Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Current Trading Position trading since 2001. 600% of starting capital returned in wages. Account at 200% of starting level. Up ...

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Old Jul 3, 2008, 6:33pm   #1
Joined Mar 2005
Joey's MP Journal

Current Trading
Position trading since 2001.
600% of starting capital returned in wages.
Account at 200% of starting level.
Up 70% on the year.

New Venture
This journal, however, is designed to help improve my day trading. The trading style I've been using since 2001 often only involves 1 trade a month and isn't particularly fulfilling.

I'm looking to do 1 or 2 trades a day in the e-mini S&P, working off the 30-minute chart for entries and then using a very short timeframe for trade management. Targets are between 10 and 15 ticks a trade, hopefully $500 per contract, per month.

Preparation
I've read Jim Dalton's "Mind Over Markets" as my primary text.
In addition, I've found helpful things in the "CBOT MP Handbook" (free e-book) and "Value-Based Power Trading" by CISCO's Donald Jones (also a free e-book)

I download my end of day profiles in their raw format from the CME website. I then split this into the Overnight Session and the RTH Session. I've developed what I think is a pretty standard Value Area algorithm, and this will be the first thing I share with you.

Also, I've decided to operate on the short-side. I just find it easier psychologically and I figure I'll be OK in downward trending markets, bracketing markets and gently rising markets.

I probably won't be posting any trades for a while; rather developing the methodology at first, so I apologize in advance!

But as a taster for my style of trading, I'm looking to get short at or around 1280.00 in the Sep S&P. This is the mean of a balance area that formed on the 2nd July and in my opinion the institutions started selling at this level.

Right, let's see if I can explain the Value Area calculation!

Last edited by Joey25; Jul 4, 2008 at 6:25pm.
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Thanks! The following members like this post: BSD
Old Jul 4, 2008, 11:40am   #2
Joined Mar 2005
Value Area Calculation

Joey25 started this thread Attached is a spreadsheet with the profile for yesterday's curtailed session in the ES.

The Value Area summary is as follows:

Value Area High = 1271.75
Point of Control = 1264.50
Value Area Low = 1261.75

Early into today's overnight session the market took a clean bounce off the VAL.

Today's RTH session closes at 10.30am Chicago Time due to the holiday.

Joey
Attached Files
File Type: xls EPU8 3rd July.xls (41.5 KB, 274 views)
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Old Jul 4, 2008, 2:36pm   #3
Joined Mar 2005
Thoughts going into the open

Joey25 started this thread I'm going to start today, even though it's a holiday. Possibly won't trade.

Firstly there is a confluence between yesterday's point of control and the close (1264.50/1265.00). This has been a clear level, neatly dividing the action for most of the overnight session.

We broke above a downward sloping trendline in the pre-market and there's a nice level at 1268.00, the first level around the overnight highs where the market managed to develop a little.

On the big picture, I'm focussing on the 1279.75 level - the 'bulge' of the profile from the 2nd July, plus roughly in line with the big downward trendline on the Daily bar chart.
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Old Jul 4, 2008, 3:38pm   #4
 
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Quote:
Originally Posted by Joey25 View Post
I'm looking to get short at or around 1280.00 in the Sep S&P.
nice start

best of luck with the journal.

i don't mean with your method, I'm sure you are more than capable, as your results seem to demonstrate. I mean with maintaining the journal, I tried it once but I rapidly lost interest/momentum in it. let's hope you're more disciplined than I am ...

garry
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Old Jul 4, 2008, 4:19pm   #5
Joined Mar 2005
Joey25 started this thread Thanks Garry, it's greatly appreciated.

I'll try to keep up with the spreadsheets as sometimes doing the 'grunt' work like that sparks off some ideas.

Plus I aim to be pretty open about my trading ideas.

Joey
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Old Jul 4, 2008, 4:30pm   #6
Joined Mar 2005
Joey25 started this thread Well this curtailed session is coming to an end, and I didn't get filled.

The 2 trades I had planned were as follows:

(1) Sell at 1264.25 with a stop at 1267.75
(2) Sell at 1267.25 with a stop at 1270.00.

Trade (1) is using the last-but-one 30-minute bar from yesterday's RTH session for protection and Trade (2) is using today's overnight high for protection.
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Old Jul 4, 2008, 4:33pm   #7
 
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Quote:
Originally Posted by Joey25 View Post
Well this curtailed session is coming to an end, and I didn't get filled.

The 2 trades I had planned were as follows:

(1) Sell at 1264.25 with a stop at 1267.75
(2) Sell at 1267.25 with a stop at 1270.00.

Trade (1) is using the last-but-one 30-minute bar from yesterday's RTH session for protection and Trade (2) is using today's overnight high for protection.
you know, because of the time difference and all, I completely forgot it was a holiday today. Sat there for a wee while thinking there must be something wrong with TS or the feed.
Doh !!
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