FTSE Trading Journal

Hi all,

Ive been trading the FTSE for over a yr now - a combination of paper and live trading - going thru all the usual suspects of over-trading, letting losses run and profits cut short -with mixed results.

I think I've got a good feel for the mkt - So, Ive decided the best way to make myself accountable is to put up a daily journal of my thoughts, how I execute these thoughts and the outcomes.

More to come this wk...

Monday 10 Nov

Not the most successful day - came in with a bullish bias, looking for longs due to Chinese stimulus package.

Initially a few pointless trades as i jumped in early. Lost on these. As the market sold off to around 4484 initially, looking to buy as it bounced off the daily downtrend that uses Tues / Wed highs from last wk.

Got onside a number of times as I was buying the 80s area, not enough size on and allowed good longs to come back to entry point. Stopped out at swing lows then rallied to 4522. Profits missed.

Came back to same price around midday, bought again 4484. Onside, then Circuit City bankruptcy news comes out. Didnt react quickly enough and end up losing money as mkt sells off to 4460

STOPPED OUT FOR DAY.

ANALYSIS - Although the right area and direction was picked a number of times - need to be disclipined with exit and get bigger size on early if convinced of a level.

Tue 11 Nov

Again, jumped in early pointlessly - lost money early. Managed to steady and make back most. Main trades being taken were hourly trends holding, and re-tests of uptrends after broken.

Best trade - Short 4302, on re-test of hourly uptrend. Only took 20 pips out of this but kept going in the afternoon.

Missed trade - multiple bounces of very good level at 4267. Also, missed open where it rejected previous uptrend at 4338.

ANALYSIS - ALthough jumped in early stupidly, managed to calm and chip back ticks for remainder of day. Improving. Seem to spot trades right, but need to implement properly and marry it with good money management.

Thurs 13 Nov

Restrained trading today - waited for trades to come to me. Only trades taken were off the 60 min trendlines. Waiting for daily downtrend to be approached.

Bought re-test of hourly downtrend at 9am
Sold Downtrend at 4170 in afternoon
Bought hourly uptrend at 4118

EXCELLENT TODAY - total of 80 pips

ANALYSIS - be patient and trades will come to you - no need to get involved in no man's land

Friday update coming on Monday - overall day netted 30 pips, happy with that although excellent trade missed in morning when away from desk. A common theme for the wk IMO seemed to be hourly re-tests and worked a number of times. Will list some of the trades on Monday.

ANALYSIS - once I see a sideways period, I need to NOT be involved. Managed this well except for once. Also, this should temper my view of whether to run your winners or not.

Fri 14 Nov Update - Being patient, waiting for good trends / levels to be hit and trades to come my way. Jumped into one trade that wasnt really valid, did well to not compound it and doing it again.

2nd trade - excellent, re-test of hourly uptrend, only broke up 3 ticks (not enough), held onto some of my size after taking off. Put on the other size again once the trade looked valid. Worked well. total of 12 pips. Normally may have held longer, but was already down and happy to get in the positive again.

3rd trade - rejected hourly uptrend at 4331.5, winning trade (although it eventually did hold, see below)...once onside price action didnt look good and so put in stop with some profit.

4th trade - once u/t was holding went long, although got squeezed out to 25s and got out of trade. lesson here is probably wait for better setup rather than switching too much between trends holding / breaking.

5th trade - long 4323m, hrly re-test, +19 pips

Adapted well to see that some trades shouldnt be run as many winner if left to run wouldve come back to scratch.

total for day = +30 pips

Not a huge day but happy with performance and need to be profitable every day is possible.

MON - not in

Tues 18 Nov

Well what a day - so many good trades, not all of which i took. Sometimes the good ones took holding it thru some pain to get it right - up 60 pips early, came back then gave some back, got back to 50 pips up, then down 40 pips and finally finished 50 pips up! Some of those trades were reckless so cut those out and wouldve been a pretty awesome day.

A few of my trades

sold re-test of daily up trend at 4139.5
bought daily level after bounce (level at 4028.5)
Bought hrly uptrend 4048 to 4052, working an area and let one run 30 ticks. Had to breakout 60s as likely a seller there.

ANALYSIS - a tought day as often levels and trendlines would break by a large amount before holding, meaning either a big loss on losers, or trying to finesse a position and taking it off and putting it back on if and when it comes back. Overall unhappy in parts, but traded well for the most.

Great narrative - could post a chart now and again?
Keep up the good work

Thx for your comments Neil - ill try to put some graphs up then, will prob make my trades easier to digest!

Yesterday away so no updates

Thurs 20 Nov

Terrible trading today - mind not on job, tired, not focused, lost 30 pips and rightly so in the morning
Married to ideas, and didnt pick up on major trends being broken by 10 pips rather than just a couple, meaning I shouldnt be looknig at these trades.

Will wait a while and go again this afternoon.

No point posting charts yet as most trades have been losers! =)

On a S&P futures note, looks like the bounce today came from the same low from back on 9 Oct 02
(774.50)

The following days low was actually lower at 767.25, but that day it rallied from those low 40 full ticks to around 808 - do double bottoms count over the space of 6 yrs?? =)

Fri 21 Nov

After a terrible trading day I realised that part of it was probably down to me being sick and tired, should've realised this and sat it out

Today - trading well, 90 pips up by 11am, feel like I am lloking at what the big boys are looking. Seems they were going for the 3950 mark at 1015am for the option expiry - once that hit sold it to take 20 pips

trade 1 - initially when it sold off to 3825 area, was looknig to buy 3830, which was the re-test of the 60 min down trend. took 40 pips out of this. for me 5 pips thru isnt broken idea for this so happy to sit offside with this for this amount.

trade 2 - excellent 60 min downtrend, mulptiple hits, at 3925, took 25 pips (always good walking back to your computer to be well onside!

trade 3 - option expiry, as above, once expiry finished market sold off (as was really only artifically up there), 15 pips

trade 4/5 - selling 3904 as it kept popping up here, re-testing downtrend from trade 2 (obviously at a different level as later in the day)

Might post some more trades this afternoon, ill try to put some charts up too if I can copy them in ok
For anyone following this feel free to post comments thoughts, always like to hear other opinions

Cheers!

Mon 24 Nov

Some poor trades early on, which seems to be a Monday pattern - might be from not seeing mkts for a few days. A few good trades here and there but being too involved muted these gains.

A couple of 25 pip winners, but too many losers.

Still working on getting charts going.

TAKEN A FEW DAYS OFF - BACK TOMORO...

No chart capabilities yet, but should always relate to the front month contract

TAKEN A FEW DAYS OFF - BACK TOMORO...

No chart capabilities yet, but values should always relate to the front month contract

Mon Update

1/12

Initially fantastic start to day, bought daily uptrend and took 20 pips straight away. Once this daily uptrend broke should really have been looking for shorts - and once it broke, it even came back to test after clearly breaking. A perfect short opportunity! Very annoyed at myself for missing this, and the mkt never looked back once this was broken, down a couple hundred pips! A very valuable lesson learned tho.

FOr some reason once I missed this short, I was looking for longs - I seem to be finding it hard to put on that kind of short, as technically the stop for this position may be quite far away. When I think about it, i could always re-try this short a few times with a tight stop loss and once im in let it run. Need to keep a clear overview in your head of what the mkt is telling me - ie the daily uptrend has broken! therefore will likely sell of a reasonable amount. Overall day, DOWN 80 pips.

Very annoyed at myself.

Been a while between posts after Xmas off, and a terrible week last wk

Heres some thoughts from todays FTSE 29 Jan

AFter initial buying on open, rejection of daily uptrend (4228.5)
Sells off to value area from 5 days it was lower
Rallies to 60 minute downtrend...

Day is only half over, see what happens from here.

My results:

Sold at 28s initially but there was still market on open (MOO) buying and got stopped out 35s
Was away from desk for value area rally after sell-off
Spotted 92s as hourly downtrend but was at same time Astra Zeneca results came out and played it cautiously, and so missed the move. Took a little profit tho.

So of the 3 things I spotted, I made from one, missed one and lost one.
Not too concerned as long as I practice this and stick to my guns once im confident.
Inh between being disciplined and only doing select trades.