Friday Log - Chart the Course, Sound the Alarms

Going into Friday, I was expecting to make a trade or two in the morning and make some platform adjustments the remainder of the day. Plan accomplished.

I ended up taking one trade. Going into the bell, I had identified the S & R levels which then gave me some trade ideas. The market has been strong, we are making new highs so my bias was get in long. I waited for a retest of the overnight low. It took almost 90 minutes to get a set-up I liked. Went sim-long in the 62's which was the bottom of the range I had planned. Scaled out half at the middle of the ID'd range and left a runner for to take the top of the range. My target was a couple points below the intra high and target was achieved as I exited in the 69's. Plan the trade, trade the plan. Result: +8.5

Looking back on the week, my sim trades, the EWS studies, the comment interaction in the member site have all contributed to a nice sense of accomplishment. I feel like I'm reading the market better, which in turn gives me better opportunities to plan my trades and once executed, I'm able to critique the trades accordingly by sharing and looking for feeback within the members site.

The remainder of the afternoon was devoted to platform maintenance. As I am getting more familiar with the "tools of the trade" within EWS and combining those with TC, I needed to make some adjustments to chart studies, chart foot prints on my monitors and one button toggles for quick access to another layer of charts/info. This task alone took a couple hours. Strategically positioning charts, quotes, etc. takes time. When working with multiple monitors, we must be able to glance at various pieces of screen real estate and have a prioritized flow to the lay out. We can then quickly lock in on a particular area of information needed for market/trade assessment during the heat of the trading battle.

I also needed to adjust alert settings. A recent TOS update provides for enhanced alert settings including custom sounds and one time set up alerts. Once triggered, the alerts provide a unique sound when a particular level is reached in price and then remain active, not having to manually reset as was required before. This feature saves me a lot of time during the trading day, particularly when it comes to my TICK alerts. I am now reorganized and ready for Monday's bell, both the market opening bell as well as my alert bell(s), whistles, chimes or other sounds that might be quit amusing (without being obnoxious)in a fast market.

Trade Well !

Thursday Log - Think 180

Today was another day of sim trades while working with the new system. I'm not sure why but I am taking this sim trading pretty seriously. Each trade today was entered with a plan and determination as if it were a live account. Many times early in my trading pursuits, paper trades were not planned well and I tended be sloppy and emotionally unattached to the entries. The experience has been a 180 from how I previously used the sim. Maybe my new respect for the sim is a result of gaining maturity with trading, realizing how the tool can help hone my skills and test new ideas. We'll see how I handle the live account once I re-visit with EWS under my belt.

An important mindset to have while in the heat of the battle once the bell rings is to be nimble and flexible. Be able to change one's mind / opinion of which way the market is headed when on the wrong side. Today was an example of having a 180 awareness and executing the turn in thinking.

I had the previous day high, R1 and overnight high on my radar as possible resistance and went short in 55's. Stop was two ticks above the prior days high and that saved my bacon. The rocket ride took off without me and I changed my opinion of the market once the highs, R1 and YTD high was broken. I waited for a pullback and was in at 57's, just on top of the break out. Scaled out on the way up to extreme target of just below R2 (62 area). The 180 Result: +1.0

From there it was a waiting game. Even though it was looking like a trending day, it was hard to find a low risk entry. A bit irritating not being able to participate into the 970's from somewhere in the 960's but thus the life of a trader. As one astute trader reminder me, "it's sometimes better not to trade than to lose capital". So true. So I waited like a cat in high grass.

It wasn't until about 1520 that I saw a low risk opportunity to enter a 180 counter trend. I saw a double top, SS divergence and lower volume. Entered in the 75's with a stop 1 tick above the high of 76.5. I was anticipating the longs to start releasing and planned to scale out half in the 73's and the balance in the 70's. Although I usually wait to enter this set-up with 30-45 minutes remaining in the session, I got in early and watched (and participated) in the rotation until it final broke the way I thought it would and managed the trade as planned and was flat by 1558. Result: +8.25

Watching the 5 min chart, I saw a doji bounce off a support area and again did a 180 one minute later after going flat. I went long in the 71's and was looking for 2 quick points. With a nice profit already in the bag, I risked 1 to make 2 with a small position. No reason to give much back this late in the day. I had to be quick with my sights set on the 73's where there was resistance. My target hit 5 min. later and I was done. Result: +2.0 (dinner $$)

Having faith in my abilities, having confidence that the next trade will work and having structure applied to my trades via EWS helped me do the 180...a few times today.

Trade Well !

Wednesday Log - Afternoon Day Game

The morning started off routine enough as I planned my day beginning around 0800. All systems were go and with 2 minutes and counting, my PC froze. Had to re-boot, then the mouse/keyboard went in-op so had to plug in a back-up. That little surprise threw my timing off but knowing the levels I was planning ealier helped me re-group quickly.

Only did sim trading during the afternoon session as I continue to feel my way thru the system and apply what I'm learning into trade ideas. Took various long and short scalps within the range today although I did not get in near the top resistance area of the 55-56. Not sure why I didn't pull the trigger as I'm working off the sim. Overall scalp result was scratch.

Waited until the middle of the range to get short for a swing trade. Shorted 54's which was a higher risk level but saw divergence in SS and double top. Used target's as identified in EWS, scaled out of the trade which worked nicely. Result: +7.0

This sim trading is great. I haven't used it in a while but for the purposes of learning and working with a new system, it's very beneficial. You can never replace the emotional experience associated with trading the live account, but as I've matured as a trader, I have my emotions better controlled and can appreciate what the sim can provide during my learning curve.

So my trading day was an afternoon game. And while studying and making some trades, I was able to keep an eye on another "real day game" as the Cubs / Phils were on @ 1300 as they close out the 3 game series on get away day. Day games & day trading. As with EWS, it's a beautiful "combo".

Trade Well !

A Few Words from Our Sponsor

Since joining “E-Nation” July 4th when EWS first launched and learning what I can since then, I find myself thinking differently about how I see the chart(s) and price action. Although still a long way to go before I am proficient (and I will get there), I am excited about the progress I have made over the past 2 weeks.

As a reminder to onlookers, this blog is my journal. It’s my log book used for capturing my thoughts, ideas, identifying progress as well as targeting development opportunities. If others stumble across my writings and it provides benefit to them, then great!

Since my thinking is changing within my “Trading Brain”, so to will my blog entries as I develop my trading skills and take my trading to the next level. As with previous recaps of my ‘TC’ set-ups and trades, I will be including EWS recaps. Like TC, I am very aware and respectful of proprietary information these systems provide.

When reviewing my trading day, I will be vague and speak in code so as not to breach the integrity and hard work of the systems’ engineers. As long as I can understand my hieroglyphics, that’s my primary objective. Like working a baseball scorecard, as long as I can tell you what happened in the game by reviewing my scorecard, there is no reason to score it in a “standard” format so that someone else can decode it.

At times I might come across as a blogging sandwich board, TC this, EWS that. Well, if I believe in and use systems (while developing my own style with those tools) and want to express what or how the methodology I’m using is working, then I need to give credit where credit is due. Its not intentional advertising, but it will bring attention to trading systems that others may want to consider. The designers of these systems are not sponsors. There is an affiliate program for EWS members, but other than that, I am the sponsor of my journal. Like any good idea, I am willing to share where I gained my edge.

Trade Well !

Tuesday Log – Ah-ha, Click, Got it!

Today I felt a bit more coordinated as I was pulling levers, pushing buttons and following along with EWS and the market. I had the proverbial ‘click’ go off in my head today as I saw things within the system that translated to my trade planning and paper trade execution. I’m beginning to get it.

I took one live trade at around 1015 once the doji printed on the 5 min. I was just looking for a quick couple of points on 1 C , and let the last C run back to 50 area but, my BE stop was hit to the tick before my “long idea” headed to my planned target. I’ve got to work on these stop areas. Developing trust in the systems will help me. Result: +2.0

EWS was test driven on the sim today. Sold in the 1030 resistance area just under the previously identified demon level of resistance. I mistakenly had only 1 C working the trade so I was unable to scale the trade (although I could have added on but I’m not yet that evolved). I used the EWS tools that helped me identify my target. Since I had only the one C, I used it as a swing trade and let it ride to my extreme lower target. I noticed a level of confidence in the trade due to a plan / trade idea and I just let it work. Sure, paper trading is “easier” emotionally, but what I am doing is testing the system, building trust in the system before going live. I like what I see. Result: +9.75.

Later in the afternoon, I did some scalps both long and short for quick 1-2 point targets based on the TC set-ups and the EWS system numbers and methodology being learned. It was awesome to “see” the targets, have a good feel for the market price action and work my plan on each trade. Since I had already bagged a nice “profit” earlier, I was now going to limit size and be conservative to insure I wouldn’t risk my realized reward. Between 1330–1400 I was just looking for small bites from the market and I ended up with a nice afternoon snack. Result: +7.0

This is part of my game that I need to improve, “the bunt”. Singles happen many more times than extra bases and so is the same with trading. The extra base hits will come. Focus on “small ball”, move the runners over and when making outs, make them productive outs. The spray of hits will come.

Plenty of ah-ha moments today. The clicks are triggering in my head and I feel confident that I’m “getting it”. The dynamic synergy within the members’ site has contributed to my understanding. Simply put; amazing!

Trade Well !

Note: I have not forgotten about adding 'Trader Tips' into the posts. I will be contributing soon

Monday Log - Learning to Work Together

I spent most of the weekend studying the EWS. As with last week, I plan to put on a minimal amount of trades in regards to EWS methodology, at least not with real $$$. Beginning with today's session, I started sim trading with EWS trades and traded my live account for TC set-ups. I'm seeing some nice parities between the systems.

I began the day going short on paper in keeping with the EWS and pre-determined S & R. Entered short after 1000 in the 42's once price could not take out the high with half gap area of 39's as first target. Second target was 36's but missed by a couple ticks. Set stop at BE which was hit. In hind sight, the previously ID'd support level of 37 area was the better target. Sim Result: +3.0

I learned something today regarding the open and price targets thanks to one of the EWS members, Zeek as well as E. Ah-Ha moment. These guys as well as other members in EWS are truely awesome! Need a definition/example for collaborative support & effort? Become an EWS member!

Later in the PM session, TC set-up at 1330 for a long. Intial target was just below the intra high and missed it by one tick. I had my stop at just better than BE and was stopped out before taking 1/2 off (not wise). Got in long again on MA bounce set-up but did not let the trade idea work as I did not like being in the chop, thus the moon shot around 1500 took off without me. Result: +1.0

Combining EWS methodologies and targets with TC set-ups has a very nice overlay. The respective systems price targets and set-ups seem to have the potential of working very well together. There are several chart settings that are similar, TC set-ups are high probability trades and EWS has a structure that should evetually provide for a great edge.

Learning how to drive/operate the early prototype of this powerful machine will not be easy. Currently, my main focus is learning EWS with an eye open for TC set-ups. Gradually, I expect to expose the potential edge that the two systems have with EWS as the cornerstone of the methodology. Once I learn how the two systems can work together, and learn how they can compliment each other, I expect my trading edge to be very sharp.

Until then, it's all about putting together what I currently do have and understand; working together with those within 'E-Nation', collaborating with two systems as well as applying previously learned trading information from books, seminars and other traders within my network.

Working to put it all together. It's a beautiful thing. Someday sooner than later, I will be the one saying " the eagle has landed"!. Until then, it's about learning how to operate the machine that will help me ride those moon shots. After that, the stars are the limit!

Trade Well !