[swansjr]

Originally Posted by daedalus »

I'm gonna have to go back an re-read brooks because your interpretation of H2/L2's is completely different from mine. lol.

Well, I might be wrong as well. But I think I have the gist of it.

[BrianNC]

Great videos swans. Looking forward to more.

[brownsfan019]

Good to see you back at it swans!!

[swansjr]

Day 4 - Day 5
November 12, 2009

Day 4 (Wed, Nov 11, 2009) I placed no trades as none of the patterns looked very appealing. It was on of those days where most of the price action happened very early in the morning and stalled in the few hours before the opening bell at the NYSE.

P&L: ($17) on 2 trades.



Today was Day 5 and proved to be my first losing day since starting this thread. My first trade of the day was a reversal setup as price broke a trendline and re-tested the extreme. I entered on the first H2 bar after testing the previous lows. However, I was promptly stopped out.

Price would move lower and hold at a previous day's support level. This constituted a lower low after a trendline break and I was weary price was simply going to continue to move down. However, I made my second attempt at going long by purchasing the H2 bar. The second trade sputtered as it move up which resulted in me moving my stop up fairly aggressively. I was expecting a more forceful move on a reversal trade. In retrospect I may have been too aggressive in moving my stop. The rally was short lived but I managed to grab 9 ticks. Price made three distinct pushes up then failed to hold it's bullish trendline. Staying in the trade until the trendline broke would have resulted in 11 more ticks.

Attached are two videos of today's live trade.

Live_Trading_2009-11-12_1.swf
Live_Trading_2009-11-12_2.swf

[swansjr]

Day 6
November 13, 2009


P&L: $97 on 1 trade.



The market was in a bullish trend in the overnight session. When I started watching the market at 5:00am the bullish trendline was in the process of breaking. I watched as the market was coming down to test a major support area (the yellow line on the chart) and planned on going long there. The market created two legs down and hit the support level. This is a continuation pattern (bullish) so I went long.

I scalped this trade, but in retrospect that was based on emotion. Anyway, my target was hit and I was done for the day. Lots more info on the attached video.

Attached video of today's live trade:

Live_Trade_2009-11-13_1.swf

[swansjr]

Day 7
November 16, 2009

P&L: $45 on 2 trades.



This morning I decided I was not going to take scalp profits. Instead I was going to let the market move in my favor while I advanced my stop. I would exit either on a test of an extreme level or after a break of a trendline. The market was in a bullish trend during the overnight session. When I started watching the market at 5:00am the bullish trendline was in the process of breaking. I watched for two legs down and purchased the first H2 bar - a typical trend continuation pattern. Price moved in my favor but not very much as my stop was hit. I lost around $50. In retrospect my initial drawing of the overnight bullish trendline was not have been correct. With a slight adjustment I could see I was actually buying the first pullback - not the second.

The market would fall to a longer term bullish trendline. It appeared this was the second leg down and I wend long at the first H2. Again, I held on systematically moving my stop up. This time I was taken out for $100 profit.

Today would have been a good scalping day, but that's OK. I followed my rules well and I'm aiming to make more profit per trade. Holding on to these trades and knowing when to get out is a skill I've not worked on at all!

Attached video of today's live trades:
Live_Trade_2009-11-16.swf

[swansjr]

Day 8
November 17, 2009


P&L:$(244) on 3 trades.

Today was a screw-up. My first two trades were well executed. My first trade nearly hit my scalper target. When it missed it by a tick or two I moved my stop to break even +1 tick. I was stopped out. OK fine.

My second trade took me out the same bar that I entered. Now, this was a signal that something was wrong. I even noted this in my video recording. However, I let my emotions get the best of me as I entered on third time. The entry was not even a valid setup - I was chasing the market - and I got nailed for it. Damn!

I was on the verge of catching myself but I lapsed into trading emotionally on my last trade. Time to refocus once again. I need to constantly remind myself. I need to push away from my trading screen when my setups are not materializing. There will be other days to trade. I want to make consistent money, so that means I need to stick to my setups.

Please see the attached video for today's screw-up in more detail.

Live_Trade_2009-11-17.swf

[swansjr]

Day 9
November 18, 2009

P&L: $97 on 1 trade.



This morning consisted of a lot sitting and watching. The market was, once again, in a strong bull mode all throughout the evening. Kind of makes me want to stay up late. In my days before I got married I was a night owl and trading EC at 2:00am would be realistic. I'm not so sure now.

Anyway, the market started breaking trend lines when I appeared on the scene around 5:00am. Today's action was also a little confusing because I noticed two distinct trend lines that were in play. After the first one broke, the second one broke I was asking myself, how do you count the two downward pushed after a trend line break? do I count four? I started guessing that it would be a three push down to a resistance area and sure enough it happened. The first push down broke the second trend line and the last two pushes were for the second (longer term) trend line. But I did not take the trade because I was not convinced my concept was correct. I'm trying my best to simply trade setup I have defined, and this is not one. So I watched. Sure enough it bounced. Then it bounced even harder creating a very strong bullish candle. I jumped in for a quick trend continuation scalp that took less than 1 minute to complete. Price would then test it's extreme from the first trend line break. I would have shorted at this point, as per my plan, but it was getting late in the morning and I needed to get to work. This work thing is really getting in the way of my trading!


No video today.