Newjack's NQ Price Action journal

Discussion in 'Journals' started by newjack, Jul 14, 2009.

  1. newjack


    Hi All,

    In the interests of forcing myself to take some extra responsibility in my trading, and perhaps getting some advice on improving, I'm starting this journal and will be posting charts whenever I trade.

    I'm in the UK and can usually trade the US afternoon session, but pretty much never the morning. I'm trading purely on price action and I'd welcome any feedback on my trades if anyone has any.

  2. newjack


    Today's 3 trades - all losers, net -4.25 pts... great way to start thread :)

    First long I took because of breakout of small W at the 50% line of the last swing... seems like a valid trade to me, but stopped out for a small loss.

    Shorted the breakout of the triangle, then went long on the next breakout. Full stop on both of these.

    Today's lessons: Should really wait for a pullback after a breakout, to be safe. Pretty choppy day too... perhaps should be tighter with stops and more quicker to take profit on days like this.
  3. newjack


    Just one trade, was a little distracted. Took a long at 1492.75 because of bounce off strong trend line. Exited early because I didn't like the noise we were in. Clear to see afterwards that it was just bouncing around in a channel, and i would have had an ok profit if i stuck with it.


  4. newjack


    No nq trades today, although looking back there was this obvious triangle breakout that puts into doubt my previous thought that i should wait for a pullback after such a breakout.....
  5. newjack


    I did however make some cl trades... I didn't realise how good it is for price action traders.

    Took 1st short after breakout of uptrendline, also making the shoulder of the (slight misformed) head & shoulders pattern.

    Added to last short at breakout of rectangle in the strong down move.. exited at break of trendline.

    Thought about taking a long at the white ellipse, but still looked like we're going down so passed. Wish i took it.

    Tried another short at trendline, stopped out.

  6. newjack


    Wasn't able to trade this afternoon but posting this chart for the record....

    A good example of tradng a retracement after a triangle breakout. The trade looked good because of the breakout, retracement to 50% line, small downtrendline break, and it looks like there's a small W at the bottom too.
  7. newjack


    Another choppy day on nq. tried a long on something that looked a bit like a failed h&s + trendline break + bounce off 50% line. Had limited r:r so shouldn't have taken it... came out with small win.

    tried the short on breakout of M formation, stopped out. really should wait for the market to decide where it's going on days like this.

    -0.875 / contract
  8. newjack


    Happy with my CL trades today, stuck to the plan even though the voice in my head was trying to convince me they wouldn't work.

    First short was breakout of double top at resistance line + trendline break. Took 1/2 off at next support line, where price bounced then went down again. Added to this position with the trendline break, making the right shoulder of a h&s. 1/2 off again when it got into trouble at 64.85... rest I held until 65.10.

    Price had rallied and broke through the trendline, making a failed h&s in the process, so took a long. exited in halfs at the next 2 resistance lines.

    Lastly, took a short at the break of the double top and s/r line. Hasn't gone far since but still holding.

    0.63 / contract
  9. newjack


    I should really change the name of this journal since I've been more interested in CL than NQ.

    Just one trade today - took a long at breakout of W pattern with higher low + trendline break. 1/2 off at 65.50, targetted 66 for the second half but didn't make it there, and got stopped out at 65.62.

    0.34 / $340 per contract
  10. newjack


    damn it, shouldn't decide nothing's going to happen and shut up shop. Easy 10 pointer in NQ.
    #10     Jul 21, 2009