Sempai's YM Journal

10:04 +2 @ 9364 (+9 on #3)

initial stop at 9356

 

10:08 stop moved to 9364

 

New resistance level at 9396 for range trades.

Trailing stop on trade #4 is 3 bars back - currently 9367.

Possible retracement add-on entry forming here.

 

Trade #4 stopped out at 9368 per 3 bar rule (+4)

 

4 Trades: 3 winners, 1 loser.
Gross P&L: +18 pts.
Net P&L: +10 pts. (2 pts./rt for slippage and commissions)


Trade #1 Retracement

9:32 am -1 @ 9368
9:39 am +1 @ 9369 (-5)

Although I’m not using the Globex data for purposes of support and resistance levels, I have the session turned on in my 1-min. chart so that the moving averages for the entry signals aren’t out of whack. Also, I was thinking about moving the protective stop down to 9369 based on a pivot being formed, but I was waiting for a trade at 9359 (below prior low) to make the pivot “official”. Moving the stop to the high of the pivot would have made this trade a break even. For future trades, I’ll consider using the pivot prior to a break of the prior high/low, but I’m not sure yet (one of those “discretionary” things).


Trade #2 Retracement

9:42 am +1 @ 9373
9:55 am -1 @ 9383 (+10)

I missed this one, but followed it for purposes of the journal. Just like the other day, I missed the best trade of the day again! However, that is why I’m paper trading right now – so that I won’t miss the entries when trading for real. This one trade would have made the difference between +10 points for the day (net) or breaking even. Also, I messed up on the 3 bar trailing stop and forgot to move it up on the last bar which would have netted me another 3 or 4 points.


Trade #3 Retracement

10:00 am -1 @ 9373
10:04 am +1 @ 9364 (+9)

A nice setup that quickly traded down to prior support at 9360. The stop was moved to behind the prior bar since key support was being tested. In addition, a range setup occurred, so I bought 2 contracts to stop and reverse.


Trade #4 Range

10:04 +1 @ 9364
10:13 -1 @ 9368 (+4)

Another nice setup occurring at the 9360 support level which was formed at 9:37 am. Stopped out via 3 bar rule.

 

Support level for am trades is at 9422 which was resistance from yesterday.

Waiting for test of this level to set up range trade

 

9:38 am. +1 @ 9416 - Range trade.

Initial protective stop at 9410.

 

9:40 -2 @ 9412 (-4 on #1)

stop and reverse at 9412 for retracement.

p.s. at 9417.

 

9:43 am. +1 @ 9417.

Stopped out on trade #2 (retracement).

I'll stand aside for now since I'm getting conflicting signals. There was a second range trade entry to go long at 9:43 am. and also a retracement short is setting up.

A new resistance level has formed at 9437 for range trades based on the am high. Watching for a setup there now.

 

9:51 am. -1 @ 9432

stop and reverse at 9438 (buy 2).