Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

AbeSmith

AbeSmith 7-30-07 YM

Recommended Posts

Hello. Not sure if I can post this here (i.e. start a new thread every day) or post on the thread Brownsfan started. I assumed that is for while trading is going on. So if it is too much for me to post a separate thread for my log every day please let me know.

 

Today I traded YM, 1 contract. Chart is in central time. I decided to type my log as I’m trading so that way I can better remember what happened. So today’s log is a combination of that and later editing.

 

73007ymchartty4.jpg

 

73007executionszv8.jpg

 

Trade 1 and 2(accidental): Went long around 9:50CT 13330, after seeing the green print indicating possible reversal. Placed stop at 13315. Target, 13360. Moved stop to 13331. Changed outlook when bottom hammer printed and price movement seemed to be reaching a resistance point. Sold quickly with market order at 13335 for a 4 point gain to bail out. But forgot about the stop order at 13331, or rather, assumed that the stop order would be automatically cancelled after I sold at 13335. Instead the stop got triggered, causing a short of 1 contract at 13331. I noticed this by seeing P&L change. By the time I noticed the price had climbed to 13350, so I decided to sell it immediately for a 19 point loss.

 

Trade 3: Now I’m seeing a head and shoulder at 10:08CT, so shorting. Shorted at 13334. Target is 13290. Placed stop at 13310 at 10:10CT to lock in profit. Stop triggered at 10:10CT, 24 points gain. But price continued to go my way after stopping me out, reaching my target of 13290. Should have adjusted stop to break even instead of locking in short term profit. Then I could have more profit. But still, profitable trade, +24 points, and currently up $37.22 including commission.

 

10:25CT. Lunch time. 10:43CT. Lunch finished.

 

Trade 4: 10:43CT. Went for a quick scalp by shorting at 13285 and buying back at 13282 for a quick 3 points. Trade lasted less than 1 minute. Realized gains now at $47.96. What caused me to short was seeing a quick drop in price, and usually when I see that kind of drop the price tends to drop more. But when I saw the price was not going down as fast as I hoped and then started to move back I quickly exited by buying back the short. I’m glad I got out quick because the price is now reversing quickly. In retrospect this was a sporadic trade that shouldn’t have happened.

 

11:00CT. Getting some sings of resistance around 13325. Seeing lower lows and lower highs (so I thought) in the trend. Waiting for 5 minute print to go short. Though one the 1 minute chart it is showing the last dip with a higher low and higher high. Don’t know if that is significant.

 

Trade 5 and 6 (accidental): 11:03CT. Shorted at 13310. Placed stop at 13319. But accidentally cancelled it. In the process of resetting the stop accidentally shorted another contract. Noticed this on the P&L. So got out completely. Was a bad setup anyway because I would have been stopped out. The reason I entered this setup is because the trend since 9:15CT was lower lows and lower highs. But now that I look at the chart again it shows that I didn’t notice a higher high right before I entered. I don’t know how I could have missed that. Realized gains is now $24.44.

 

11:22CT. Since the last high was a higher high, I’m looking for this dip to be a higher low, and then I will go long after getting a 5 minute green candle confirmation print. I also notice that often noon ET tends to be the low of the day, so I’m looking forward to a profitable long.

 

Trade 7 and 8 (accidental): Again, had some unintentional trades here due to unfamiliarity with stop orders. I’m not quite sure what happened. Following the plan in the paragraph above, I saw a 5 minute green candle print and so I went long at 11:28CT by buying 1 contract at 13304. I placed a stop 10 points bellow that. Price was going up, but I was getting jittery again so I accidentally put a buy limit order at 13319 when I wanted to sell. When it got triggered I noticed that I still had activity on the P&L, so at that point I was very confused so instead of trying to figure out if it was in my favor or not I decided to try to get out as quickly as possible. So I Sold at 13312 and again at 13316. It was a disaster, but still overall positive. Realized gains are now up, $40.92, but I missed the big move.

 

12:01CT. Getting ready to go to coffee shop.

 

12:41CT. Arrived at coffee shop. Current price is above 13385. Price broke through pivot point at 13391.

 

1:08CT. Price above 13391 pivot, but too volatile to enter IMO.

 

1:12CT. Coffee shop internet broke down. Switching over to AT&T wireless broadband. ;)

 

2:30CT. Did not enter any more setups today. Just studying the chart and curious to see how it behaves towards the close.

 

What I learned today and some thoughts:

 

I'm beginning to better appreciate what traders like Torero and Brownsfan have been suggesting to me about removing the P&L. Although I don't think I will do that, I understand the idea behind why they might say that. The idea being that I'm paying too much attention to the money. For example, when I see $80 profit I don't like to give that up because to me that is a day's work. But I can see now that I should try to maximize profit, and to do that a lot of times it is better to hold on to a position and wait for it to increase. With one solid trade I could have made much more than what I made with multiple trades, in actual points and in lower commission. So next time I will look for longer duration setups. Then after some good profit I will move my stop to break even. Then I will look for the price to reach my target. Once the target is reached I will move my stop just below it and wait and see if I can get more out of it. So to sum it up, I will try to go for longer duration setups and not get too attached to a little profit on my way to bigger profits.

 

Still, I'm seeing some improvement in my trading. Overall I was profitable today. Many of my setups were good. A big chunk of my potential profits though, other than the bailing out prematurely ones, were lost due to purely technical problems of misunderstanding my trading platform when trying to incorporate stops. Those technical issues can be solved, so I'm feeling good about my progress. Total points: +15, including loss of over 20 points due to technical issues. Total commission: 34.08 after 16 trades, 8 roundtrips. Realized Gains: 40.92.

Share this post


Link to post
Share on other sites

You know it's funny, several months ago I tried day trading stocks and I would keep a log of where the stock had to go to make x amount of dollars. I was so focused on making a few bucks that I actually lost most of my trades. Why? I got greedy, I would see a good trade and enter, the trade would go the way I wanted but I was dissapointed at much money I made. I figured for all that work I should make more, so I'd hold and that gain would quickly turn into a loss and I would get pissed off.

 

Now, I focus much more on what trades could be setting up and how I plan on entering them. I have started to set things up well ahead of time, so I am prepared and I know exactly how much I can make ore lose on the trade. I'm doing a much better job controlling my emotions and surprisingly making more money.

 

I think it's very positive to set goals for yourself, do you have any daily goals or weekly goals you can trade for? Maybe not even goals about money, but maybe a certain win percentage? Maybe.. avoiding a certain amount of trades you see that have hurt you in the past?

Share this post


Link to post
Share on other sites
You know it's funny, several months ago I tried day trading stocks and I would keep a log of where the stock had to go to make x amount of dollars. I was so focused on making a few bucks that I actually lost most of my trades. Why? I got greedy, I would see a good trade and enter, the trade would go the way I wanted but I was dissapointed at much money I made. I figured for all that work I should make more, so I'd hold and that gain would quickly turn into a loss and I would get pissed off.

 

Now, I focus much more on what trades could be setting up and how I plan on entering them. I have started to set things up well ahead of time, so I am prepared and I know exactly how much I can make ore lose on the trade. I'm doing a much better job controlling my emotions and surprisingly making more money.

 

I think it's very positive to set goals for yourself, do you have any daily goals or weekly goals you can trade for? Maybe not even goals about money, but maybe a certain win percentage? Maybe.. avoiding a certain amount of trades you see that have hurt you in the past?

 

Hello James. I'm glad you ask me that. Money wise my goal was to make 100 a day from 1 contract, or at least not to lose money. I also have a goal of reducing the number of trades I do by staying away from spur of the moment trades and concentrating on setups as you described above where you plan it out and know your entry, stop, and target.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • GFL Environmental stock, watch for a top of range breakout at https://stockconsultant.com/?GFL
    • PLBY Group stock watch, nice trend with a pullback to 1.83 gap support area, bullish indicators at https://stockconsultant.com/?PLBY
    • Date: 24th February 2025.   German Markets Surge as Friedrich Merz Set To Be Chancellor, Euro Gains on Fiscal Shift   Germany’s stock index futures and the euro rallied after opposition leader Friedrich Merz secured victory. Investors expect a shift toward increased government spending. US-China trade tensions rise as Trump tightens restrictions on Chinese investments. AI optimism fuels Chinese tech stocks despite regulatory concerns. Nvidia’s earnings report on Wednesday is expected to impact market volatility. German Markets React to Election Results Germany’s stock market and currency experienced a sharp rally in Asian trading after conservative leader Friedrich Merz won the country’s federal election. This victory aligns with pre-election polls and signals a potential departure from Germany’s traditionally strict fiscal policies. Futures tied to the DAX Index surged as much as 1.5% on Monday, recovering from early losses in a session marked by thin trading volume. Meanwhile, the euro strengthened against most major currencies, climbing 0.7% against the U.S. dollar. Market analysts believe Merz’s leadership could mark the end of Germany’s tight fiscal stance, with expectations that his administration will prioritize economic stimulus. This shift comes at a critical time, as Europe’s largest economy grapples with sluggish growth, geopolitical uncertainties, and the threat of a global trade war under U.S. President Donald Trump. The euro’s strength also reflects optimism that Merz will form a government quickly, which wasn’t a widely held expectation before the election.     US-China Trade Tensions Intensify While European markets gained, US-China trade tensions escalated as Trump ordered stricter regulations on Chinese investments in key sectors, including technology, energy, and infrastructure. The move is part of a broader strategy to limit China’s influence in strategic industries. Although not legally binding, the directive strengthens oversight by the Committee on Foreign Investment in the United States (CFIUS), a panel responsible for reviewing foreign acquisitions. JPMorgan strategists warned that this decision could reverse gains in Chinese tech stocks, which had rallied earlier in the year. Despite geopolitical headwinds, Chinese technology stocks have posted strong gains this year, largely driven by optimism in artificial intelligence (AI) and key policy shifts. The market remains under-owned by global investors, suggesting potential for further capital inflows. The growing AI industry has helped offset risks from US tariffs, with investor sentiment remaining bullish on leading Chinese firms like Alibaba and Tencent. Chinese officials reacted strongly, with Vice Premier He Lifeng raising concerns about Trump’s recent 10% tariff hike on Chinese goods in a call with US Treasury Secretary Scott Bessent. Additionally, sources revealed that Trump’s administration urged Mexico to impose tariffs on Chinese imports as part of broader trade negotiations.   Despite these challenges, investor focus remains on Nvidia’s earnings report on Wednesday, a key event that could drive market volatility.   Gold Nears Record Highs on Inflation and Central Bank Demand Gold prices held near $2,940 an ounce, just shy of last week’s record, as ETF inflows surged and the US dollar weakened. The precious metal is on its longest winning streak since 2020, fueled by rising inflation expectations and mounting geopolitical uncertainties under Trump’s administration. Lower US Treasury yields have also boosted bullion’s appeal, with traders now expecting the Federal Reserve’s first rate cut in July rather than September. Markets will closely watch Friday’s inflation data, a key indicator for Fed policy direction. Final Thoughts Markets are reacting to a mix of political and economic shifts, with Germany’s election outcome boosting European equities while US-China trade tensions create uncertainty for Asian markets. Investors will be closely monitoring fiscal policy changes in Germany, Nvidia’s earnings, and further trade developments for insights into market direction. For more financial market insights and updates, stay tuned. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news.   Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • INO Inovio Pharmaceuticals stock, holding strong, watch for a bottom breakout above 2.36 at https://stockconsultant.com/?INO
    • Date: 21st February 2025.   European PMI Disappoint, Weighing on Euro Before German Elections   The Euro is the first currency to witness the volatility on this month’s PMI reports. The French, German and British PMI data have resulted in the Euro being the worst-performing currency of the European Session so far. However, will the Euro continue to decline throughout the day? European Purchasing Managers’ Indexes The French Purchasing Managers Index was the first European index to be made public. The release resulted in the Euro instantly declining 0.24%. The main concern from the French data was the Services PMI which fell from 48.2 to 44.5. Previously the market was expecting the data to remain more or less unchanged. The weak data triggered the decline which came to a halt after Germany’s PMI was released.     The German Manufacturing PMI read 0.5 points higher than previous expectations and the Services PMI was 0.2 points lower. The data from Germany was a relief for Euro investors and the price rose 0.12% higher. However, traders should note that the price of the EURUSD continues to remain 0.20% lower than yesterday’s close. The price of the EURUSD will now depend on the PMI data from the US. The value of the US Dollar will depend on its PMI release this afternoon and the Consumer Sentiment Index. Analysts expect both the US Services and Manufacturing PMI data to remain above the 50.00 level in the expansion zone. German Elections 2 Days Away Germany is set to hold a general election this Sunday, February 23rd, following the collapse of the coalition of social democrats, liberals, and greens. Given the country's highly proportional electoral system, German polls provide a strong indication of potential government formations post-election. The main concern for Germany is the AFD party who are Far-Right Nationalists. Currently, ahead in the polls are CDU (centre-right), and AFD (far right), followed by the SPD (centre-left). Traders should note that the results of the elections are likely to trigger strong volatility on Monday, but also influence volatility today. Economists may become further concerned if the far-right gains power for the first time due to uncertainty. If the government, similar to France, is unable to form a coalition, this would also be a concern for the Eurozone. Furthermore, the Euro this week is also under pressure from comments from members of the European Central Bank. ECB Governing Council member Fabio Panetta said to journalists that officials need not slow interest rate cuts, as January's 2.5% inflation is still expected to reach the 2.0% target this year. He also advised the European economy is weaker than previously expected. EURUSD - Technical Analysis and Indicators The EURUSD is trading above the 75-bar Exponential Moving Average and 100-bar Simple Moving Average on the 2-hour chart. However, the price is moving away from the key resistance level at 1.05058 indicating the price is losing momentum. The short-term volatility is indicating the price is retracing downwards. On the 5-minute timeframe, the price is trading below the 200-bar SMA and is also forming clear lower lows and highs. Simultaneously, the US Dollar Index is trading above the 200-bar SMA on the 5-minute chart confirming no current conflicts. Currently, the US Dollar is the best-performing currency of the day attempting to regain losses from the past 2 weeks. Watch today’s Live Analysis Session for more signals as they develop!   Key Takeaway Points: Weak French Services PMI triggered an initial Euro decline, but German PMI provide a slight relief. However, EURUSD remains lower than yesterday’s close. The Euro’s direction now depends on the US PMI reports, with analysts expecting US data to stay in expansion territory. Sunday's German election could drive volatility, especially if the far-right AFD gains power or if coalition formation proves difficult. ECB official Fabio Panetta suggested no need to slow rate cuts, citing weaker-than-expected economic performance and expected inflation decline. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.