could you mark up a chart and show one of your set ups........entry/initial stop/ and targets?

Thanks, Jeff

Follow me on Twitter
The following user says Thank You to Jeff Castille for this post:
(login for full post details)
  #458 (permalink)
 
papa15's Avatar
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248


Jeff Castille View Post
Good morning Papa,

I was curious........what setting is your CCI on? AND.........what generates the longer term signal line on the CCI panel?

Also, could you mark up a chart and show one of your set ups........entry/initial stop/ and targets?

Thanks, Jeff

Jeff
CCI is on length 50 using typical price as input ((H+L+C)/3). The signal line is a simple 10 ma of the CCI. To be fair, I did not come up with these settings as Mike Renfry gave them to me. One other criteria Mike uses that I have adopted is the 3 bar entry, where for a short the first bar is green, then the next 2 are red and the entry is at the bottom of the second red bar.

I have marked up 2 trades on the attached chart. One is a valid entry that goes to the target to the tick. I am not sure if it would have filled at that point. If it did not, the stop would have adjusted to -5 ticks, but the exit would have been at breakeven since the CCI crosses the signal line in the opposite direction. The second trade might look tempting but it does not meet 2 criteria, thus do not take the trade.

Hope that helps.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Attached Thumbnails
Click image for larger version

Name:	sample.png
Views:	157
Size:	147.4 KB
ID:	39487  
Visit my NexusFi Trade Journal Started this thread
(login for full post details)
  #459 (permalink)
 supermht 
Naperville IL
 
Experience: Intermediate
Platform: ninjatrader
Broker: NT broker
Trading: NQ ES 6E GC CL
Posts: 962 since Feb 2010
Thanks Given: 1,189
Thanks Received: 661

one question is SMA and CCI have different scale, do you have any suggestions?

(login for full post details)
  #460 (permalink)
 
Jeff Castille's Avatar
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
Posts: 2,109 since Jun 2009
Thanks Given: 1,783
Thanks Received: 3,303



papa15 View Post
Jeff
CCI is on length 50 using typical price as input ((H+L+C)/3). The signal line is a simple 10 ma of the CCI. To be fair, I did not come up with these settings as Mike Renfry gave them to me. One other criteria Mike uses that I have adopted is the 3 bar entry, where for a short the first bar is green, then the next 2 are red and the entry is at the bottom of the second red bar.

I have marked up 2 trades on the attached chart. One is a valid entry that goes to the target to the tick. I am not sure if it would have filled at that point. If it did not, the stop would have adjusted to -5 ticks, but the exit would have been at breakeven since the CCI crosses the signal line in the opposite direction. The second trade might look tempting but it does not meet 2 criteria, thus do not take the trade.

Hope that helps.

I can't see any reversal bars on your better renko chart........do you purposely have this feature turned off?

Follow me on Twitter

Closed Thread




Last Updated on May 31, 2012


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts