Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Anticipated Resistance Levels: 1300.50 1290.75 1285.75 1280.00 1268.00 1265.25 Daily Point of Control: 1256.75 Daily Pivot Point: 1254.83 5-day Overlay ...

Closed Thread
 
LinkBack Thread Tools Search this Thread
Old Jul 21, 2008, 12:09pm   #91
Joined Mar 2005
Key Numbers EPU8 for use July 21st

Joey25 started this thread Anticipated Resistance Levels:
1300.50
1290.75
1285.75
1280.00
1268.00
1265.25

Daily Point of Control: 1256.75

Daily Pivot Point: 1254.83

5-day Overlay Point of Control: 1228.50
Joey25 is offline  
Old Jul 21, 2008, 3:53pm   #92
Joined Mar 2005
Thoughts for today + Money Management

Joey25 started this thread The Overnight Low of 1256.00 indicates a strong bounce off the Daily Point of Control.

There was a failed auction spike through the 1268.00 level, but this has been tested in the first 30 minutes.

My first order entry is likely to be:

Sell at 1279.50
Stop at 1282.50
Target at 1275.50

Money Management

I think it's a good idea to have an idea of when you'll stop for the day if things go badly.

I aim to have a Daily Loss Limit equal to:

Daily Loss Limit = Partial Loss + Full Loss

Now, if the Full Loss occurs on the first trade that will be it for the day, since opening another trade exposes the account to more than the Daily Limit. Likewise, a profit on a trade creates extra capacity for the rest of the day.
Joey25 is offline  
Old Jul 21, 2008, 6:53pm   #93
Joined Mar 2005
End of Day July 21st

Joey25 started this thread I did the following Single Print trade which was a Full Loss:

Sell at 1259.50
Stop at 1262.50
Target at 1255.50
Gross p/l = -3.0

Disappointing, overwhelmed by buyers coming in at the bulge of the top distribution in the merge chart posted this morning.
Joey25 is offline  
Old Jul 21, 2008, 7:04pm   #94
 
trendie's Avatar
Joined Jan 2004
Quote:
Originally Posted by Joey25 View Post
I did the following Single Print trade which was a Full Loss:

Sell at 1259.50
Stop at 1262.50
Target at 1255.50
Gross p/l = -3.0

Disappointing, overwhelmed by buyers coming in at the bulge of the top distribution in the merge chart posted this morning.
I dont understand the loss. From about 3pm onwards, the SPX was falling, so the short was a good one, albeit a bit late.
what time did you trigger the trade?

Good stuff by the way, although I think giving yourself 30 pips for fudge, and only gunning for 1:1 r:r is just nibbling at the SPX
Is this your main strategy, or do you trade other markets simultaneously?
Are 3 SPX points (30 pips) enough?
__________________
# If the only tool you have is a hammer, you tend to see every problem as a nail - Abraham Maslow
# There are 10 kinds of people in the world; those that understand binary, and those that dont. -Anon
# Ed Seykotas Whipsaw Song http://www.youtube.com/watch?v=LiE1V...Wlxk8&index=10
# Defeat is temporary. Giving up makes it permanent. Anon
trendie is offline  
Old Jul 21, 2008, 7:36pm   #95
Joined Mar 2005
Joey25 started this thread
Quote:
Originally Posted by trendie View Post
I dont understand the loss. From about 3pm onwards, the SPX was falling, so the short was a good one, albeit a bit late.
what time did you trigger the trade?

Good stuff by the way, although I think giving yourself 30 pips for fudge, and only gunning for 1:1 r:r is just nibbling at the SPX
Is this your main strategy, or do you trade other markets simultaneously?
Are 3 SPX points (30 pips) enough?
Cheers, Trendie. The rr is now 3 for 4, but I know what you mean. You're not the first person to comment on this (see pm)

My income is from options trading FTSE and not this (thank God).

The idea with this is to forward test some strategies over say 30 trades, review and then go more aggressive with the trade management. For example, I didn't anticipate the overnight session being so volatile and "using up" a lot of my strategies.
Joey25 is offline  
Old Jul 22, 2008, 11:02am   #96
Joined Mar 2005
Gathering Results by Trade Type

Joey25 started this thread Since starting this journal certain trade types, if they succeed, produce good moves, whereas others quite often produce minor moves.

I'm very grateful for the advice from traders so far who have raised the question of whether my winners are big enough. Therefore, I'm going to stick to the trades which, if they win, win big. This should enable a more "expansive" style as I gather confidence.

From now on the trade types will be categorized as follows:

Historical
1) Historical Type A 2) Historical Type B (Type B shows itself on the split profile only)
3) Daily Pivot Point 4) Daily Point of Control 5) Weekly Point of Control

Intraday
1) Intraday Type A 2) Intraday Type B (Type B shows itself on the split profile only.

No trading before 9.05am Chicgao time, initially risking 3 points to get 4. Review after 30 trades, with the possibilty of then increasing the targets.

Also, I must tell myself that there is no shame in not trading in a session. If the end result of this journal is that I take 3 trades a week aiming for very large targets, then so be it.

Last edited by Joey25; Jul 22, 2008 at 2:26pm.
Joey25 is offline  
Old Jul 22, 2008, 12:40pm   #97
Joined Mar 2005
Keu Numbers EPU8 for use July 22nd

Joey25 started this thread Anticipated Resistance Levels (Historical Types A & B since Rollover Day)
1351.75
1343.25
1328.75
1316.75
1308.00
1300.50
1290.75
1280.00

Daily Point of Control: 1262.00

Daily Pivot Point: 1261.83

5-day Overlay Point of Control: 1256.75
Joey25 is offline  
Old Jul 22, 2008, 4:08pm   #98
Joined Mar 2005
1st Order

Joey25 started this thread The first order entry for today is:

Sell limit at 1261.50
Stop at 1264.50
Target at 1257.50

This is both the Daily Pivot Point and the Daily Point of Control.
Joey25 is offline  
Old Jul 22, 2008, 5:30pm   #99
Joined Mar 2005
July 22nd Trade 1

Joey25 started this thread Sold at 1261.50
Stop at 1264.50
Target at 1257.50
Exit at 1262.50
Gross p/l = -1.00

Since it's a partial loss only, have entered the following order:

Sell limit at 1279.50
Stop at 1282.50
Target at 1275.50

This is a historical level from the 2nd July
Joey25 is offline  
Old Jul 22, 2008, 10:21pm   #100
Joined Mar 2005
End of Day 22nd July

Joey25 started this thread Trade 1: Trade Type: Daily Point of Control
Sold at 1261.50
Stop at 1264.50
Exit at 1262.50
Gross p/l = -1.00

Total = -1.00

This type of trade, even though a loss, was more manageable than the trade yesterday because price has a tendency to slow into a high volume area.

I've put the Overlay on the backburner for the moment as it's not adding much more value (for me anyway) beyond the daily levels, the historical levels and the intraday levels I'm already using.

Felt quite calm today and looking forward to gradually expanding the targets over the next few months.
Joey25 is offline  
Closed Thread

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
say hello to my little journal gozinsky Trading Journals 13 Sep 27, 2011 10:37pm
LBranjord journal lbranjord Trading Journals 8 Jul 10, 2008 9:06pm
My forex Journal honasona Trading Journals 1 Jul 26, 2007 11:02pm
YM journal frugi Trading Journals 297 Mar 30, 2007 1:12am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)