Tradersaavy's Discipline Journal

Discussion in 'Journals' started by tradersaavy, Jun 23, 2004.

  1. I just notice an error on the chart.

    Entry price and target for trade 1 was entry at 10388 and target of 10373

    not 10188 and 10173
    #151     Nov 5, 2004
  2. short 10379
    #152     Nov 8, 2004
  3. target hit 10364
    #153     Nov 8, 2004
  4. Followed plan to the "T".

    I did move the target to 61 instead of 64 because price paused just above 64 looking like it would continue down. With continuation momentum I thought it would easily go through 64 and hit the low of the day.

    When 64 was hit I saw a lot of orders come in on time-and-sales and it pushed price up quickly without going to 61 so I moved the target back to 64 and was filled.

    For what its worth, a few minutes later price did go through the low of the day. Oh well.

    Will post chart later.

    I've been racking my brain trying to figure a way to partial the profits and go for the bigger moves. Still to no avail however.

    I have been backtesting with the 5m chart as reference to my 1m signals to see if there is a common clue that precedes the 30 - 40 point moves. The only observation so far is that when the 5m and 15m/30m have "moved a lot" the 1m signals are good at getting in early on larger moves. "Moved a lot" will need to be defined much better though so that some rules can be applied.
    This is no where near being ready to implement and more observing needs to take place.
    #154     Nov 8, 2004
  5. This journal, as it has before, is already helping with discipline.

    The simple fact that a journal is being kept does wonders for psychology.

    I recommend journals to anyone, amateur or pro. Although the pro's may have an advanced insight to this that I certainly can not see at this time.

    I will continue the journal and gear the journal more towards the development of catching the larger moves/taking partial profits.

    Constructive comments/questions regarding catching larger moves/taking partial profits are welcome.
    #155     Nov 8, 2004
  6. short 10381
    #156     Nov 8, 2004
  7. stopped out 10393
    #157     Nov 8, 2004
  8. long 10375
    #158     Nov 9, 2004
  9. target hit 10390
    #159     Nov 9, 2004
  10. Hey Saavy, Nice Work.

    By my charts, your system should have generated a Short signal between 10:00 and 10:15 (EST) this morning. Am I looking at it right? :confused:

    Good Luck buddy.
    #160     Nov 9, 2004