Trade journal and analysis

[Scalpwing]

As i need to start afresh...i am not planning to take any trades for now...would just put up some analysis here for review...
Meanwhile...I have set myself a goal of completing YTC Books and Disciplined Trader book by Mark douglas...
in next 10 days ...Any other sources / suggestions are welcome....

 

[DanPSup]

I feel comfortable on 5 mins/60 Min/daily charts......

Please do advise as you get time...

If you feel comfortable on short time frames like 5min and so on, then stay in this comfort zone if you can handle it. But you may ask your self the following questions first and be sure about your answer you give to your self about it: Do you have the will, the spirit and even the mental power to sit the whole day in front of your sreen to manage your trades on those TF? Can you stand the heat to do so, even the market and the trades go against you? How much frustration can you handle in a row? It is less what kind of tools you choose to trade, it is about what I mentioned. Papertrading will show you the skills you do not have in real trading. Do never forgett that.

 

[newtrader101]

Trade panned out as expected , it touched the SMA , But any profit would have evaporated if not booked.

Daily:
View attachment 37137


5 Min Intraday:
View attachment 37138

Possible reasons: Nifty was in favour
MACD was in favour
Volume support

@Reasons2Exit: Nifty didnot support till day end....Nifty evaporated all its gains.
Afternoon breakdown (1.30 - 2 PM) after consolidating for a few hrs around 410
Best time to exit: 10.30 AM as it never broke that high again. It made double top at 1 PM


Seniors Please annotate your reasonings as well.

Wouldn't it have been better to short it, as trend is down on both daily and 5 min. After 14:00.

 

[primitivetrader]

Seniors please guide which tool to use to capture Images and edit them fast for analysis.
I am a hard core optimistic and mostly i look for long positions...but i would like to change it by having same number of stocks after analysis for Longs and shorts.

Trial Message: (for trying out ways to enter details)

TRADE IDEA 1: For 19 Aug - RBL bank - LONG
I have just taken a snap of ET charts and tried to add a trend line and SMAs to make some analysis.
I believe if market supports on Monday (seems unlikely though) , it should try to have a go till its Blue SMA.

@Reasons2Enter: trendline break
Above fast MA
extended down move
MACD rising , sloping up in a rounded way

@ReasonsNot2Enter: Immediate resistance (horizontal or Downward sloping Blue SMA)
Not enough volume support till now
sector - banknifty needs to support the move

View attachment 37118


suppose i am long here , whenever exiting , i will write @Reasons4Exit

Seniors please annotate better ways to enter my reasoning and any other things needed to be added.

if wishes are horses, than you may not be here but trading profitably. your above analysis, does not hold any water for trading. its is very generalist and wishful thinking. there are no clear cut objective rules in any thing in your analysis.
and till the time your don't have objective rules you will always have almost equal number of reasons to go long as well as short as well as do nothing.
there is only one thing which differentiate pro trader(PROFITABLE) from others is OBJECTIVITY. REST ALL IS MUMBO JUMBO AND JUST GOOD FOR DISCUSSION

 

[Scalpwing]

if wishes are horses, than you may not be here but trading profitably. your above analysis, does not hold any water for trading. its is very generalist and wishful thinking. there are no clear cut objective rules in any thing in your analysis.
and till the time your don't have objective rules you will always have almost equal number of reasons to go long as well as short as well as do nothing.
there is only one thing which differentiate pro trader(PROFITABLE) from others is OBJECTIVITY. REST ALL IS MUMBO JUMBO AND JUST GOOD FOR DISCUSSION

Thanks primitivetrader....yes i agree with you...i see that i am following a generalist approach to taking trades..and that is why i lose more than i win.....
I need guidance as in what you mean by objective rules....if you can just guide me with one example..it will help me to start looking things from a different perspective...if you get time...plz assist...

 

[Scalpwing]

Wouldn't it have been better to short it, as trend is down on both daily and 5 min. After 14:00.

@newtrader101 : well you have just caught me red handed...as i told you that i realized after trading for a while that i have some personality flaws...and these are just the ones that are essential for pro trading....ie Patience...and discipline......I see that this trade is panning out on upside for a few points on daily and then at SMA , it should go down to test its previous low...but seems that i can't sit on hands for it to pan out...


On a 5 Min Chart on that day , I agree that it would have been a better trade to short once it breaches the SMA and then breaks the horizontal support as seen below:

I had thought of making some rules for entry , but as of now i am focussing on getting immediate trade direction correct.

Also i wish to expose my thinking here....so Pro Trades like you and others can guide me...

 

[Scalpwing]

If you feel comfortable on short time frames like 5min and so on, then stay in this comfort zone if you can handle it. But you may ask your self the following questions first and be sure about your answer you give to your self about it: Do you have the will, the spirit and even the mental power to sit the whole day in front of your sreen to manage your trades on those TF? Can you stand the heat to do so, even the market and the trades go against you? How much frustration can you handle in a row? It is less what kind of tools you choose to trade, it is about what I mentioned. Papertrading will show you the skills you do not have in real trading. Do never forgett that.

@DanPSup : Well you made me think about it all night....and i still have not got answer....

I see trading an extension of life...so i should find a match of my characteristics to a trading style...
I am analytical....i get bored very easily... i do not have good discipline....(trying to develop).....i am hard working.....I donot pick things easily....but once i pick i pursue it.....i like to drive safely...but at times rashly too....

some traits says that my style should be scalps...and some says that i should do positional.....after trading for somoe time...i see that i enjoy quick results... or i can give a trade a few days....but not more than that...even if a trade is giving me slow profit...i get bored and bail out...i think i strive for little action....i need something to be happening......
I like spending time on screen too watch quotes...

Based on above ....and also trading....i think i like mostly small time frame trading.....1 Min seems too fast...but 5 min...to daily...seems optimum to me...

 

[primitivetrader]

Thanks primitivetrader....yes i agree with you...i see that i am following a generalist approach to taking trades..and that is why i lose more than i win.....
I need guidance as in what you mean by objective rules....if you can just guide me with one example..it will help me to start looking things from a different perspective...if you get time...plz assist...

couple of ways you can put rules around your ideas:

1) if you are using trend lines as part of trading. do you have a rule as how to draw it? make a rule and dont break it and do it minimum on 100 charts without deviating from the rule.

2) you are using multi time frame. keep your time frames in multiple of 4 or 5 for eg hourly - 15 min and 3 minute or hourly and 15min. 15-5 combo may not work or for that matter 15-3 combo may not work. now logically and objectively decide what is the role of each time frame. may be trend on HTF and trade on LTF or trend + OB/OS in HTF and trade on LTF in the direction of HTF.

3) using EMA/MA and TL's together may not serve any purpose and both has almost similar thing to gauge, which is trend. for me trend lines are more objective in defining trend than moving averages. choice is your if you can define MAs objectively to define trend use it.

4) define rules for set ups. if you are chasing stocks or tracking stocks during live mkt than you cannot track more than a few stocks. and personally its not a way to trade stocks your analysis has to be done before mkt opens, you must be ready with you stock list + entry + sl+ tgts. in live mkt one can only punch orders and if get executed manage them. this is how I do. live mkt is not for analysis and tracking. live mkt is for trading plain and simple. if you are able to do these things all psychological + MM and rest of so called very imp and hype stuff will automatically be taken care off. this is my personal exp in trading as i have gone you each and every phase of trading to reach where i am today and the way i am trading.

5) define what is your trading purpose is it day trading,swing trading,positional trading or long term trading. but has to be objective for day trading, its futile to look eod and higher time frames.

6) if you can define trend objectively half of your problem is solved.

7) read elder tripe screen trading system. the whole concept works may be not the way elder has done in the book but its quite logical and workable.

8)if you want to learn how to draw trend lines read this is good book https://www.amazon.in/Stikky-Stock-Charts-Professionals-Smart/dp/1932974008 very easy to read and learn. if you want to learn about trend channels( which is superior to trend lines or extension of it) you can read book by tom williams or gavin holmes. both the books are about VSA but has chapters on trend channels better than anywhere else. if you want to master trend channels then read about wyckoff method of drawing trend channels which both later tom and gavin used. in the book.

hope the above help. invest time and effort (its going to be couple of 1000 man hours ) in designing your method objectively and rule based you will reap its returns for whole of your life and hope become financially independent.

 

[primitivetrader]

@DanPSup : Well you made me think about it all night....and i still have not got answer....

I see trading an extension of life...so i should find a match of my characteristics to a trading style...
I am analytical....i get bored very easily... i do not have good discipline....(trying to develop).....i am hard working.....I donot pick things easily....but once i pick i pursue it.....i like to drive safely...but at times rashly too....

some traits says that my style should be scalps...and some says that i should do positional.....after trading for somoe time...i see that i enjoy quick results... or i can give a trade a few days....but not more than that...even if a trade is giving me slow profit...i get bored and bail out...i think i strive for little action....i need something to be happening......
I like spending time on screen too watch quotes...

Based on above ....and also trading....i think i like mostly small time frame trading.....1 Min seems too fast...but 5 min...to daily...seems optimum to me...

read and study more about trading methods and plan than psychology. the above mumbo jumbo is intellectually additive and has nothing to do with trading. for me the above is sheer waste of one time. you are what you think you are.

the long and short of thing is "sum total of you habits = your nature" so instead of trying to change your nature (which is not the cause but the effect) focus and develop new habits which will help you in trading. its far easier to get new habits than to correct the old one.

BTW you might not know it but profitable trading is far more boring than any other activity. as you have to keep repeating the same set of steps again and again and again and again.

 

[newtrader101]

@newtrader101 : well you have just caught me red handed...as i told you that i realized after trading for a while that i have some personality flaws...and these are just the ones that are essential for pro trading....ie Patience...and discipline......I see that this trade is panning out on upside for a few points on daily and then at SMA , it should go down to test its previous low...but seems that i can't sit on hands for it to pan out...


On a 5 Min Chart on that day , I agree that it would have been a better trade to short once it breaches the SMA and then breaks the horizontal support as seen below:

View attachment 37146
I had thought of making some rules for entry , but as of now i am focussing on getting immediate trade direction correct.

Also i wish to expose my thinking here....so Pro Trades like you and others can guide me...

No pro...Still lots to learn for me...happy receiving what the market gives...when I get too greedy or overconfident, the market raps me nicely...

I found these useful. Good to study and imbibe the thinking:

https://www.traderji.com/community/threads/my-crude-oil-positional-trades.106587/
https://www.traderji.com/community/threads/price-action-scalping-trading-diary.107182/
https://www.traderji.com/community/threads/my-day-trading-dairy.106125/
https://www.traderji.com/community/threads/15-min-breakout-tradingisfishing.106622/

Many more threads like the above are here...