my journal

This is a discussion on my journal within the Trading Journals forums, part of the Reception category; Time to look at correlated markets: how bullish are really the ES, CL and the GBP? Yes, everyone is bullish. ...

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Old Nov 30, 2009, 4:34pm   #931
 
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Re: my journal

travis started this thread Time to look at correlated markets: how bullish are really the ES, CL and the GBP? Yes, everyone is bullish. But I am getting a bearish signal on the EUR. Bearish crossovers on both and far enough from the pivot line. I am gonna take it, also because we're quite overbought and this is exactly what i like to do: go short when it's overbought...

the slow one ain't there yet...

snap1.jpg

It is indeed holding me back from going against the trend as usual. And i will let it hold me. Oh yes!

Last edited by travis; Nov 30, 2009 at 4:42pm.
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Old Nov 30, 2009, 4:45pm   #932
 
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Re: my journal

travis started this thread Now if both moving averages will be in favor this will not be enough to make the short trade. I need to have the slow in favor and the fast to cross over, otherwise we won't be overbought enough. The pivots are fine. Once again, here's the system, with the satisfied requirement in blue:

ENTRIES if:
1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) the 15-period 15-minute ma is in favor

3) the 15-period 1-minute ma gets crossed by price (in favor)
4) your entry and your take profit are >10 ticks away from any pivot lines
EXITS
Bracket order of 20 ticks. You can exit early if you wish, but not increase the distance of the stoploss.

snap1.jpg
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Old Nov 30, 2009, 4:49pm   #933
 
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Re: my journal

travis started this thread Now price will go back up for a while. Ready to enter at the next bearish crossover of the chart below:

snap3.jpg
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Old Nov 30, 2009, 4:53pm   #934
 
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Re: my journal

travis started this thread I have like at least 10 minutes of freedom. I can go to the bathroom and fix some stuff here at home. Brb.
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Old Nov 30, 2009, 5:00pm   #935
 
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Re: my journal

travis started this thread The gambler in me just feels that he would have done better than the trader, because he would have gone short on this one at the top of the mountain. But the gambler would have gone short because the trader made him wait those 10 extra minutes by looking at the averages. Had the trader not been there, the gambler might have gone short much earlier and would be breaking even right now.

Hourly Reminder:
The difference between trading and gambling is that the gambler's losses are out of control, whereas, as Elder said, the trader never takes "a loss greater than his predetermined risk".


Hey, I am not going to be happy with a small bounce before going short. I need better than this before acting on the SHORT signal. Give me a bigger bounce up, and we can talk about going short. It sure feels awful to the gambler having missed this move.

snap4.jpg
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Old Nov 30, 2009, 5:07pm   #936
 
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Re: my journal

travis started this thread I hope my dad won't come home before I finish my trading day, because he definitely screws up my mood.

Anyway, I'll go short only if price goes up beyond the average, stays there a little, a few minutes, and then crosses back down (discretionary part allowed by system: i can discard signals).

snap1.jpg
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Old Nov 30, 2009, 5:10pm   #937
 
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Re: my journal

travis started this thread Guess what. The overall trend is up for all the major correlated markets. BUT. BUT. BUT. It's monday and monday things are not so regular. We could have a reversal. However, price has gone above the average, and I'll let it stay there, and take the next bearish crossover and go short. I'm going to do it. Too bad if I lose 250 dollars. I'll give it another 5 to 10 minutes and hopefully it will rise a lot during those minutes.
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Old Nov 30, 2009, 5:18pm   #938
 
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Re: my journal

travis started this thread Ok, ready. I looked at all markets and they're ready to fall. I am going SHORT at the next bearish crossover, and then I'll take the snapshot of the chart and place it here.
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Old Nov 30, 2009, 5:19pm   #939
 
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Re: my journal

travis started this thread Damn. I've done it. Followed all rules:

ENTRIES if:
1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) the 15-period 15-minute ma is in favor
3) the 15-period 1-minute ma gets crossed by price (in favor)
4) your entry and your take profit are >10 ticks away from any pivot lines
EXITS
Bracket order of 20 ticks. You can exit early if you wish, but not increase the distance of the stoploss.

snap2.jpg

Too bad if I'll lose. I'm already down 100 dollars.
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Old Nov 30, 2009, 5:23pm   #940
 
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Re: my journal

travis started this thread Going a bit better now. I am down 65 dollars. If things do not work out, I'll lose 250 dollars for the day and stop my discretionary trading (not discretionary compulsive gambling) for the day. I don't think I'll exit early.

The two stops of the bracket order are at 1.5022 and 1.4982. Hopefully the lower one will get hit, since I am short as I said repeatedly.

Going much better now. Up 20 dollars.
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