Doubletrouble's Journal

Discussion in 'Journals' started by doubletrouble, Oct 12, 2009.

  1. I trade the index ETFs (SPY/QQQQ/DIA). I am posting a journal here to share my trades and insights and hopefully get feedback and discussion gg.

    I believe that you learn the most when you try to share your experiences so I will try to follow that and hopefully learn in the process.

    More importantly, I also believe what goes around comes around and this is also my attempt to pass it on after learning from some kind folks whom I'm very grateful to.

    Thanks for reading
  2. Well to kick it off, I am using index tracking equities as a substitute for futures.

    The benefits are that $risk can be kept at a low and fixed amount unlike futures where the $risk is substantially higher and you cannot really keep a fixed risk amount unless you are trading <20cars.

    Disadvantages are different taxation, no 24hr trading, higher commisions/$traded.

  3. Short QQQQ in the morning following LH at POIR. Stop above HOD. As usual too early to the game and had to wait for a 2T that was the catalyst for the downmove.

    Had plenty of chances to short at higher prices with smaller stops.

    Short DIA 2T also but took a half stop exit quickly as I realised I was shorting the stronger index and should wait for a clearer signal. I also try to avoid similar correlated plays simultanously unless its a juicy signal or its another confirmation.

    And a juicy signal came later so I reshorted DIA.

    There was immediate movement to further confirm but after that it was a long wait as I got my first target on DIA (because I had a smaller stop than QQQQ. A VERY IMPT reason to finetune the entry). Everything was looking weak but there was just nothing down nor up so I just waited.

    took some time for my QQQQ first target to hit and DIA 2nd target.

    There was a credible attempt at reversal on the QQQQ which went all the way before confirmation and then fell apart. Nice.

    on the DIA it was more obvious it was consolidation and continuation. an irony considering it was the stronger one.

    Targets were all reached subsequently and beyond. Once in a while kinda of day.

  4. Hey DT, long time. Good to see your still trading. Will be following your journal.

    Good Trading
  5. Bought 99.99 DIA in the morning. off the second leg with some yummy confluences. Stop was 99.84. Took some heat to 99.92 ard as expected and then got a good response.

    DIA really took off after sucking in shorts in a half hearted attempt at a reversal. Surprised by the strength and the speed. Actually went past my 2R target before I can contemplate to exit some. The move was surprising on 5 min as there were no attempts to suck in more shorts to fuel the move up.

    The move only made more sense in the bigger TF context.

    Took off 70% at 3R and the rest at 4R and 5R.

    DIA seems to follow channels quite nicely.

  6. This a problem I face. In a winning day I'm usually done early and also in on just one or two trades.

    Whereas if I am wrong for the day I'm usually losing at more trades. Though my R:R is pretty good this is still a problem I'll like to fix as it will save me from a large part of my drawdowns.

    One of the suggestions I have received is to filter my trades more tightly so that I minimize the chances of overtrading esp on a losing day. I'm doing that.

    I also have set myself a max trade no of 5 so as to limit my losing days.
  7. Hey hey YO

    Keep in touch ya

  8. Strong opening right from the start and no pullbacks. Was looking for a place to get long but it was wishful thinking.

    Reminded myself not to short indiscriminately against such an opening due to to prev experiences. Was pleased to have performed better resisting the counter instinct.

    Went into the smaller timeframe to hopefully see some possible entries on pullbacks...there were plenty. Reminder: Strong opening open the smaller timeframe and get in quick.

    BUT beware of the smaller timeframe I finally thought I saw a good short forgetting its in a smaller TF and on my usual TF its still green gg strong. but at least i was abit conservative betting just 0.8R short on SPY. needless to say took a stop quick.

    Went long full R QQQQ realising my mistake and then price started chopping around. Typical LOL. waited abit saw a good long entry on DIA and went long. This was the ideal long entry. Reminder try not to reverse so hastily. Can try exiting and looking around first.

    price responded immediately but stalled again failing to make a new high. this was making me suspicious after seeing so many signs that price was not behaving properly. Looked at the bigger picture and realised possibility of a reversal on the larger TF. finger now on the stops trigger.

    Price finally broke fast. had time to tighten the QQQQ stop but hit the DIA stop. Immediately reversed hitting DIA and SPY short. and IT DROPPED like a stone. This is the moment when you say shit I should have gone short more. but no you have to follow the rule and stick to the plan. so I am short on 2R.

    exited some at 1.5R to recoup earlier losses and kept quite abit for the rest of the drop. was quite confident of larger targets looking at the strength of the move and PA before the break.


    Did not realised I was so windy LOL. Sorry if you actually read it.
  9. Switched to the new TWS today after being forced to by IB. Was pretty ok actually just that had to reset some of the defaults.

    if you have experienced any bugs with the new TWS please let me know so that I can be aware.

    anybody knows what is post-only function?

  10. Yesterday post was delayed as I was so tired. Very busy period now for me.

    Had a long bias after the weekend based on how far we have retraced on the bigger picture. Had some longer term trades filled due to the retraces and was looking for some bounces.

    Price took off right at the open with no visible retraces. Decided to go into the smaller TF and catch a retrace for a long in DIA which worked quite well right off but as my stop was based on the larger TF no profit target was met before a reversal formed actually on the normal TF. Took a 1R stop out.

    Entered a short prematurely( and wrongly as DIA was not what I will be shorting if I felt like shorting) as usual almost immediately which did not go anywhere and then hit my stop for a second 1R stopout. Felt like caught in a whipsaw and proceed to reenter long after seeing a bounce at support. (showed my bad stop placement for the first trade as price bounce shortly after my long was stopped out. Also showed my bad entry short as I shorted right at the bounce at support! ADOUBLEWHAMMY).

    reframed my self and composed my plan of action. decided my long was good and if stopped out I will be able to short it with confidence.

    of course I got stopped out for the 3rd consecutive strike out but I stuck to my plan looking to short. This time round as I had planned ahead I did not react instinctively and so shorted at good levels both QQQQ and SPY. price broke down and I covered at various targets for around 3.5R and 2R.

    #10     Nov 3, 2009