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 !

Friday Log - Not Ready for Prime Time

The overnight session set-up fairly well for the "Hot-Box" trade. In anticipation for an emotional spike at 0830 when the housing report was announced, price was near the middle of the globex session but closer to the PP than I would have liked. Once the numbers were released, the price action had virtually no significant reaction. No trade.

I did however try a couple trades in the first 60 minutes of the AM session. In my first attempt at trading some adaptation (Steve's rookie swing) of EWS, I found myself on the wrong side of two trades. EWS called for 928-932 support (Angel) and 937-939 resistance (Demon). I was in the middle...throw the dice and call in the auctioneer!

After going back and reviewing my two trades, I realized I was not yet ready for prime time trading of the EWS. My trades were poorly planned, too close to the middle of the predetermined range as well as having a tad bit of anxiousness thrown into the mix. Since I had not traded most of the week, I wanted to trade. I'm a trader, I want to trade. But in hindsight, my entries were made in low probability areas and not in keeping with EWS. I could have taken 1 - 1.5 pt. scalps off each trade but instead took loses as I expected the range to be tested with me onboard in the right direction. I did not trade well. Result: - 8.5

Still learning the controls of EWS. Lots to learn but happy with the progress I've made this week. During my observations over the past week, the system seems to have an uncanny way of identifying S & R levels, price targets, "magnets", etc. With good planning and anticipation of the "what if's" before getting into a trade, using the EWS road map will without a doubt improve my trading. But, in a similar way that I need to trade what TA is telling me and what my eyes are seeing, I need to rely on the "magic" numbers of the EWS road map to guide my journey. Trade what I see, not what I think! Combine that along with the first class tutelage that 'E' provides each trading day and I'll be ready for prime time before I know it.

Trade Well !

Thursday Blog - Expiration

Not only has my trading expired for this week, we have Friday expiry tommorrow. If I do trade anything tomorrow, it will be in the morning session between 0800-1100 only.
Housing starts eco report at 0830 might offer a "Hot-Box" set up for pre-market trade. I'll see how it sets-up overnight.

Continued to study EWS today. It's beginning to come together. I've learned the spreadsheet entries, now concentrating on the price relationships with the ss numbers. I continue to be impressed with E, his system and the growing cooperative dynamic within the EWS community. It's just what this trader needed...structure.

Trae Well !

Wednesday Log - Taking More Time on the Pine

Sat on the bench again today as I continued my studies. No trades made. It takes a lot of concentration to follow the system comments, following the ss and putting it all together while watching price action on the ES.

In the past, after trend days like this, I would always look back on the day and say to my self (while probably shaking my head) man, why didn't you make trades and improve the P/L? Well, yesterday and today, 'E' stated that these types of days can be very difficult to trade. Sure, more experienced traders find trades on these days. And if you are able to get in and be on the right side, then great.

So combined with allocating my time and concentration to learning the system and the day not necessarily being an easy day to trade, I remained on the pine bench.

As 'E' stated very wisely, "missed money is better than lost money". Well said!

Trade Well !

ps: NL drops another one! Hopefully it's only "wait 'till next year" for the NL All-Star team!

Tuesday Log - Not in the Line-up

Sorry, but I'm in a baseball analogy mode.

I stayed on the bench today and made no trades. More studying, observing and taking notes regarding EWS.

I'm planning to watch to All-Star game tonight. Glad to see NL/Prince F. win the Home Run Derby last night.

Now if Team NL can get the 'W' tonight and break the 12 game losing streak (counting the one tie), then the table will be set for October!

Trade Well !