Journal - 10/1/04

Disappointing day. Hesitated entry on ER2 and missed profits on huge rally.

Trade 1

02:40 - L GBL 115.70 stp 115.67 - 10-min pb10ema, 5-min bline sling
02:58 - Exit 115.67 -3 - stopped out

Note: This trade went negatively after entry and was never positive, which was a bad sign and therefore no need to hang in longer. Should have closed at/near b/e because good trades move favorably quickly without lingering too long in negative territory. Can always re-enter later if trade gives a signal or reverse if the other side gives the signal.

Idea! When price moves negatively after entry, check if an intraday range level S/R level is broken because if it did, chances are price will linger in the new range for a while. If it did break the price range of our entry, exit at/near b/e.

Trade 2

03:34 - S ESTX50 2750 stp 2753 - counter, at 30-min 50EMA res, pot'l 10-min cci div
03:40 - Exit 2748 +2 - no volume on pullback so trend should most probably resume

Note: As I have observed, winners move favorably right away. This one moved positively quickly but just could not follow through because it was going against a strong trend. Against a strong trend, I have to take quick profits!

My comment: Followed rule on countertrend trading!

Here's the chart for the missed trade. Need to work harder on pulling the trigger.

Journal - 9/30/04

Trade 1

07:25 - L EUR 1.2339 stp 1.2335 - trend, 5/10-min pb10ema, low vol pb
07:31 - Exit 1.2349 +10 ticks - target hit

Note: Target quickly hit as price suddenly rocketed by 30 ticks! This is the disadvantage of 1 contract trades - predefined targets fail to capture big moves.



My Comment: Followed my rules. No hesitation taking trade setup.

Trade 2

09:14 - L EUR 2 x 1.2403 stp 1.2397 - trend, 10-min pb10ema
09:17 - Exit 2 x 1.2397 -12 ticks - stop hit

Note: Traded 2 contracts in error. Failed to reconfigure installed new version of ZLT to trade only 1 contract.

Trade 3

09:29 - L EUR 1.2400 stp 1.2397 - trend, 10-min pb10ema
09:35 - Exit 1.2397 -3 ticks - stop hit

Note: Did not take profit at top of BB for +5 ticks and held on for target of 10 ticks, which was not reached and stop me out instead. Stop may have been too close but I stuck to my plan that if price goes back to 1.2397, I'm out.



My Comment: Tough luck, but I feel I did a good job of sticking to the plan. Losses are part of the business. The market will present better opportunities next time.

Journal - 9/29/04

No trades made today. Watched the markets but still feeling groggy from travel and can't focus. Will just pass on today's sessions and see what happens tomorrow.

Journal - 9/27-28/04

I used to post a journal on a message board. Though nothing much really happened earlier in the week because I am preparing to travel back to my current home, I am recapping here anyway to make it a complete week.

Tuesday, 9/28/04

Travel time so no trades made.

Monday, 9/27/04

10:57 - L EUR 1.2294 stp 1.2290 - trend, 5-min pb10ema
11:11 - Exit 1.2296 +2 ticks - nft, 10-min cci div

Note: 10 ticks target not met and had to exit due to cci div, pot'l revesal.