This is my journal I am using to stay disciplined with my trading. I will have my market analysis as well as self analysis included here. Also some articles I particularly like or other ones that I write just to get the thoughts down.
Trading for 31st July
Posted 08-01-2008 at 12:33 AM by jasont
Here is my journal from the 31st July:
There is no major news hitting the market during hours however in pre market we had the Advance GDP q/q and some other reports at 8:30am. Obviously the news wasn't ideal because we dropped about 10 points in 10 minutes. We are currently trading around the 1273 area.
If we open beneath 1274 then I will look for some further weakness to hit at the open should we reach 1274. If we open above 1274 then I will look for some possible buying power to come in though I am a touch skeptical at this point so long trades will have a tight leash.
9:39 Well I put in a short at the open as we were pretty negative on the Tick. I entered short at 1273.50 with my stop at 1275.25. We were stuck around 1273-74 for some time but managed to gain some strength. I managed to exit at 1274.50 for a 1 point loss. It was a good trade according to plan but just didn't work out. I did a good job of monitoring the trade though.
10:21 Market moved up pretty well after my trade and is now at the 1280 area moving back and forth. The Tick is currently mixed but slightly skewed to the downside. Volume tapered off as we have been moving sideways. We now just took off to the upside so I guess that sorted that out. We are pretty close to closing the opening gap now. I'm having a hard time interpreting this market right now. In fact I have had a hard time all week. I'll see how I go but I am looking to remain pretty conservative today.
10:45 I have no idea what I am doing this week. I entered long at 1282.50, way later than I would have liked. I had my stop at 1280.50 and my initial profit target at 1283.50. We were hanging around the 1282.50 area and I lost my nerve. I took a tick loss on the exit. I just have no idea right now, things have been messy this week. The reason for the trade was a bounce from support at 1280 with a rising Tick. The EMA support as well.
11:47 I have been rather disinterested at this point. We have moved down after reaching a high near 1285. The Tick is now pretty negative and volume has supported the move down. I'm calling it a night and a week right here. I want to take some time to get my head back in the game as I have been all over the place this week.
Daily Wrap Up
Umm this is another demonstration of how poorly I have traded this week. I honestly don't have the energy right now to comment on the day. After making a decent gain the past two weeks, 2/3 of it has been taken back this week with rubbish trades. This whole week was made up of 16 trades, 4 were winners and barely at that. I am in fact disgusted with this performance.
I had similar results 3 weeks ago when 14 trades of 18 were losers. Then I shifted to simulation for short trades and live for longs. I did extremely well for two weeks and then I come back to fully live trading. Once I come back to live trading shorts I go right back to the poor performance. Something is severely wrong at this point.
Trade 1a: 1.0 Loss
Trade 1b: 1.0 Loss
Trade 2a: 0.25 Loss
Trade 2b: 0.25 Loss
Daily Result: 2.5 Loss
There is no major news hitting the market during hours however in pre market we had the Advance GDP q/q and some other reports at 8:30am. Obviously the news wasn't ideal because we dropped about 10 points in 10 minutes. We are currently trading around the 1273 area.
If we open beneath 1274 then I will look for some further weakness to hit at the open should we reach 1274. If we open above 1274 then I will look for some possible buying power to come in though I am a touch skeptical at this point so long trades will have a tight leash.
9:39 Well I put in a short at the open as we were pretty negative on the Tick. I entered short at 1273.50 with my stop at 1275.25. We were stuck around 1273-74 for some time but managed to gain some strength. I managed to exit at 1274.50 for a 1 point loss. It was a good trade according to plan but just didn't work out. I did a good job of monitoring the trade though.
10:21 Market moved up pretty well after my trade and is now at the 1280 area moving back and forth. The Tick is currently mixed but slightly skewed to the downside. Volume tapered off as we have been moving sideways. We now just took off to the upside so I guess that sorted that out. We are pretty close to closing the opening gap now. I'm having a hard time interpreting this market right now. In fact I have had a hard time all week. I'll see how I go but I am looking to remain pretty conservative today.
10:45 I have no idea what I am doing this week. I entered long at 1282.50, way later than I would have liked. I had my stop at 1280.50 and my initial profit target at 1283.50. We were hanging around the 1282.50 area and I lost my nerve. I took a tick loss on the exit. I just have no idea right now, things have been messy this week. The reason for the trade was a bounce from support at 1280 with a rising Tick. The EMA support as well.
11:47 I have been rather disinterested at this point. We have moved down after reaching a high near 1285. The Tick is now pretty negative and volume has supported the move down. I'm calling it a night and a week right here. I want to take some time to get my head back in the game as I have been all over the place this week.
Daily Wrap Up
Umm this is another demonstration of how poorly I have traded this week. I honestly don't have the energy right now to comment on the day. After making a decent gain the past two weeks, 2/3 of it has been taken back this week with rubbish trades. This whole week was made up of 16 trades, 4 were winners and barely at that. I am in fact disgusted with this performance.
I had similar results 3 weeks ago when 14 trades of 18 were losers. Then I shifted to simulation for short trades and live for longs. I did extremely well for two weeks and then I come back to fully live trading. Once I come back to live trading shorts I go right back to the poor performance. Something is severely wrong at this point.
Trade 1a: 1.0 Loss
Trade 1b: 1.0 Loss
Trade 2a: 0.25 Loss
Trade 2b: 0.25 Loss
Daily Result: 2.5 Loss
Total Comments 0
Comments
Recent Blog Entries by jasont
- Moving Journal (08-03-2008)
- Trade Setup For 1st August (08-01-2008)
- Trading for 31st July (08-01-2008)
- Trade Setup for July 31st (07-31-2008)
- Trading for 30th July (07-30-2008)
