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16/Oct/2023 started trading 8.20 EST, ended 12:35 usd$320.00 profit. This trading day was with the last week evaluation account. Until i feel confident, aligned with the market and the most important, without fear.
All weekend i was training my self in play back. At sunday evening i set the left chart relevant price levels, checked all week scheduled news and made some additions to my grid trading.
Price momentum is one of the key elements in several trading methods. In particular i like slow momentum to see divergences and to see when a new price direction could be developing.
So, i took the usual stochastic indicator, made an adjustment to smooth the plot and made a new one with a particular characteristic, i made it to compound the momentum of 3 instruments. As for this journal I am trading only Micro NQ (MNQ) in the compound indicator i added NQ, ES and YM.
The result is a bar momentum indicator, with red bars when the momentum is in down direction and green bars when momentum is in up direction.
The idea is to trade always in momentum direction, and if i see the price going up but the bars in red, that will mean a momentum divergence, very relevant when trading price.
First enabled a buy direction grid (in the picture i explain the elements that made me take the up direction decision).
With the new grid tool additions there is one in particular that i like, a manual stop loss level, so as protection i activated the stop loss level.
Then the price was close to a relevant price but as the market was moving up and in profit i maintained upward grid direction.
As the price was moving up i adjusted the SL level.
At overnight high the price rejected so i paused the grid.
The price made a small retrace but i wasnt sure to enable the buy direction, i know, i did not made money on the up swing but i prefer to stay out in doubt.
After the swing, i saw a price reject at a top relevant price level and enabled the grid in down direction.
I like to see the market profile levels because is common to have a price action in the high/low volume nodes, at POC and at value area high/low levels. I paused the grid.
Then price failed to continue up in the relevant price level so i enabled the down direction grid.
Was a mistake, the price resumed the up direction but as we are inside a range i did not disabled the grid, i let it run for a while.
As the market retraced the grid helped me to exit with a profit.
This was a good day, not because the profit result, but because now i feel i am back to continue trading.
The price momentum was a good addition, will continue using it from now on.
17/Oct/2023 $516.50 usd in profit started trading 9.00 after news and late because i was out of my desktop. Trading with the performance account.
Saw the price was going down, so i was late to enter any trade, on this case i must wait until the price develops some action.
Price went lower but then i saw the price moving up in a fast movement with momentum started developing in the up direction so i enable the buy grid direction.
Hold the buy direction because in the chart i saw some divergences between price and momentum, and the price went side ways so for me was risker to reverse.
In lose, still holding the buy direction because now i saw the market reacted to the low relevant price level.
More momentum divergence so still holding the buy directoin.
The market started developing the up direction and i paused the exit in the tool to collect more profit.
Activated the SL level as protection.
Time to take profit (usd$500.00).
The price still going up until a relevant price level with momentum divergence so may be i will see a reverse direction.
Clear reject at relevant price level and enabled the sell grid.
Was a mistake, the market resumed the up direction and will see the best chance to get out (this is why I am using in this journal the grid, to be able to exit with the less damage possible).
Price reacted to over night low, moving lower so i paused the exit to collect more profit and be able to exit sooner.
Flattened at break even (previously i collected some small profit in sell direction) so i closed with profit.
I'm @Oracle from the NexusFi community. As part of our objective to help each other grow and improve, I've taken a look at your trading summaries and would like to share some observations and recommendations.
Firstly, it's commendable how you've leveraged your background in software development to create systems that aid your trading. Your use of Renko charts to reduce noise, identification of significant support and resistance levels, and your grid system usage are all good strategies. However, it's crucial to measure the effectiveness of these strategies. If possible, please provide your win rate, average win, and average loss, which would help in a more accurate assessment.
Secondly, the distractions you face, be it car issues or family tasks, seem to be impacting your trading. It's essential to create a conducive trading environment to avoid such distractions. Similarly, technical issues like the NinjaTrader platform login problem could have serious implications. It's great that you have contingency plans in place, but it's essential to address these issues to ensure they do not recur.
The emotional aspect of trading seems to be affecting you as well, seen in the fear and doubt experienced during trading. Remember, being confident and mentally aligned with the market is crucial. If you find yourself mentally misaligned, it's a good idea to step back, as you have been doing, and reevaluate before proceeding.
Your decision to switch between buy and sell grids due to fear led to a significant loss. This highlights the importance of sticking to your rules and adjusting them only after a thorough analysis. It's good to see that you are recognizing these instances and taking steps to address them.
Lastly, you seem to have a sound strategy for entering and exiting trades. However, there were instances where you did not exit when the market resumed an upward direction. This could indicate a lack of adherence to your own rules or an inability to adjust your strategy as needed.
Overall, you're on a promising path. However, there's always room for improvement. Focus on managing your distractions, staying emotionally aligned with the market, and following your own rules.
Remember, a high expectancy is more important than a high win rate, and risk management should always be a priority. And, of course, keep up with your trading journal, it's a great tool for accountability and learning.
Please provide more information on your profit and loss figures, win rate, and average win and loss to enable a more detailed analysis and feedback.
18/Oct/2023 $585.50usd in profit. Started trading at 9.00 until 13:12 est. Long trading day.
Price was going down, saw a reverse with momentum flow starting in the up direction and with a momentum and volume divergence so i enabled the buy grid direction.
The price was sideways in a very small range so i paused the exit to collect more profit.
Price moved up and i enabled the SL level.
When price touched a relevant price level i enabled the exit to bank current profit.
Price reversed to down direction but i decided to hold the buy grid (i can see how momentum of current chart is flat, and compound momentum at 1, this means only one of three instruments was in down direction). So i hold it.
Price continued going down, time to see the opportunity to exit with loss or in the best cases BE or in profit. For now i set the grid in pause.
Market reversed again now in the up direction so i enabled again the grid (i mean, checked the unpause to allow more trades in the up direction).
Collected some profit and still holding the buy grid direction.
Price is clear to be in a sideways range, even i can see a triangle forming so i still hold the buy grid direction.
Now, here comes the interesting part of the trading day. Until now i see the market is trading in a range, Iam holding the buy direction and in a fast move the price goes down, no stop lose activated (level or in currency - that's why is important to always have a stop loss - i know).
After making a lower low the price made a small movement to the up direction so i did not took any actions until see if the price will return or continue going down. Even with a loss of 1K.
Look how clearly, we have current chart momentum divergences (price going down and momentum going up).
Price moved to the up direction and momentum changed to the up direction too. Reacted to the POC and reversed to the down direction. Even on this condition i decided to hold the current float loss (now 600.00) and disabled the exit to collect more profit and be able to exit BE or in profit.
At POC level price started going sideways so i enabled the exit again and still holding the buy direction and my 600.00 float loss.
The grid helped me to reduce risk and i was able to end the day with a profit. Of course today i took a BIG risk (double amount than my usual profit) but i decided to hold because was clear that from when i started trading until i finished we was in a range market, and this is the best condition to trade with a grid.
I think i can still be making some small money but i always try to end at 13 hrs, this because it allows me to exit sometimes BE or in profit before the market close and i am a day trader, not a position trader so i don't hold positions overnight.
19/Oct/2023 $240.00usd profit. Recovered from an initial loss of -$430.00usd. Scheduled news without much volatility but at Feds speech time i was able to make some profit. Started trading 9.30, paused at 10:53, resumed 11:23 and stopped trading 12:03
Overnight started down then after a short swing reversed to Up, at session start and after news the market continued going up (no volatility). Momentum almost flat but started developing in the up direction, no volume divergence so i decided to enable the buy direction grid.
Immediately the price reversed and i realized the momentum was divergent to the price but going close to lower relevant price level so i hold the buy direction until see what price action we have in that relevant price level.
Price broke the level and went down in a fast movement so i disabled the grid with a loss of -$430.00usd (momentum was going down very strong as the price so i closed in loss).
Enabled the sell grid direction mostly guided by the price movement.
Price reversed to up direction (feeling iam taking wrong decisions on this trading day) and saw the momentum divergence so i hold the buy grid direction. Paused the exit to collect more profit and be able to recover the loss.
Price moved a little to the down direction testing POC (right now as support) and collected some profit and still holding the sell grid direction because volume and momentum divergences.
Still holding the sell grid direction after collected additional profit.
Price broke POC and i saw the break fail pattern (break of support and failed to continue as support so thats why i say fvreak fail), now resistance and holding the sell grid direction.
Price moved in favor and enabled the stop loss level to protect the exit pausing the exit to collect more profit.
Banking some profit to be break even (well, a small loss of -$23.00usd but for me is break even).
Price ranging and i tough, may be the market is waiting the Fed's speech and thats why there is no distribution (market balanced, ranging from the open) so i will see the best chance to exit the grid.
Brek even with -$12.5usd and paused the trading.
Some minutes later saw a strong down movement, with momentum, no divergences, and i jumped as rabbit (was not the best decision today).
Market reversed to the up direction so now i must see the best opportunity to exit (again at BE or with small profit).
When the Fed's speech started the market reacted with high volatility and i was the opportunity to exit with small profit and enabled the buy grid direction based only on price action and momentum building up.
The price moved up and the grid made profit so i closed with todays $240.00usd profit and stopped trading.
*
Today volatility helped me to finish the trading day in profit.
20/Oct/2023 $209.00usd in profit. Started trading 9.30 and stopped 10.05 est. Constant disconnections so i decided to stop trading with a small profit for today and spend time with my wife.
From the session start the market was quite, ranging and i enabled the sell grid direction (on this conditions any direction can be profitable until the market goes strong up or down). For now sell grid direction.
Market went up, first Rithmic connection loss with a float loss of usd-$161.00
Reconnection without the need to trade in contingency.
-$283.50 float loss, paused the exit to collect more profit.
Market going in favor of the grid direction and new desconnection.
Reconnection. Enabled the exit to collect profit and holding the sell grid direction (still in a range).
After made some profit i decided to invite my wife to take the breakfast outside home so i stopped trading.
For me is better to reduce risk with the disconnections because i will need to trade in contingency. As i have a small profit is better to be out for today.
Its Friday, this weekend will take time to review previous trading days and see if i make any adjustments to the direction decisions using the grid.
23/Oct/2023 $118.50usd profit, started trading 9.00 ended 10.21 est, saw several divergences and wasnt able to catch the up direction after i ended my trading day
At weekend i made a review of the grid tool and decided to add a trend filter and it will be in testing until i feel it can be useful for trading. For now, i will continue with the same decisions as previous week.
After an overnight down and up swings the price compressed and saw an Up momentum divergence so i waited until see what the price action will be, right now above relevant price level.
Support confirmed, price going Up and i took the up grid direction and with momentum developing the up movement.
Price reversed, broke support level, current chart momentum now down and i took a loss of -$72.00usd and reversed to sell grid direction. (Note how a few bars ago we had a HH volume divergence, this was a good sign to stop the buy grid).
Got some amount in favor and paused the exit to collect more profit.
At previous low i enabled the exit for a good $178.00usd profit (and previous loss recovered).
Then saw down momentum divergence, price rejected at previous low now support and i enabled the up grid direction
Paused the exit to collect more profit.
Price broke resistance level as if it wasn't there and i enabled the stop loss level to protect profits.
Price immediately went down hitting my stop loss level with $205usd in profit.
still holding buy grid direction.
Paused the grid and from here i started with doubts about the market price action.
Collected some more profit and still in the up grid direction.
Then price compressed and i paused the grid.
Price resumed the up direction but i saw momentum divergence and almost flat so i did not activated the up grid direction.
then pricemoved down with momentum developing in the down direction so i enabled the down grid direction.
Then price resumed the up direction and i was ready to exit at the best opportunity.
Price went more to the up side, with momentum forming and with slope so i toke a $100.00usd loss and reversed the grid to up direction.
From here i saw the price still going up but momentum making a lower high and decided to stop trading. Mostly because i was in doubt about what the price action was doing this day.
24/Oct/2023 started trading 9.15 ended 11.10 est $398.00usd profit
Overnight made some swings and the started ranging and at the open the market was still ranging. Price close to relevant price levels and hoing up/down at the full session POC. Waiting to see some price action at relevant price levels.
Almost forgot today was a scheduled news (PMI data release) so lets wait to see the market movement.
Just before the data release i enabled the up grid direction with momentum extreme and crossing to up and relevant price level confirmed as support.
Then price reversed but i hold the up direction because price returned to POC level and continued around this relevant price level.
Still holding the up direction (price moved higher) and tested session high for 3rd time.
Then paused the exit to collect more profit.
Enabled the exit to get the float profit.
And stopped trading for today (must go out to buy groceries).
26/Oct/2023 $593.00usd profit, started trading 8.30 and stopped at 10.02est
This day i added a new filter indicator called StepMA, as i was using momentum and it works great on sideways markets but not on trending markets i saw the need to use a trend filter and i think it will be very helpful on my daily trading for the grid. The idea is to enable the up grid direction or down grid direction based first on price action mostly at relevant price levels (left side of the chart) and considering volume divergences, considering momentum developing for the chart and the compound (as filter) watching when its extreme, flattening or developing and now with this new filter to go in the filters direction. Lets see how it performs over time (a month of trading with it).
Remember, the principal on all trading methods is price, and for this particular journal i use the CTTool010 Grid to help me when my decision is wrong, and i am getting really good results with it, more than if i was trading only 1 or 3 contracts with a stoploss and take profit levels, with the grid i can collect profit from the market.
Now, for this particular trading day.
Previous day i did not traded, but at night i watched the market was going strong to the down direction, then overnight we had a down swing then an up swing, scheduled news (Employment data release) so i must see what price action we have before, at and after the data release.
The price was developing up so i enabled the up grid direction.
Momentum was flat and going down, price started sideways in a small range so i paused the grid.
Price and momentum resumed to up direction so i enabled the grid.
Momentum started developing down, price up and the new filter in up direction so i was waiting for all stars alignment.
Momentum. price and filter flat and price crossing so i enabled the down grid direction.
Price went against my down grid direction but here the grid helped me to even make profit when iam wrong.
Price reacted at relevant price level POC of the full session and went to the down side collecting good profit and stopped trading for today with this grid tool.
