I can’t help but feel that my patience is being tested.

For those of you on Ninjatrader. You have to admit, it isn’t the cleanest piece of software, right? Or maybe I just haven’t gotten used to it yet.

One of the things I notice with Ninjatrader is that it sets my “SIM101” as the default trading account. This has caught me making trades on the wrong account a few times, and today is another instance, typically when I win the trade, too!

Here’s the winning trade that I took, on the wrong account, which, therefore, is a null trade anyway. But I figured I’d talk about it.

Price was in a downtrend for quite some time. I had noticed the price move upwards away from the trend line, and I watched as the price moved. I saw a 1st entry short, followed by a 2nd entry short right at the EMA and trend line. The candle was nice, with a large wick at EMA. I entered this short for 2 contacts with a 6 tick target.

The trade filled, and my target was met. If this had been on my CORRECT account. I’d have walked away for the day. But, of course, it wasn’t…

The 11 Tick Loser – Avoid The Chop

Before the day began, I said I’d only take the best trades. Yet, here I am taking a trade in choppy markets and of course losing. AVOID THE CHOP.

I had seen price break out of the downtrend, and I therefore expected a test of the low extreme. Price had begun making a new downward move when I thought I saw a 2ES at the EMA line.

I entered the trade, but the entry was poor. I was only looking to scalp 6 ticks, but at my entry, 4 ticks were made before the rice headed the other way to stop me out.

-10 ticks due to this mistake. One I cannot afford to make again.

The 8 Tick Winner – AVOIDED THE CHOP

You know, I was about to walk away from this market and call it a day. Which, after this post, I have done. This trade is my last of the day. I have found that when I trade later into the session, I feel like I shouldn’t be doing it. It isn’t the reason I trade – for me the reason is to have more “free” time, not to spend the entire day infront of the charts.

Anyway, the 8 tick winner. According to my rules, I should only have settled for 6 ticks here according to ATR, but the push down was strong so I took a chance for those extra 2 ticks. I was lucky.

I had noticed price move off the bottom trend line, quite strong with a lot of green candles. It then pulled back but failed to make a solid second legged move back up.

Price then hovered by the EMA. I saw this as a 2ES, Lower High setup. 1st move down, followed by short pull back in a downtrend, price then wicked up by the EMA and then broke below it.

LESSONs OF THE DAY

1. Ensure you’re trading on the correct account!
2. Don’t trade in the chop. Allow the market to show its true colours.