My journey to long term consistency

[DrSafari]

The following trade is a virtual trade (because of work I was too late to take an "actual" demo trade.), I had also not set a daily S&R yet but immediately included it into the result chart below

Long NASDAQ-100

Net P/L +7.00 points

Amount 0.1 Contract (I did this on my real account but since there is not much cash left there I could not buy a full contract)

Opening Rate 5098.00
Close Rate 5105.00

Open Time 1/31/2017 16:15 PM
Close Time 1/31/2017 16:24 PM

Stop loss: fixed stop below the lowest low

Entry and exit on a 1m chart



Reason of closure: trailing SL got hit.

Comments
Nice example of how my new strategy works. The orange dots represent where I should have entered with my old system but would have gotten stopped out. Whereas my new system only got stopped out because of setting a relatively tight trailing SL because of price getting near a resistance level. I noticed where I should have entered but I couldn't at the time because of work so I took a mental note where I entered and then exited as I would exit according to current sytem. It recoiled again where I drew the S&R line.

 

[DrSafari]

Monthly preparation


Preparation for 1-02-2017

 

[DrSafari]

The following trade is another a virtual trade. I failed to act on my trigger in the moment (could be the cause of a psychological issue regarding my trading)

Short NASDAQ-100

Net P/L +5.00 points

Amount: not relevant

Opening Rate 5142.00
Close Rate 5137.00

Open Time 1/31/2017 16:05 PM
Close Time 1/31/2017 16:13 PM

Stop loss: fixed stop above the highest high

Entry and exit on a 1m chart



Reason of closure: trailing SL got hit.

Comments
Another virtual example of a good trade according to the new strategy. Would have been stopped out at the red arrow because of trailing SL because price was getting near the 5130.00 level. The initial up move was even bigger than what I annotated in black but did not fit the screen. Perhaps upon closer examination the 5143.00 is also a level but price broke through it. Anyway, no where does my strategy mention I could not enter at that point.

 

[DrSafari]

Long NASDAQ-100

Net P/L -6.4 points

Amount: 1 contract

Opening Rate 5130.9
Close Rate 5124.6

Open Time 2/1/2017 4:44 PM
Close Time 2/1/2017 5:48 PM

Stop loss: fixed stop below lowest low

Entry and exit on a 5m! chart



Reason of closure: fixed SL got hit

Comments
It looks like I didn't follow the system but this is a 5 minute chart and if you would look at the 1 min chart (which I don't have anymore) you could see it's according to the system. I got stopped out near the bottom alas. I added a blue dot to indicate where I should have entered on the 5 minute chart. This works out fine as you can see.

That being said I do feel like I entered too soon, it was a pretty big move. And it's totally invisible on the 5min chart that I should have entered. I think it is wise with moves that big to look at the 5 min chart instead of the 1m chart. Or look at the 1 min chart but ignore the smaller fluctuations.

This would be in line with multiple previous comments on my trades that I should take things into account RELATIVE to the move. Instead I found something even more urgent to adjust to the system, but there I should also take things into account relative to the move. The new system has the added benefit that no on the fly maths is required, just looking at the chart.

Funny that I keep learning with almost every trade.

 

[DrSafari]

Preparation 02-02-2017

 

[piphoe]

Inspirationreparationerspiration ..

60/30/10

the holy triad

Dr, i see you trade NQ what else do you trade?

i, too, have a fondness for the US indices.

 

[DrSafari]

Short NASDAQ-100

Net P/L +6.69 points

Amount: 1 contract

Opening Rate 5152.72
Close Rate 5146.03

Open Time 2/2/2017 5:14 PM
Close Time 2/2/2017 5:49 PM

Stop loss: fixed stop above highest high

Entry and exit on a 1m chart



Reason of closure: fixed profit sell trigger was triggered

Comments
Not sure I am that happy with this trade. Not because I exited way too soon (but that also) but because I probably shouldn't have entered there considering the 5151.60 level being that close. It turned out well but price could have bounced off it just as well. I should write these levels down so I can watch them as well instead of just looking at the chart.

Anyway, why did I close where I closed? The last 2 hours at work I usually spend trading and 5145 was a level of a few days earlier so I thought it was wise to put a profit trigger nearby in case I had to leave the trade open after i left work to go home.

However, I saw price was suddenly rapidly falling so I tried to take away that profit selling trigger as fast as I could but alas I was too late and I was out of the position. Else I would have put a trailing SL and was probably only stopped out at the blue dot which is an extra 5 points profit. Oh well

 

[DrSafari]

Inspirationreparationerspiration ..

60/30/10

the holy triad

Dr, i see you trade NQ what else do you trade?

i, too, have a fondness for the US indices.

Wise words

I have traded the S&P500 and the Dow30 before. I also traded stocks for a while but now I am solely focussing on the NASDAQ. I prefer to keep focused on one particular instrument to keep a clear picture of what is happening at all times. I'd rather pay attention to one instrument well than to half ass a lot of them. Not trading full time obviously so lack of time for more trading at the moment

 

[piphoe]

Wise words

I have traded the S&P500 and the Dow30 before. I also traded stocks for a while but now I am solely focussing on the NASDAQ. I prefer to keep focused on one particular instrument to keep a clear picture of what is happening at all times. I'd rather pay attention to one instrument well than to half ass a lot of them. Not trading full time obviously so lack of time for more trading at the moment

i, too, have always a special fondness for tech & it's derivative NQ. This was my focus in the early yrs. Perhaps we can trade notes? insight or two, I won't open my book, and don't expect you too either.

 

[DrSafari]

Perhaps we can trade notes? insight or two, I won't open my book, and don't expect you too either.

Sounds good!

 

[DrSafari]

Preparation 03-02-2017

 

[piphoe]

'The doctor is in"

I'm taking a hard look at 5170 from here, just above Monday's high before any turnaround?

 

[DrSafari]

'The doctor is in"

I'm taking a hard look at 5170 from here, just above Monday's high before any turnaround?

Sadly I was out just as quick as I came in

 

[DrSafari]

Weekly preparation


Preparation 07-02-2017

 

[DrSafari]

So far no retracements exept the blue circle but that is waay to close to the red line resistance --> cannot take a trade according to system.

 

[DrSafari]

Long NASDAQ-100

Net P/L -5.93 points

Amount: 1 contract

Opening Rate 5185.15
Close Rate 5179.22

Open Time 2/7/2017 5:39 PM
Close Time 2/7/2017 6:27 PM

Stop loss: fixed stop below lowest low

Entry and exit on a 1m chart



Reason of closure: fixed SL got hit

Comments
Followed the system. Trade went my way initially. But then reversed until my SL was hit. Thing is, there is no upper S&R level defined because price never had been that high at around 5191.00 That way it is also hard to know when exactly you should expect price to reverse. Therefor no tight trailing SL was set, therefor I got stopped out. If I had put my tight trailing SL arbitrarily somewhere I may or may not have had a profit but it's more gambling than something else, therefor I should not take trades like this anymore.

There is a second argument speaking against this trade. Price has already risen considerably. And the nice decline was an answer to that but price did not fall anyware near a previous S&R level.... this whole trade smells of uncertainty... but in terms of following the system I did good. May need to adapt it for situations like this but just as before let's not clutter it too much and wait for a much longer time before changing or adding to the ruleset again.

 

[DrSafari]

Preparation 08-02-2017

 

[DrSafari]

No trades yesterday. A lot of almost opportunities which would have worked well with the previous version of the system. But you can't expect to take advantage of every big move in the market.

Perparation 09-02-2017

 

[DrSafari]

Short NASDAQ-100

Net P/L -4.55 points

Amount: 1 contract

Opening Rate 5202.72
Close Rate 5207.27

Open Time 2/9/2017 4:28 PM
Close Time 2/9/2017 4:31 PM

Stop loss: fixed stop above highest high

Entry and exit on a 1m chart



Reason of closure: fixed SL got hit

Comments
Followed the system. Although the opportunity in itself was not that good considering the 5200.85 level was so nearby. If I wasn't so unlucky to get stopped out at the high I would have to tighten my SL around the lowest red bar and probably would have been break even.

I did not obey the principle of err on the side of being too selective. Failing trade but unlike other times I do not doubt the system yet. I believe I do have a solid one that may or may not have to be fine tuned. I will keep testing this for atleast another 1.5 months and perhaps longer.

 

[DrSafari]

No trades on friday 10-02-2017


Preparation weekly


Clearly the market is trending, that would explain the difficulty in finding decent levels and my "feeling" of the market behaving weird. It's simply trending and my current system is not really equipped for that


Preparation 13-02-2017