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ES
price wasnt moving much in the morning, came back in the afternoon and notice that price kept trying to break through a high volume node (2685-86) line I drew and was respecting it; I decided to short if price started to move to the downside. I shorted but quickly covered. I covered too quickly. Gains 1.5 points
P/L: 75
E6
I was short bias; I tried to short but got stopped out twice loss of -$125, price was choppy before it went down. Finally, I caught the moved +118.75
P/L: -6.25
I have to figure out a way to stop getting hit so bad in the chop before a move. I guess it's all about timing the entry correctly. I time it pretty well or a bit late on the ES trade, but I was way too early for the E6 trade
Daily Total P/L: 68.75
As price trended the previous days, and price was over extended away from the cloud and TK lines, was doubting that price will continue to go up.
I was only going to trade if there was a pull back to one of the TK lines
I put on a trade too early, and got stopped out.
The second trade I gained a couple of point that brought me back into positive profit for the day. I took the win and decided not to trade for the day.
E6
-As price was trending up and I missed an EMA crossover around 6:30AM, I decided to wait for a pullback. I got chopped up on the pullback and got stopped out. stopped trading the ES for the day.
I had to go to work, so didn't have the time to write down P/L for each trade.
Price went to 2718 and hit daily resistant line. After confirmation, it's a good probability short. When the market open I noticed the 15min chart was trading in a channel and price was by support getting ready to break it. My entry was right at support, but I got chopped out. I don't know if my stops are too tight tight or I'm timing the market wrong.... either or. but I'm planning on fixing it.
Also, my psychology hasn't been up to part. I wake up super tired from the previous night work shift. I also have a lot on my mind since my time is limited to my errands since I'm trying to balance a full time job and full time trading
After I got chopped a bit, I came out with a gain of $87.5
As I ended the fiscal month being profitable paper trading I'm more confident on going live. But there are some issues I would like to resolve before I do it, that I think would catch up to me in the long run.
- I also missed two journal entry one -$200 loss and another for -$75
Problems
-I have notice I'm not the best when it comes to price switching from trading in a channel to a trending day and going a bit parabolic. Especially if price started trending in the overnight, and you know price is going to level out soon in RTH. I soon noticed I started to loose my calm and patience, and that subconscious thought of missing out on a run creeps in. Solution: backtest
-Being late or early on an entry, but I guess this is normal and part of the game
-Feeling more exhausted with working full time and trading full time. A lot of book state people should trade while keeping their job; easier said then done. Solution: Suck it up and keep grinding.... plus meditation
-Not able to backtest. This is a big one for me, I have no time for backtesting which is essential to my trading
Conclusion: I will keep paper trading for 2 weeks or so, so I can get my focus and concentration back on track and be on point
