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Trading the SPI - day trading development journal

Discussion in 'Trading Diaries and Journals' started by TortoiseTrader, Sep 30, 2015.

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  1. TortoiseTrader

    TortoiseTrader

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    This journal will be a pictorial, and technical discussion of my
    Trades. But in particular my rational explanations of how I analyse
    The market to justify taking a trade. It will also act as a journal
    Of my losers and winners - and my notes concerning those aspects such as rules followed, broken, changes to make to approach and psychological reflections and considerations. It is chiefly for myself I am doing this blog to help develop my abilities to become a professional trader. Any questions about my approach I will welcome in a seperate forum post dedicated to trading the SPI futures contract exclusively. I am specialising in this market, and avoid other markets as I believe it is the best road to success for my personality.
    Thank you in advance for reading my blog and engaging in any discussions for and against.
     
  2. TortoiseTrader

    TortoiseTrader

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    This was a scalp only due to the time in SYD being 11:30 pm US open,
    and I didn't think I'd be awake long enough for a swing trade ( ashame !)

    Anyway, that was my trading plan, and I stuck to it.....

    I traded more than usual on this trade as I saw it as a rare opportunity.
    The move down leg C correction was very climactic to watch forming in minutes, I thought it was un-sustainable...As scary as it seemed to buy it,
    the things I look for lined up well.
    1. the ABC correction was symmetrical in points being leg A -83, and leg C -89 ( overshot my target buy area slightly)...
    2. Formed a more minor double bottom
    3. a micro double bottom formed with some two sided trading showing buying was about equal to selling in a narrow trading range.
    I thought there would be at least a scalpers profit of up to 20 points.
    I wasn't looking for it to be the bottom of the move.....the fact it was
    makes me think I should swing a portion in the future for further gains,
    but my golden rule of day trading is not to sleep through a trade. Also,
    with a long weekend ahead I definitely don't hold over a weekend due to gaps in the market possible on re-opening Monday. I'm a day trader, I look for 20 points per day or more if possible.

    start from bottom of images and work back up to top images for correct order of analysis
    http://www.evernote.com/l/AdlA5_SmT5hGD5dBHWumn1SJp1NETTj37IM/
     
  3. TortoiseTrader

    TortoiseTrader

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    Today I was looking for a reversal from a larger degree (60 minute)double top, and strong +188 double drive
    target.....obvious selling at these top of range levels came in.....I under-estimated the full extent of selling
    which was formed a bear channel most of afternoon, and capitulated down to low of day....not a good strategy to try pick the low, and the smaller degree ABC correction -43 Double drive did not find support....I averaged down with 3 buy orders and managed to gain only 6 points by the close of futures market at 4:30 pm Sydney ....

    I am not happy with how I traded though as I should have got short, I expected after a strong bull trend the double top would cause a bear trap, but I was wrong. I wasn't really paying enough attention to the price action signals.

    http://www.evernote.com/l/Adlw7D9rX2VA2KEd1y-hU24l0qxt8LIePQE/
     
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