Euro, Yen, Emini SP 500, Oil (SELL IT!) Journal

Discussion in 'Journals' started by increasenow, Mar 29, 2008.

  1. DATE JOURNAL BEGUN: Saturday, March 29th, 2008

    PRODUCTS TRADED:

    CME Globex Euro Futures
    CME Globex Japanese Yen Futures
    CME Globex Emini S&P 500 Futures
    CME Globex (Comex) Crude Oil Futures (large contract, not mini)

    TRADE TIME PERIOD:

    Daytrading only during RTH currently...may hold positions overnight in the future.

    TRADE TYPE:

    SELLING/SHORTING any of the above contracts only. No 'long/buy' positions will be considered or held.

    WHY ONLY "SELL/SHORT" POSITIONS?:

    I have noticed that my ability to perceive "Sell/Short" trade set-ups is far better than my ability to perceive "Buy/Long" trade set-ups. ALSO...it saves time in that I will be only looking at 50% of any type of trades, meaning "sell/short" only and not buying/long set-ups. Also, I am not a negative or pessimistic person at all...but, again, my ability to perceive 'short/sell' set-ups is more acute.

    WHICH CONTRACT TO TRADE APPROACH:

    Above contracts will be scanned to meet intraday "sell/short" set-ups and be closely monitored. At least one contract will meet criteria as I am able to trade during the day considering other responsibilities.

    WHY 4 CONTRACTS ONLY?:

    *enough to give more daytrade "sell/short" trade options
    *not too many to become unfocused and distracted

    WHY THESE 4 CONTRACTS?:

    *All have high volume/liquidity
    *All have massive news/information exposure per each contract
    *Mostly tight bid/ask spreads
    *Personal interest in the factors/realities behing each future
    *speaks to current worldwide economic situation...dollar falling, US stock market, Commodity Oil prices and worldwide situation for Oil etc...

    CONTRACTS CURRENTLY TO BE TRADED PER EACH FUTURE:

    Euro: 2-3
    Yen: 2-3
    Emini SP 500: 4-10
    Crude Oil: 1

    TRADES PER DAY:

    Want to make only one (1) highly profitable (to me) trade per day and walk away. That is one trade in total, not one per each contract.

    TRADE ORDER TYPES:

    Market orders only..."all in" and "all out"...no limit orders or scaling in and out...open to use of limit orders but have found no use or need for them as of current trading.

    STRATEGY/TRADING APPROACH:

    *Price Action
    *Daily Pivots, Support, Resistance
    *Awareness of recent high, lows...1-5,10,20,50 etc. day high, lows
    *volume is noticed per each intraday time period but not necessarily considered for trade enter/exit
    *1,5,15 minute time period intraday charts
    *no indicators: Stochs, MACD...for me, it was always 'chasing a lagging' indicator and was very distracting...
    *Fundamental analysis consdered for awareness of intraday set-ups: Economic news, other news items etc.
    *looking to "highlight" or "expose" divergent action off of the various futures


    PURPOSE OF JOURNAL:

    *Sharing of trade insight/information
    *Monitor progress
    *Place for discussion of trade items on any of thes contracts or the "sell/short" set-up approach

    CURRENT TRADE ACCOUNT BALANCE: Not to be noted...do not want nor need any focus on it.

    RECENT TRADE HISTORY:

    *did not trade last week as traveling out of town
    *Last 4 trades were in the Emini SP 500 (4 contracts traded) for a net profit (after commissions) of $1,300.00
    *the 4 trades lasted from 2 to 40 minutes each
    *all last 4 trades were 'sell/short' trades

    THANK YOU TO Elite Trader Posters...gathered much great trading information throughout my time on this website...thanks!!

    PLEASE feel free to comment on my trade approach (sell/short only), news regarding any of these contracts (Euro, Yen, Emini SP 500, Crude Oil)...the BEST trading to all of you!!!