my journal 2

This is a discussion on my journal 2 within the Trading Journals forums, part of the Reception category; Interesting ones from here : CL Redux ES Journal NoDoji's Day Trading Log There's going to be others on elitetrader.com, ...

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Old Jan 27, 2010, 10:56pm   #97
 
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re: my journal 2

Yamato started this thread Interesting ones from here:
CL Redux
ES Journal
NoDoji's Day Trading Log

There's going to be others on elitetrader.com, and I'll check them all out in the next few days.
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Old Jan 27, 2010, 11:11pm   #98
 
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re: my journal 2

Yamato started this thread Not too good, but I am automating more and more my method, with more and more univocal requirements, and therefore less and less stressed attached to each trade. Every trade is a sum of edges, that's how I see it now. It's not gut instinct, subconscious requirements... it's clearly defined edges, as ingredients of a recipe: highly ovesold, important support level, confirmation/gap/uncertainty in previous trend.

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Old Jan 27, 2010, 11:17pm   #99
 
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re: my journal 2

Yamato started this thread Little better. Now playing breakouts as well, according to slightly different requirements, which are almost the opposite:

1) Not overbought
2) slightly above resistance
3) preceded by uptrend

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Old Jan 27, 2010, 11:20pm   #100
 
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re: my journal 2

Yamato started this thread Total mess. I guess this is when I start screwing around, or maybe not. I'll try more to see if the method works regardless of whether i am tired or not. It would be perfect if it did.

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Old Jan 27, 2010, 11:27pm   #101
 
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re: my journal 2

Yamato started this thread Won again, and I am tired. I guess this is the measure of a good system: it works even if you're tired and pissed off. Also, switching chart as soon as you've made a trade keeps you off "revenge trading", because once you lose or even win, you're changing chart so you don't hold a grudge towards the stock that made you lose (or win, which also keeps you from being neutral). Every time you change stock in some way you reboot your mind and prejudice about that stock.

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Old Jan 27, 2010, 11:39pm   #102
 
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re: my journal 2

Yamato started this thread Yup, I think i've got it. I am getting there. First discretionary (or at least manual) system that I'm profitable with.

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Let's sum it up one more time:

RULES FOR BOTH METHODS:
1) on the weekly chart of "chart game", one trade per stock on 5 stocks for a total of 5 trades (only LONG trades allowed)
2) if unprofitable after two weeks close trade
3) if profitable after two weeks, close after 6 weeks

DIVERSIFIED RULES:

BOUNCE ON SUPPORT TRADES:
1) Important support level
2) Confirmation candle, gap down (touching support), uncertainty candle with regards to downtrend
3) Extremely oversold

BREAK THROUGH RESISTANCE TRADES:
1) Not overbought
2) slightly above resistance
3) preceded by long term uptrend (you can't have 4 years of range or else a breakthrough is less likely)
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Old Jan 28, 2010, 12:27am   #103
 
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re: my journal 2

Yamato started this thread Lesson learned: I really have to let price reach support, without anticipating it, because in most cases it will get there. I have to really trust s/r levels in other words, because they get reached.

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Old Jan 28, 2010, 1:02am   #104
 
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re: my journal 2

Yamato started this thread I think I am learning something. The last two series were 100% wins. I am learning to read candlesticks, in other words, the way that price moves, which is nothing other than oversold/overbought levels, which I already mentioned. Yeah, because that's what we read in candlesticks. Overall I got about a 66% of wins, and a very large profit. It's working: more wins than losses and bigger wins than losses. I am now only worrying that I won't be able to repeat this in real trading, but this stuff definitely cannot hurt.

Also, I have to mention that most of the stress is gone, shown by the fact that I'm playing these charts dozens of times in a row.

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Last edited by Yamato; Jan 28, 2010 at 1:08am.
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