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eMini Nasdaq-100 day trading journal

  1. Welcome to my journal.

    I've just recently starting day trading the eMini nasdaq 100 ( NQ ) for a couple of hours ( close all positions by 11.30am ET ) before my regular job. Previously i'd been trading stocks in my spare time for the last couple of years.

    My daily aim is to make 10 points. I'll try to post my trades and the thoughts behind them daily.

    I have the following NQ charts on my screen;

    Daily
    30 Minute
    2 Minute

    These charts have the following indicators;

    Daily - 10 period EMA ( to show trend )
    3 period RSI ( which i find useful to highlight possible reversal days )

    30 Minute - MACD with histogram

    2 Minute - MACD with histogram
    Previous day low line
    Previous day high line
    Volume

    I also have the following on my screen;

    $TICK ( 1 minute )
    $TICK ( 10 period EMA of 1 minute )
    $TRIN ( 1 minute )
    Time and sales


    trade_addict
     
  2. Good luck!

    -Fast
     
  3. Watching a daily and a 30 min chart if you're daytrading for 2 hours a day beats me.:confused:
     
  4. I find the 30 minute chart showing the last 2 days useful to show S/R levels. I think it's good to keep an eye on the bigger picture with the daily also, but i don't use it for trade entries or exits.
     
  5. You dont miss much by quitting at 11:30. I watch the market all day but very seldom trade after 11:30. Good luck.
     
  6. Trades for 10/14 ( P/L = 14 )

    ------------------------------------------------------------------------------

    Time: 9.33am
    Entry: Short 1413
    Target: 1406
    Stop loss: 1415
    Exit: 1408
    P/L +5

    TRIN was looking fairly weak on the open & the TICK EMA was heading down, so i decided to short the open. Exit just before 10am reversal when TICK EMA turned up.

    ------------------------------------------------------------------------------

    Time: 9.50am
    Entry: Long 1409
    Target: 1413
    Stop loss: 1405
    Exit: 1412
    P/L +3

    This was a 10am reversal play. Target was based on days high. I exited slighty early as buyers seemed to be drying up and i wasn't sure my target would get hit.

    ------------------------------------------------------------------------------

    Time: 10am
    Entry: Long 1411
    Target: 1415
    Stop loss: 1409
    Exit: 1409
    P/L -2

    Up move looked fairly strong, so i thought that move up would continue further but it didn't. I should have stayed away from this trade as TICK was reading >1000

    ------------------------------------------------------------------------------

    Time: 10.12am
    Entry: Long 1411
    Target: 1415
    Stop loss: 1409
    Exit: 1414
    P/L +4

    Market had just made higher low, and TICK EMA turning up so i though i'd give the previous trade another try.

    ------------------------------------------------------------------------------

    Time: 10.33am
    Entry: Long 1412
    Target: 1417
    Stop loss: 1410
    Exit: 1412
    P/L 0

    Another higher low entry. Looked like market was trending up.
    The move ran out of steam pretty fast though and i got scared so i exited even.

    ------------------------------------------------------------------------------

    Time: 11.05am
    Entry: Short 1416
    Target: 1412
    Stop loss: 1417.5
    Exit: 1412
    P/L +4

    Just broken to high of day, but volume wasn't that impressive, the TICK EMA was flattening out and MACD histogram seem to be peaking, so i thought it was a false breakout and went short. Target based on previous pivot from around 10.30

    ------------------------------------------------------------------------------
     
  7. Good trading...you reached your goal of 10 pts and then some :)

    -Fast
     
  8. charts please. to bring a splash of reality.... do u know how many emini journals have been started? do you know how many failed and quit? yea yea u know 90%. :eek:
     
  9. Pretty slick surfing. But you seem to have a lot of soft rules and quite a few indicators. Perhaps you could explain how it all fits together in a way that enables you to make decisions in real time.
     
  10. Yeah i'll try and post some charts for some of the trades in the future.
     
  11. Trades for 10/14 ( P/L = 7.5 )

    ------------------------------------------------------------------------------

    Time: 9.32am
    Entry: Long 1439
    Target: 1445
    Stop loss: 1437
    Exit: 1437
    P/L -2

    TRIN was strong & the TICK EMA was heading up, so i thought there might be some additional upside even though the market had gapped up.

    ------------------------------------------------------------------------------

    Time: 9.42am
    Entry: Short 1435
    Target: 1430
    Stop loss: 1437
    Exit: 1431.5
    P/L +3.5

    All signals were saying short ( MACD turning down, TICK EMA turned down, TRIN rising )
    Exited when target hit.

    ------------------------------------------------------------------------------

    Time: 9.56am
    Entry: Short 1433
    Target: 1425
    Stop loss: 1435
    Exit: 1425
    P/L +8

    I was watching the volume at the 10am reversal & it seemed weak so i started considering
    another possible short. I waited until the TICK EMA turned down for entry. Target based
    on slightly above yesterdays high as i thought it should be a good support point.

    ------------------------------------------------------------------------------

    Time: 10.30am
    Entry: Long 1423
    Target: 1430
    Stop loss: 1420
    Exit: 1420
    P/L -3

    Looking for a reversal around 10.30. MACD started to turn up, TICK EMA was turning up and
    i'd seen a hammer candle on my two minute chart so i thought the odds were in my favor.
    Target level was from earlier pivot around 10am

    ------------------------------------------------------------------------------

    Time: 10.55am
    Entry: Long 1425
    Target: 1430
    Stop loss: 1423
    Exit: 1426
    P/L +1

    2nd attempt at previous trade. Looked like a mini double bottom pattern had formed on
    my two minute chart so i went long. Entry could've been better at around 1424. I stayed in
    the trade for about 10 mins and it didn't seem to be going anywhere. Also volume had dried
    up so i exited.

    ------------------------------------------------------------------------------
     
  12. Thanks for taking the time and effort to do a journal.


    Personally, I would find it very interesting if :

    * the trades were posted real time
    * charts were posted
    * your thoughts and feelings at entry
    - including what you see that is getting you into the trade
    (like larger timeframes, other indexes, indicators etc.)
    * your thoughts and feelings during the trade
    (like larger timeframes, other indexes, indicators etc.)
    * your thoughts and feelings on exit
    - including what you see that is getting you out of the trade
    (like larger timeframes, other indexes, indicators etc.)

    This may be a lot but I'll bet when you look back, it will be very informative.
     
  13. That's a lot of work :eek:

    -Fast
     
  14. When i'm trading i need to have full concentration on it so i don't think i can do it real time. I'll try to post some charts, but haven't worked out how to save the chart out of my charting app. yet ( NeoTicker )
     
  15. I'm strict with certain rules and not so strict with others. I'll always place a stop loss and target order when i get filled. The target will be planed in advance, but my stops are usually just 2-3 points away from entry.

    I'm not so strict on exiting at my target. It depends on how i see the trade going. If i feel the market is going against me i often get out even or +.05 etc ... sometimes the market goes on to hit my original target, but other times it takes out my stop. I'd rather be even or up a little rather than down 2.

    I mainly like to play reversals. I like to use a combination of the MACD and the TICK. When they both reverse i start looking for an entry. This method sometimes gets me into trades too early though ( like today ) so i'm trying to work out if there's another indicator i can use in conjuntion with these. I've read about the ADX indicator but i haven't worked out how to use it properly in trading yet.

    Also, I'll often look at the MACD from my 30 min chart which includes pre-market to try and get an idea of the trend.
     
  16. When you say "MACD", are you referring to the MACD itself or the histogram? Or both?
     
  17. Both
     
  18. When the MACD & TICK give you a signal, are you also looking for the price action for a signal ?

    In the past, I found myself looking at my indicators a little too much . Now, I have price action and volume on my screen only. When price action looks good for my method, I then "tab" (on Esignal) and bring up the indicator to see if it is confirming. This way I do not let the indicator be my main guide.
     
  19. Try the freeware Gadwin PrintScreen:

    http://www.gadwin.com/
     
  20. When i'm getting a buy or sell signal from the indicators, i'll take a look at recent S/R levels. I watch volume carefully also. I also setup my time and sales window so that it highlights orders over 50 contracts. So say i get a buy signal ( the MACD and TICK EMA are turning up ) and i'm seeing some decent volume going off at the ask then i'll probably go long.

    Hope this answers your questions.


    Another factor i look at is the current range. If market is in a tight range, say 2-3 points, i'll stay away until it breaks out either way.
     
  21. Do you use Esignal ?
    If so, how do you set the time and sales to highlight ?
     
  22. I use eSignal, but don't know of any way to Highlight orders over 50-lot. I can, however, set the T&S window to only show me trades with Size over 50.

    -Fast
     
  23. I'm using NeoTicker ( eSignal for data )
     
  24. Trades for 10/16 ( P/L +8 )

    Only 2 trades today as i wasn't feeling 100%

    ------------------------------------------------------------------------------

    Time: 9.50am
    Entry: Long 1414
    Target: 1420
    Stop loss: 1412
    Exit: 1437
    P/L +5

    Before i entered this trade i noticed that the MACD histogram on my 30 minute chart was turning up, so i was thinking maybe there would be a positive bias early on. After a 2nd test of the 1412 area i went long. Got out too early but still happy with the trade.

    ------------------------------------------------------------------------------

    Time: 10.50am
    Entry: Long 1416
    Target: 1420
    Stop loss: 1414
    Exit: 1419
    P/L +3

    MACD turning up, TICK EMA turning up and reversal time of 11am, so risk/reward seemed good. I had to hold onto this trade longer than usual to get a profit ( exited at 12.18 ). I think i was lucky with this one.