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Spent most of the day going through the stuff about Renko charts, as well as going through this website after deciding to go Elite. Mostly going through some trade journal threads .. very interesting and inspiring.
Open NT at about 6:10 pm just after the open of the Globex session. Pivots look all messed up I think because they are supposed to update at midnight (Need to check into that). Also I need to see if the standard NT pivots or indicator allow for plotting automatically the mid point pivots I.e between S1 & S2, S2 & S3 etc.
Looked at ES, and it was not doing much. Decided to venture over to CL .. what an adventure and rush that ended up being.
Trades:
Trade 1) 6:11pm went short 1 cl contract on a T2/slingshot trigger(%K hook on scholastics), and bounce off the 34 ema going down. Winner + 5 tick
At around 6:40pm, I did not take a Short trade because of strong divergence, so I thought the market might make a bigger retracement to the larger ema’s such as the 89. The market did drop so I missed a good run.
Trade 2) 7:11pm, basically same trade as above. Stop out – 4 ticks
Trade 3&4) 7:25pm went short 1 cl contract, had a small retrace double top. Second trigger so I added a contract. So short 2 CL contracts. My strategy was to exit the 1st contract at +5, and let the 2nd contract be a runner. Ended up closing the 1st at +6 ticks (fast market so positive slippage), and then I ended up closing also at + 6 ticks. Winner + 12tick
Trade 5) Somehow I fat fingered something as I was closing the 2nd contract above, made everything flat and ended up – 1 tick ??? something strange happened here.
Up to this point, I was doing very well at about $125 net up on the day. But CL was still in a nice downtrend, so I figure I can keep pushing for a $200- 300+ daily target. I should have probably quit while I was ahead however, I think it’s good to learn.
Trade 6) (marked #5 on file CL_Feb10_1) . This is a difficult rule, however since I had double divergence on both the entry and anchor chart, normally I should not have taken this trade because the price was likely to make a larger retracement (ie counter-trend). That’s what happened so I was stopped for – 7 ticks
Trade 7) Took another short as this was a high probability that the trend downward was going to continue. Stopped and within a split second the price ran about + 20 ticks. Too fast, not tradable. – 7 ticks.
Trade 8) Choppy zone barb wire. Move my SL to Break even – 1. Stopped at -1 ticks
9) Stop out – 7 ticks / 10) Stop out at BE 0 ticks / 11) Stop out at BE – 2 , - 2 ticks.
Report Card:
The Good: Renko charts look fantastic compared to tick.
The Bad: WOW. I forget how quick CL could be. I had a standing target limit order way out as on tick charts, I usually have a chance to pick up bigger moves when a whole bunch of orders come through really quickly. On Renko, it goes moves in one direction and immediately reverses to my stop out. This happened several times. Next time use a 8-10 tick target order and finger on the market order button. Also I did not use the whole numbers, and the 0.20’s & 0.80’s as pivots or magnets, which is the case on CL.
The Ugly: Nothing really. Except going from $120 green to $86 red.
RESULTS :
Total 11 trades; 4 winners, 7 losers
Daily results after commissions = $86.32
Open platform around 6:30 pm just after getting home from work. At first glance both ES & CL seem to be rolling over but ES is slow, seems CL is making a move.
Trade 1) 6:47pm went short 1 cl contract, stopped for a Loser + 7 tick
Trades 2, 3, 4) 3 Small consecutive winners for 9 ticks total.
Trade 5, 6) Not sure what happened, maybe fat finger mistake. Supposed to be 1 c, instead 2 c. Stopped for Loser -12 tick
Trade 7) scratch Winner + 1 tick
Trade 8) Loser – 7 ticks
Trade 9) 2 contracts .. Winner + 11 ticks.
Trade 10, 11) 2 Contracts .. 2 consecutive losers for -15 ticks & - 17 ticks respectively. These were revenge trades trying to make up for my loses.
The good: nada. 0
The Bad: I’m being chopped up. I need to know when to SOH (sit on hands) during the chop. Currently getting whipsawed because there is no “sweet spot” trend.
The Ugly: Started 2 trade 2 contracts to try to recover losses however it completely breaks my rule. I will make sure I have a print out of my rules and read then prior to trading. Was slightly green, ended up red.
CONCLUSION: Next two days I have 5 hours of trading coaching and will only make it back home around 9-9:30 pm. The plan is: “ONLY TRADE IF IN A NICE TREND”. And read rules prior to opening up NT8.
RESULTS : Total 14 trades; 6 winners, 8 losers
Daily results after commissions = $ - 331.32
The trade journal and charts are attached. This is from my laptop and somehow does not include commissions on SIM so I manually add that to the 190 loss. commissions on 14 trades x $4.50/trade = 63. - $190 + (-63) = -248
Summary :
14 trades : 5 winners , 1 BE, 7 losses
Net Results : - $248
ninja video to add commission
step 1) Disconnect data feed first, control>commissions>add to add new commission template
step 2) apply the new template to the account you want
I will give that a try. Currently I have NT8 on a desktop where commissions are applied to my SIM account, however not to my live Acct. Then on my laptop, I can also access my live acct properly, however my SIM accounts to not match or sync in addition to the commission issue noted.
I will try to apply commission template to both SIM & live accounts on both my desktop & laptop as well as figure out if I can have my SIM accounts on both computers be in sync. That would also make the acct standing, trade performance and journals much easier to manage.
Jounaling daily, however had not had a chance to update this thread.
Wednesday Feb 13th
Got back home late around 9:30pm after work, and after a trading coaching seminar. Open up my platform around 9:50pm, having a look primarily at ES & CL as usual. ES looks in a sideways channel close to a breakdown.
1) 10:00pm ES Short 1 contract ; breakdown of support after some sideways chop. Stop out for -6 tick loss.
2) 10:06pm CL market turn down and retracement to the 34ema. CL Short 1 contract on T2/34B trigger ; Stop out for a – 7 ticks looser
3) 10:20pm CL retracement continues to larger ema (89ema), short 1 CL contract on 2 red candle in trend direction ; Stop out - 7 ticks
4) 10:53 CL Trend continuation trade to the long side 2 contracts long. Good for + 2 ticks
The Good: nada
The Bad: Did not wait for proper trend and high probability trades. Fear of missing out ??
The Ugly: I was busy until almost 10pm, waking up at 5:30am. Basically should not trade after working so long.
RESULTS : Total 5 trades; 2 small winners / scratch, 3 losers.
Daily results after commissions = - $180
First of ALL, I am burning the candle at both ends and I had all good intentions of picking up wife a card or chocolates for Valentine's day. Completely forgot .. sorry hun
Thursday Feb 14th
Got home 6:30pm after work, This time I make sure to go through my pre trading routing. Some affirmations, some push-ups, deep breathing and visualization dream pics.
As usual open up my platform to look at ES & CL. ES looks like a better trend so I start there.
1) ES Short 1 contract ; larger target would be S2 pivot, intermediate target 8-10 ticks. Winner at + 12 ticks
2) ES Short 1 contract ; same as above, except go for at least 5 ticks ; Winner at + 6 ticks
3) ES Short again, this time Stop out Looser at – 6 ticks. Good trade, followed my rules.
4) ES Short, went to + 4 ticks so I trail my stop to BE -2. Continue to trial stop to BE + 1, Stopped at + 1 tick.
5) ES Short, nice trigger but went against me, loser at – 7 ticks
6) CL T2 / 34B trigger , Winner at + 5 ticks
7) CL several candle retrace and trend continuation. However sold into LT support which bounce and stopped me out. Stop Loss was TOO BIG. Loser at - 10 ticks
8) ES Great Short , Winner at + 11 Tick
9) CL Nice short scalp, Winner at + 4 ticks
----- Market is slowing down at this time ----
10-11) ES .. 2 stop outs in a row. Sideways chop. Was looking for a breakdown / trend continuation that never happened.
Looser at – 4 ticks / Looser at -4 ticks
The Good: Entered some trades on 3rd candle closes so less fake-outs.
The Bad: Exit too quickly. Did not wait for 1st reversal candle so I missed some runner. Consider using a ATM strategy. Trade #2 could have let it go to S2 as planned or first reversal so left money on the table.
The Ugly: I was up 200+ on the day (daily target) but kept trading. I ended up going down to 0, back to about 180, and ended up at 80
RESULTS : Total 11 trades; 6 winners, 5 losers.
Net Daily Results (after commissions) = + $80
Woke up at 4:30 am to look at the end of the London session. Usually I have not done this but this is my only opportunity to trade on Friday’s as there is no Asian globex session on Friday.
1) 4:51 am ES T2 trigger, 1 contract long, target 8-10 ticks based on chart. Looser at -6 ticks. Ran to 8-10 ticks after taking my stop.
2) 5:11am CL 2B ema bounce on 2 timeframes. Moved positive, trail SL to BE – 2 ticks. Stopped out for a looser at -3 ticks
3) 5:28am ES 2B ema bounce , winner at + 6 ticks . Took my position off after reversal ticks. However this thing ran from 2738 to 2747 9 pts ( 36 ticks).
TIRED!
The good nada.
The Bad exit to early .. this is a repeat issue. In future with 2 or more contracts, I will leave some for runners. Difficult to manage with only 1 contract for now.
The ugly Tired. Not sure if I can trade this session. Probably best to stay with Globex Asian session from about 6pm to 9-10pm.
Total trades 30; Net Results -$620 ; Acct Status $9379.84 (started at $10,000)
Average trades per day = 8.7; Max draw down -$696.34; Sharp ratio -1.81
No of (%) Winning days 1out of 4 = 25%
Total trades 41; Net Results -$550 (actual -698 see note below); Acct Status $8829
Average trades per day = 9.9; Max draw down -$757 ; Sharp ratio -1.51
No of (%) Winning days 1out of 4 = 16%
Max Winner $145; Average winner $53.66
Max Losing $170; Average loosing $65.94
(Note: Acct status is correct however I’m missing 1 or 2 trades which I have done on my laptop and somehow I cannot get the SIM accts to be in sync between my desktop and laptop)
- Make sure to wait for trending markets.
Answer: I am still struggling to wait and be patient when there is chop and no definitive trend. Added Renko charts and this is helping to spot chop, cleans up the trend. Still refer to Tick charts for bubble patterns, divergence, etc.
- Make sure to wait for signals & triggers.
Answer: Doing better waiting for candle to close as an example.
- Trail stops with ATR or reversing candle … let it run.
Answer: I did a few larger trades by opening up my target to catch those “fast” moves although I am only trading 1 contract. This is discretion between stop outs versus picking up a few ticks and having a scratch. My losses are bigger than my wins so still need to work on this.
- Do not add to positions. Answer: Did better here.
- Do not overtrade. Answer: I am still trading too much in my opinion however it is giving me practice and the necessary habits and screen time.
- Also looking to add Renko charts to smooth out the chart next week, while still using tick charts as a reference.
Answer: Added Renko, nice addition.
Other notes:
Will only focus on “With the Trend” Trades.
Am summarizing my trades rules and signals on a 1 pager that I will have in front of me while trading.
Will only focus on 2-3 set-ups following trades that meet above criteria.
Will “ get in the zone” by following my pre-trade checklist
My Goal:
Improve slightly Week over Week
First short term goal is to Break Even for the Week (Net) after all costs and commissions
Next short term goal is to profit ~ 0 - $ 500 for the Week (Net) for several weeks in a row.
Want to go live in April.
