Trading For 23rd July

Here is my journal from 23rd July:

No major news again today. At this point we are hanging around the 1280 area so it appears as though we will get the gap up at the open. The plan remains the same as earlier, looking for the market to pullback early on. Ideally we would hit the 1270 area but it may end up being just a close of the gap. I'll keep my eyes on 1278 to see if there is a reluctance from the stocks to drive lower.

9:45 In early on the rise here at 1277.25 with a stop at 1275.50. Initial target was at 1279 and taken pretty much right away. Reasons for the trade was 1278 resistance turned support area with volume declining on the down move and the Tick moving into positive territory. Will trail the stop, currently it is at 1276.50.

9:49 Moving stop up to 1277.25 so I don't take a loss on this trade. Registered no volume on the up move and had Tick come down to zero area. Will close out trade if we move into the negative area on the tick. Should really see some follow through buying here. Out of second position at 1278.

10:15 Not much happening in this market. Tick is remaining positive, volume is currently increasing on the moves higher. A bit mixed so I'll stay on the sidelines until we show better indications of what is happening.

10:37 I took a couple of short trades and took losses on both of them. Too early on the short side again it would seem. Second trade my platform became delayed so I couldn't see what was going on. Had to close connection and reconnect. By the time that happened I was taken out of the trade. Pretty disappointing.

10:57 Short again. In at 1286.75 with stop at 1288.75. Looking for a small 1-2-3 top after the extremes on the buying side. Initial target is at 1285. If that is reached the target after that would be 1282 area.

11:00 Initial target hit and taken. Second is now trailing. 1283 area is in fact level of concern next.

11:04 Exit taken at 1283.75 as we made a tick extreme on the selling side and look to be climaxing on the volume side. In this market I'm not willing to give the shorts much room to move.

11:14 In long here at 1284 with a bounce from the fast EMA with Tick extreme and almost volume extremes. Initial profit target at 1285.50 was hit pretty quickly.

11:20 Out at 1284.50 as we were showing signs of coming back down rather than taking off.

11:23 Time to take another look at this market unbiased to either side. We turned right at the 1290 resistance area and have since come down to meet the fast ema. We made a selling extreme on the Tick just prior to my last trade. Volume was pretty strong into the selling but we have seen bigger increases on the buying. Right now it is trend up unless something stops us from making a higher move here.

11:48 In long at 1285.50 in the chop and out at stop which was at 1284. Actually I have no idea why I entered that trade. It was not a good idea to go long so close to a resistance area. Definitely a lesson to be learnt on that one. Time to call it a night I think. An interesting day filled with too much to talk about right now. I'll get to it tomorrow.

Daily Wrap Up

Hehe, where does one start with today? No doubt my broker loves me on days like today as I made a fair few trades. Rather out of the ordinary for me but it is also why I am sort of happy with the day.

I started off pretty shaky today but managed to pull myself together and keep pushing. It is interesting to see the difference with my trading when it is my live account. I didn't follow my plan as accurately as I do when trading the simulation account.

I managed to make a good trade early on, getting on in the right direction of the market. I took a good exit with the initial weakness. There was a strong opportunity to get on again but I didn't place the trade, something to work on there.

The second trade which was a short was testing a turn at the resistance area up here. We had shown a volume extreme and a Tick extreme so it was a good trade. I took a small loss on it as I recognized we weren't too quick to move lower.

The next trade irritated me a bit because I entered short again but soon after entering my platform became delayed. I had to disconnect and reconnect to the data feed which meant I couldn't monitor the market. Not the ideal position to be in when at the most crucial part of my trade. As a result I ended up taking a maximum loss on the trade whilst reconnecting.

I took a break after that to reassess my trading which showed good signs of maturity in my trading. When I came back I saw that my previous shorts weren't such a bad idea, they were just early. I jumped in short again and made a nice trade.

The next long trade wasn't part of my plan as it was not a s/r trade. It turned out profitable but not something I want to continue doing with my trading. The last trade was of a similar mode and something that was pretty much the opposite of my trading style.

I feel like I am writing negative stuff here which doesn't really match what I think about the day. It was good that I took so many trades today, I would say it was over trading but it was what I needed to get rid of some trading jitters. It showed me that I can trade with my live account, take some decent losses but I also make some decent gains. I was pretty close to break even today after brokerage so it was not an expensive learning curve.

Ideally I can now get on with the trading according to the plan with my live account. For following my plan today I give myself a 'D'. It's pretty hard to get below a 'D' so I can look forward to improving on that tomorrow.

Trade 1a: 1.75 Win
Trade 1b: 0.75 Win
Trade 2a: 0.5 Loss
Trade 2b: 0.5 Loss
Trade 3a: 2.0 Loss
Trade 3b: 2.0 Loss
Trade 4a: 1.75 Win
Trade 4b: 3.0 Win
Trade 5a: 1.75 Win
Trade 5b: 0.5 Win
Trade 6a: 1.5 Loss
Trade 6b: 1.5 Loss

Trading Steup For 22nd July

Here is my journal from the 22nd July:

There is no major news again today so we are left to trade on our own. There are a few different news announcements but none are major. We haven't moved far from the 1252 area so the game plan is still the same as earlier. 1256 may be a resistance point but more in focus is 1262. Beneath 1252 the 1245 area is a spot for a bounce but I think we are more likely to sell down. Again I'm going to be taking things pretty casually.

9:47 Who knows? We opened at the 1251 area and have been hanging around 1250 since the open. Volume isn't telling me much at this stage. The Tick was pretty negative at the open but has managed to build up to where we are now. It is attempting to push the boundaries into positive territory. The NQ opened with a fair whack down so something technology related must be pulling at the market. For now, sit back and enjoy the ride.

10:30 The market has been moving higher from the lower open. We reached as high as the 1260 area before making a volume and Tick extreme. It would have been nice for it to occur closer to my resistance area at 1262 but not to worry. There are plenty more opportunities to present themselves in the market. I'll keep my eye on the 1252 area should we show some strength down there. I would keep a tight leash on any long trades at this point as I think we are currently continuing yesterdays tone down. Volume at this point has been increasing on the upside swings though and declining on the downside swings which is interesting.

10:51 I'm in short at 1257.25 with my stop at 1259. Initial profit target is at 1255.25. We need to drop beneath the 1257 area pretty quickly otherwise it could bounce higher. Reasons for entry was the 1-2-3 top just beneath the 1262 resistance area. I suspect I had my resistance area a bit off. Also have the extremes on the tick and volume at the top. Initial target is taken so the second lot stop has been moved to 1258. 1254 could be an area of concern and then 1252 is the decider if we reach that.

11:02 The second position I was trailing was stopped out at 1258 for a 0.75 loss. Gain of 1.25 points on the trade. We couldn't sustain the selling from the stocks as seen by the Tick.

11:10 In short again at 1260.75. This time it's for actually reaching the resistance area on a couple of tick extremes and big volume. Stop is at 1262.75 which is probably not necessary but it gives it some time to move. I could be trying too hard to go against the trend with my short trades but its in the plan. I am in earlier on this than I have previously been entering shorts. I need to have more patience with this and expect it to move against me a bit prior to possibly moving lower.

11:19 I took my position off for a 0.25 gain as we weren't showing follow through selling from the stocks. I believe I was a bit early on the move which is another reminder for my short trading. What the good part of that though was that I recognized I was entering early so I knew what I was getting into and could be prepared mentally for some movement. There may be a second chance to short but for now I'll wait.

11:31 How many times can I short this market? In short again at 1262.50 for the resistance area up here with extremes registering on the Tick but volume not supporting the higher move at this point. Stop is at 1263.75 and initial profit target at 1260.75. Finally starting to see the Tick hit under the zero area.

11:37 Bringing stop down to 1263.25 as we shouldn't reach there if we are going lower.

11:51 We spent some time moving sideways and have continued the move lower right now. I have brought my stop down to 1262.50 so I don't take a loss on this trailed position. 1258.50 is looking like it will be an area of concern for the sellers at this point so I will assess the action if we reach there.

11:57 I took an exit at 1258.75 as we are slowing down there and some stacked orders are in for the buyers. Could be premature but for now I'd rather take the gains and get some sleep. The Tick was showing signs of strength from the stocks. Well it is time for me to go to bed.

I was trying to fight the trend all day which isn't great but the upside is that I managed to extract a few points from the market doing so. The first trade wasn't ideally part of the plan but was a solid pattern. I thought that maybe I missed the right resistance area but later on the market showed me I did have a good level there. A good day.

Daily Wrap Up

Beyond fighting the day's trend I think the day was good. I mainly traded at the resistance zones and the only trade I didn't was due to thinking I may have misplaced my area. It was a trade I would take again though.

I kept my stops pretty tight, the second trade was a good example of that as I let the market have some space but recognized we were having trouble moving lower. I noticed the Tick was pretty positive the whole day but didn't have any strong opportunities to go long with the market.

The casual approach worked well again and allows me to give my trades a bit more room. I need to be careful of trading simulation too much though as I am at the stage where it can probably do more harm than good right now. For following my focus I give myself a 'C'.

Trade 1a: 2.0 Win
Trade 1b: 0.75 Loss
Trade 2a: 0.25 Win
Trade 2b: 0.25 Win
Trade 3a: 1.75 Win
Trade 3b: 3.75 Win

Daily Result: 7.25 Gain