Thread: Natejax Trade Journal

Daily pips 44

week: 87



today to my real occupation...

if anyone has interest in scalping, check out GJ 1 minute charts using a hull MA (slope direction line) and some stochs and fib lines.

o yeah, and my G-Men beat Dallas in case you missed it. The media still isn't giving them any credit but as Eli said, we like it that way.

Similar to soccer, trading boils down to implementation and discipline. You need to follow your playbook and accommodate your play calling to the particular situation you are facing.

An intriguing tactic that I used successfully today is to add to a losing position. The assumption here is that your first position was not entirely off base, but might have only been wrongly staged. If you keep the first position little and add after it has moved in an extended manner, you can more easily break out with a profit over the road back. Obviously, this raises the overall risk, but if you keep first position sizes small enough, it seems like a fair way to exchange.

Nate,

I tried demoing the slope for scalping and it did not work out also. May I ask how you're doing it?

Pete

daily pips: 86. I made most of this on 1 very good trade that involved a certain degree of luck. Certainly, I have bad luck a few days but have this week been able to turn these days into winning times anyway, so I guess I was due for some good.

Because most of this came from only a single trade, I'll explore the trade in detail.

Extended GJ @ 210.39 TP @ 211.17 13:23 GMT

Criteria for extended:

30 minute stochs were pointing up aggressively and there was a single green candle following a series of reddish ones.

15 minute stochs were pointing up

1 minute stochs were coming from oversold and slope management line on 1 minute changed to green. 5 minute slope line was also green

I took profit right underneath the 38.2 FIB line when the price faltered... the price ended up breaking through to the 23.6 fib line and with the stochs looking very positive, I should have stuck it out and missed another 50 pips or so. This is possibly the biggest area which I have to enhance in my tradingallowing great trades to run to their potential.

Edit: today the GJ broke through the 23.6 fib and missed another 20 pips (I missed about 70 pips total). This is a good example of a winning trade still feeling a little like a loser. Yesterday I barely squeeked from a losing GJ commerce with roughly 20 pips and felt much better about that commerce than I do about this one. I guess it boils down to my not making the most of what I was given on this specific trade. Second time I will accept a few drawdown as long as circumstances justify my doing this.

On the stock front, things are looking pretty bleak. The Hang Seng is now offically in bear market territory, off 20 percent from its highs. FXI, the chinese ETF, tested the 140s in trading yesterday (in the high over 220). The baltic ironic index, a measure of dry majority spot shipping rates, is on a major decline, dropping about 20 percent in only the last couple of days. DryShips, a sterile bulk shipper and perhaps the very best stock to own in 2007, has dropped from the peak of $130 from october to testing the 48 mark yesterday. They had been made to postpone a 3-1 share split which was planned while the inventory was valued well over $100.


I discovered a story from a inventory service which DRYSHIPS is among stocks to avoid - great advice indeed, after a loss of about 60% from its peak (lol)... stories like this are usually a sign that the bottom is approaching.

I have become increasingly more interested in FIBs, in addition to other key levels like pivot points. This week, I plan to begin testing the hourly pivot system posted by nomask within the system section. I have just started looking at Fibs on larger time frames. Have a look at this fib which I drew up in the last major up trend on cable. Now look at how the price bounced about, almost predictably, at the key areas on the subsequent downtrend. The question is, how does this always work so well?

My results for Friday:

-45

I actually should have made pips but had a close order dialogue open and when I tried to start a new order, it brought up the current close box. It was a stressful moment and I closed the order without realizing it when I supposed to start out a new one. At that point it took me a few minutes to realize what had occurred and the market moved in my own favor. I was outside 45 pips and tried to play revenge on the market then. I am fortunate that I didn't shed more pips in procedure but managed to get out BE on remaining position.

Trade the incline:

Open positions:

Short EURUSD @1.4586
Short EURCAD @1.4938
Long USDCHF @ 1.1107

O was late on those entries and should have trusted my instincts and shorted EURO earlier. I'll do a better job of staying on top of the slope changes. Be aware that I do not open new positions far into an existing daily incline.

Daily Scalp Tally: 10

Other Assets: Nicotina 5 hour 100

Kiwi is hanging like a wounded testicle.

I have not used indiors that week and have been trading off of price action and pivots. Only 1 trade up this week until now, when I likely over traded, but am 6 with account up roughly 10 percent over this week. I believe keeping place sizes small enough to rescue them with bigger lots is a key for me. I also believe selling high and buying low is more my style even though it goes against conventional trading wisdom. That's how I have had success trading stocks and it is a egy I am comfortable with.