Monday, July 27, 2015

Every year but one in the last 15, August & September have been notoriously slow months with volume down significantly with so many of the big players on vacation. This year it looks like the slowdown has come early, so instead of staring at slow moving charts I'm going to find something more interesting to do this year.

When I do get back to the screens I'll resume documenting my trade reports privately again.  I brought the blog back online to briefly show anyone who might have been curious what it is I'm up to these days.  I also wanted to show the benefit of reaching out to a trading coach/mentor who can help you identify and correct your trading mistakes. While my trading activity was a bit slow this month, it was more consistent and profitable than in years past.

For far too long I was deluding myself  thinking I was just around the corner from success, just a couple more tweaks, one more trading plan revision, a couple more post-it notes on my monitor to remind me of that critical rule I keep forgetting that is responsible for all my losses. I'm sure you guys know what I'm talking about.  Think about this..... how many credible stories do you know where someone with little more than a shelf full of trading books and a webinar or two was able to figure this business out on his own and went on to make a comfortable living trading. After 15 years I don't know of a single case. Every person I know or know of, either signed on with a prop firm that had a great training program or they knew or meet someone who was already making a living in this business and was willing to work with them.

If you've been at this game for 2-3 years or more and your equity curve is still trending lower, got out and find someone who makes his living trading (not just teaching) and get some help, you'll be glad you did.

Best of luck to you, take care guys!


Thursday, July 23, 2015

Thursday's Plan

** 10:54 Update

The ES filled it's gap open from the Euro session at the US open. Price looked weak as it moved sideways for the first few minutes so I went short looking for downside follow through. Once price hit the high volume price level (purple line) from yesterday it held for a few candles that started looking like buyers may be coming in. I exited for a +1.25 profit.

** 12:20 Update

At 10:45 price tested the opening range again, while volume on the bid side started to drop off. After 3 bars down, price moved back up slightly with 3 bars showing little strength. The combination of the Doji and diverging volume looked like a lower high was forming. I waited for the first strong down candle to form and shorted the break of it's low. I extended my target to 6 points based on how week the daily chart looked, could have gone 10 and still been hit.

That's it for me, have a good weekend!

+ 7.25 ES points for the day.

Wednesday, July 22, 2015

Wednesday's Plan

** 2:53 Update

The summer doldrums are officially here. 

Early on price moved into yesterday's low where I was looking to short the ES, but the moved looked too strong. After a brief pullback sure enough it sliced through. Since 10:30 am price has been zigzagging around 2108 with no signs of a clean setup forming.

Flat for the day.

Monday, July 20, 2015

Monday's Plan

**1:30 Update

Very quiet morning with one setup found. Price had failed to move much higher than Friday's high and was back testing that high just before 10:00. The short term trend was now to the downside after the previous low on that middle time frame had been taken out. I took a small short position at 2119 and set a 2 point target which it hit a few minutes later. 

Looking back this is a setup I really should have passed on. This type of "wicky" price action normally doesn't workout for me. 

+2 ES points for the day.