Trade 1
02:41 - L HSI 13617 stp 13610 - trend, fib 38% pb
02:45 - Exit 13622 +5 - chickened out, scalp target was 13629 which was reached since charts were looking good at time of exit.
Trade 2
03:41 - L ESTX50 2 @ 2886 stp 2883 - 30m trend, 5m pb10ema
03:56 - All out @ 2884 -4 - nft, but should have exited at breakeven or 2885 instead
Trade 3
04:01 - L ESTX50 2 @ 2885 stp 2883 - 30m trend, 5m bline os
04:13 - Out 1 @ 2886 +1 - nft
04:13 - Out rem 1 @ 2885 b/e - mistake, was trying to exit at 2886 also but didn't notice sell limit order was set at 2884
Trade 4
06:46 - L ESTX50 2 @ 2881 stp 2876 - neutral to slightly bullish bias, 5m pb to 50ema support
06:58 - Out 1 @ 2883 +2 - scale out, near top of bb in sideways looking market
07:00 - Out rem 1 @ 2884 +3 - out at top of bb, nft
Note: Good hold! ES was very positive so was not expecting ESTX50 to fall. However, Euro strength was putting pressure on ESTX50.
Wednesday, November 10, 2004
Sunday, November 07, 2004
Change in Trading Plan
Starting Nov. 8, 2004, I will be changing my trading time as follows:
Asian Session - 20:45 to 22:45, 01:30 to 03:30
Europe Session - 02:00 to 04:50
US Session - 07:00 to 09:00
Also, my trading will now be limited to the HSI, EUR, GBL, ESTX50, and ZN.
After analyzing my trading results, I have come to the conclusion that my current long exhaustive trading hours may be contributing to my unfavorable results because I feel tired and sleepy already during the US market session. Considering my time zone, the US market opens very late already.
Asian Session - 20:45 to 22:45, 01:30 to 03:30
Europe Session - 02:00 to 04:50
US Session - 07:00 to 09:00
Also, my trading will now be limited to the HSI, EUR, GBL, ESTX50, and ZN.
After analyzing my trading results, I have come to the conclusion that my current long exhaustive trading hours may be contributing to my unfavorable results because I feel tired and sleepy already during the US market session. Considering my time zone, the US market opens very late already.
Friday, November 05, 2004
Journal - 11/05/04
Trade 1
21:30 - L HSI 13491 stp 15 - 5m trend, 5m pb10ema, entered on brk of pbh
21:53 - Exit @ 13469 -22 - stopped out
Note: First, entry was late again - continued to enter at brk of pbh, which has caused me to enter late.
Second, when price was moving down, widened stop to low of pullback. However, market has been screaming bad trade when it broke 13482 but still held on! Eventually, market stopped me out at big -22. Stop placement should have been at 13481, below the 13482 consolidation low.
Trade 2
03:31 - S EUR 1.2867 stp 3 - 10m trend, 3m pb10ema/upper bb
03:36 - Exit 1.2863 +4 - at 30m 50ema support
Note: Entry was good, at 10ema as required by setup.
Trade 3
04:06 - L ESTX50 2 @ 2883 stp 3 - neutral all time frames, 5m bline os/low bb
04:08 - Exit 1 @ 2884 +1 - market very slow, scale out
04:09 - Exit rem 1 @ 2884 +1 - going to eat now
Note: Entry was good, at low bb.
21:30 - L HSI 13491 stp 15 - 5m trend, 5m pb10ema, entered on brk of pbh
21:53 - Exit @ 13469 -22 - stopped out
Note: First, entry was late again - continued to enter at brk of pbh, which has caused me to enter late.
Second, when price was moving down, widened stop to low of pullback. However, market has been screaming bad trade when it broke 13482 but still held on! Eventually, market stopped me out at big -22. Stop placement should have been at 13481, below the 13482 consolidation low.
Trade 2
03:31 - S EUR 1.2867 stp 3 - 10m trend, 3m pb10ema/upper bb
03:36 - Exit 1.2863 +4 - at 30m 50ema support
Note: Entry was good, at 10ema as required by setup.
Trade 3
04:06 - L ESTX50 2 @ 2883 stp 3 - neutral all time frames, 5m bline os/low bb
04:08 - Exit 1 @ 2884 +1 - market very slow, scale out
04:09 - Exit rem 1 @ 2884 +1 - going to eat now
Note: Entry was good, at low bb.
Thursday, November 04, 2004
Journal - 11/04/04
Trade 1
21:42 - L HSI 13374 stp 15 - 5/10/30m trend, 5m 1st touch 50ema/low bb/bline os, entered on 5m pbh+1 (this type of entry is late for this setup)
21:46 - Exit 13380 +6 - not getting follow thru traction
Note: Late entry again, shud be at/near 50ema. The late entry got me out early and missed 16 more points.
Trade 2
04:06 - L EUR 1.2792 stp 4 - 30m trend, 30m pb503ma, 5m bline os
04:10 - Exit 1.2793 +1 - Early exit
Note: Have been cutting on winners! Trade was good at the outset but got impatient and wasted opportunity!
Comment: Yesterday's big loss seems to be affecting my patience and resulted in lots of wasted opportunities!
21:42 - L HSI 13374 stp 15 - 5/10/30m trend, 5m 1st touch 50ema/low bb/bline os, entered on 5m pbh+1 (this type of entry is late for this setup)
21:46 - Exit 13380 +6 - not getting follow thru traction
Note: Late entry again, shud be at/near 50ema. The late entry got me out early and missed 16 more points.
Trade 2
04:06 - L EUR 1.2792 stp 4 - 30m trend, 30m pb503ma, 5m bline os
04:10 - Exit 1.2793 +1 - Early exit
Note: Have been cutting on winners! Trade was good at the outset but got impatient and wasted opportunity!
Comment: Yesterday's big loss seems to be affecting my patience and resulted in lots of wasted opportunities!
Wednesday, November 03, 2004
Journal - 11/03/04
Trade 1
10:02 - L EUR 2 @ 1.2792 stp 6 - trend, 5m pb10ema, entry at brk of pbh
10:03 - Exit 2 @ 1.2786 -12 - stop hit
Note: Hesitated to enter at 1.2786, which was at/near ema, and instead waited for break of pbh. Pbema setups are entered at or very near ema, not on brk of pbh or pbl! The bad entry only stopped me out because stop placement was within the trading range. After getting stopped out, price rocketed +100 points!
10:02 - L EUR 2 @ 1.2792 stp 6 - trend, 5m pb10ema, entry at brk of pbh
10:03 - Exit 2 @ 1.2786 -12 - stop hit
Note: Hesitated to enter at 1.2786, which was at/near ema, and instead waited for break of pbh. Pbema setups are entered at or very near ema, not on brk of pbh or pbl! The bad entry only stopped me out because stop placement was within the trading range. After getting stopped out, price rocketed +100 points!
Sunday, October 31, 2004
Journal - 10/29/04
Trade 1
10:16 - L ER2 2 @ 583.2 stp 6 - 3m counter, 30m sideways, 30m lowbb, 5m bline oversold,
Note: Widened stop to 11 ticks when market continued down after entry due to strong selling pressure. However, 30m chart is sideways so held on because market extremely oversold and at 30m lowbb, expecting bounce. If market is trending, widening stop is a bad idea.
10:24 - Exit 1 @ 583.4 +2 - scale out, price went negative and almost got stopped out, entry price not good, bounce doesn't look strong
10:25 - Exit rem 1 @ 583.4 +2 - bounce not strong, strong selling pressure looks like price will retest low
10:16 - L ER2 2 @ 583.2 stp 6 - 3m counter, 30m sideways, 30m lowbb, 5m bline oversold,
Note: Widened stop to 11 ticks when market continued down after entry due to strong selling pressure. However, 30m chart is sideways so held on because market extremely oversold and at 30m lowbb, expecting bounce. If market is trending, widening stop is a bad idea.
10:24 - Exit 1 @ 583.4 +2 - scale out, price went negative and almost got stopped out, entry price not good, bounce doesn't look strong
10:25 - Exit rem 1 @ 583.4 +2 - bounce not strong, strong selling pressure looks like price will retest low
Thursday, October 28, 2004
Journal - 10/28/04
Today's Lesson: Never trade somebody else's strategy/system without first testing it. There usually are nuances in one's strategy/system which the developer has learned through experience. Also, before adopting somebody else's strategy/system, it is important to determine if it fits your trading style.
Trade 1
03:17 - L ESTX50 2 @ 2814 stp 5 - trend, 5m RH
03:23 - Exit 1 @ 2816 +2 - scale out, stalling here
03:24 - Exit rem 1 @ 2816 +2 - looks like short-term res at 2717/18, 5m bline ob
Trade 2
03:35 - L ESTX50 2 @ 2814 stp 5 - trend, 3m pb10ema
03:51 - Exit 1 @ 2816 +2 - scale out at res
03:54 - Exit rem 1 @ 2816 +2 - taking too long, tape not getting active here
Note: Price broke thru resistance after I exited. Apparently, slow tape activity at resistance/support may indicate impending breakout/down. Abnormally big blocks went through 1 tick above resistance which signalled breakout.
Trade 3
09:01 - S EUR 1.2700 stp 5 - counter, 10m AJ 1-2-3 setup, pbl brk
09:02 - Exit 1.2705 -5 - stopped
Note: Aggressive entry of 1-2-3 reversal setup. Entered on break of point 3. The conservative entry is break of point 2.
Comment: 5 and 10min chart showed price developing an uptrend, broke above and pulled back to 50ema, near lowbb support therefore making this low probability trade.
Trade 4
09:40 - L EUR 2 @ 1.2748 stp 11 - trend, 5m RH (invalid setup, pb exceeded 3 bars)
09:43 - Exit 2 @ 1.2737 -22 - stopped
Note: RH not valid here because more than 3 pb bars. Price went against against me and never went positive, market saying bad trade but I failed to listen because I was occupied with the new system.
Trade 5
09:49 - L EUR - 2 @ 1.2746 stp 12 - trend, no setup
09:53 - Exit 2 @ 1.2734 -24 - stopped
Note: Trade was emotional after trade 4 loss. Still shocked at the big trade 4 loss and traded trying to recover loss.
Comment: Emotional trades have always been disastrous! Judgement is clouded and I throw away all my rules especially the one where the market has to prove my trade correct for me to stay in the trade. When feeling emotional, it is best to stand up, regroup and clear mind of the emotion, which I did after this trade.
Also, AJ's system does not seem to fit my risk tolerance because stop placement is wide. I have to selectively take setups that are within my risk tolerance.
Trade 7
09:57 - L EUR 2 @ 1.2740 stp 5 - trend, 5m pb10ema, potl cci zlr
09:59 - Exit 1 @ 1.2750 +10 - scale out
10:00 - Exit rem 1 @ 1.2750 +10 - stalling here, pos res
Note: Market says good trade. Trade was positive quickly!
Comment: Nice regroup. Focusing on the proven system and trading within the plan always produces good results!
Trade 8
10:21 - L ER2 2 @ 582.2 stp 8 - 3m counter, 30m trend, 30m pb20ema, lowbb, 10m 1st T50ema
10:25 - Exit 1 @ 583.2 +10 - scale out
10:27 - Exit rem 1 @ 583.2 +10 - at 3m 10ema pb res
Note: Trade was negative on entry due to selling pressure of downtrend but quickly reversed, which proved trade was correct.
Trade 1
03:17 - L ESTX50 2 @ 2814 stp 5 - trend, 5m RH
03:23 - Exit 1 @ 2816 +2 - scale out, stalling here
03:24 - Exit rem 1 @ 2816 +2 - looks like short-term res at 2717/18, 5m bline ob
Trade 2
03:35 - L ESTX50 2 @ 2814 stp 5 - trend, 3m pb10ema
03:51 - Exit 1 @ 2816 +2 - scale out at res
03:54 - Exit rem 1 @ 2816 +2 - taking too long, tape not getting active here
Note: Price broke thru resistance after I exited. Apparently, slow tape activity at resistance/support may indicate impending breakout/down. Abnormally big blocks went through 1 tick above resistance which signalled breakout.
Trade 3
09:01 - S EUR 1.2700 stp 5 - counter, 10m AJ 1-2-3 setup, pbl brk
09:02 - Exit 1.2705 -5 - stopped
Note: Aggressive entry of 1-2-3 reversal setup. Entered on break of point 3. The conservative entry is break of point 2.
Comment: 5 and 10min chart showed price developing an uptrend, broke above and pulled back to 50ema, near lowbb support therefore making this low probability trade.
Trade 4
09:40 - L EUR 2 @ 1.2748 stp 11 - trend, 5m RH (invalid setup, pb exceeded 3 bars)
09:43 - Exit 2 @ 1.2737 -22 - stopped
Note: RH not valid here because more than 3 pb bars. Price went against against me and never went positive, market saying bad trade but I failed to listen because I was occupied with the new system.
Trade 5
09:49 - L EUR - 2 @ 1.2746 stp 12 - trend, no setup
09:53 - Exit 2 @ 1.2734 -24 - stopped
Note: Trade was emotional after trade 4 loss. Still shocked at the big trade 4 loss and traded trying to recover loss.
Comment: Emotional trades have always been disastrous! Judgement is clouded and I throw away all my rules especially the one where the market has to prove my trade correct for me to stay in the trade. When feeling emotional, it is best to stand up, regroup and clear mind of the emotion, which I did after this trade.
Also, AJ's system does not seem to fit my risk tolerance because stop placement is wide. I have to selectively take setups that are within my risk tolerance.
Trade 7
09:57 - L EUR 2 @ 1.2740 stp 5 - trend, 5m pb10ema, potl cci zlr
09:59 - Exit 1 @ 1.2750 +10 - scale out
10:00 - Exit rem 1 @ 1.2750 +10 - stalling here, pos res
Note: Market says good trade. Trade was positive quickly!
Comment: Nice regroup. Focusing on the proven system and trading within the plan always produces good results!
Trade 8
10:21 - L ER2 2 @ 582.2 stp 8 - 3m counter, 30m trend, 30m pb20ema, lowbb, 10m 1st T50ema
10:25 - Exit 1 @ 583.2 +10 - scale out
10:27 - Exit rem 1 @ 583.2 +10 - at 3m 10ema pb res
Note: Trade was negative on entry due to selling pressure of downtrend but quickly reversed, which proved trade was correct.
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