First proper loss in a little while today! Still nicely green on the day overall. But both were the same trade idea, just different risk parameters on two different accounts.
Let’s take a look at the loss first, then cover the winner:
Futures Trading Prop Firm I Use (60% Discount)
Todays Trades:
Trade 1: Loss
Trade Breakdown:
Trade taken on my scalping account, has a much smaller personal daily loss limit. Max of -50 ticks loss allowed per day (personal rule).
Short taken after failure below current day POC, and trading above previous day VAH.
Stopped out on first position, kept quite a tight stop. Second position taken but soon auto-liquidated because it hit the -50 tick total for the day.
Commentary: Trade idea was great (as you’ll see in the next trade) but stop was simply too tight. Should have waited for deeper pullback towards high volume node instead of chasing price down for a more favourable trade.
Trade 2: Win
Trade Breakdown:
Same trade idea as the first, but taken on the second leg down after pullback into smaller high volume node.
Stop loss of -100 ticks, and take profit just a few ticks above the previous day VAH.
Commentary: This is how the trade was supposed to play out on the first attempt, if not for the too tight stop. Perfect short towards previous day value level from the current session high volume node.
These two trades were a great example of being right and wrong at the same time. Right trade idea, wrong stop loss initially, and then same good trade idea on the second attempt, with a more favourable entry and wider stop loss.
The true secret as always, lies in risk management!
Thursday Levels:
NASDAQ:
The levels I’m looking at going into Thursday are:
Value Area High: 20,683.25
Point of Control: 20,616.25
Value Area Low: 20,548.00
Apologies for the late email today, I’ve been on the road all day and just got home 11.30pm NZT on Thursday here right now.
Better late than not at all — but I will be streaming the overnight session going into Friday so catch me here if you can!
Remember the best way to keep updated on my trading/new content is by following my Instagram, I post pretty much daily there (including trades taken etc.)
Talk tomorrow!
Cheers
~Cammy Capital
Discount Links:
Futures Trading Prop Firm I Use (60% Discount)
Bookmap 20% Discount (Code: CAMCAP)
Disclaimer:
I am not a financial advisor. All content produced by me here or anywhere else on the internet are strictly for entertainment and educational purposes only. Some of the links contained are affiliate links, meaning I receive a financial kickback for when you sign up for their services. I only ever promote products and services that I personally use and trust myself.
CFTC RULE 4.41: “These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.”
Disclaimer: There is a very high degree of risk involved in trading. Past results are not indicative of future returns. "Cammy Capital" and all individuals affiliated assume no responsibilities for your trading results. All information conveyed is for educational purposes only and should not be construed as investment advice. Your use of this information is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein.