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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Gav’s Morning Coffee 19-Jan-2007

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Options expiration Friday. I might be trading , I am not sure. I would like to see a strong trending opening before deciding if I am going to jump in. While there seems to be a strong interest in Futures trading in blogsphere, I am ,in fact, start looking at options trading. 😉 I am looking at short term options trading on stocks. Of course, my focus is still in Futures. I am trying to study some basis now. John from theessentialoftrading.com did a nice video on stock options trading. check it out.

Tradestation releases build 8.2. I am still downloading.

OK, back to market. I am looking at daily chart of Nasdaq. We have some pull backs in Nasdaq as expected. Now I am interested in watching if moving average is supporting it. I am staying neutral. Premarket is showing flat. We had 3 down days consecutively.Today might be a choppy or flat day. Maybe it will form a nice dummy spots in daily chart? 60 minutes shows me negative pictures and sellers are still dominating.

I might instead spend time reading options stuffs and play around with Tradestation.

[photopress:NQ60premarket.jpg,thumb,alignleft][photopress:cashmarket18Jan2007.jpg,thumb,alignleft]
I was talking to a colleague from China (He is not a trader though), he mentioned to me , in China, colors of price bars are opposite to what we are reading here. Meaning, RED for a up bar, BLUE/BLACK for a down bar. You know, Asian, especially chinese, Red represents lucky, prosperity and …every that is good. Uhm…So, I guess I gonna change all my candlesticks color in the Chinese way. LOL.

No trade 18-Jan-2007

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I did not have an entry setup during the explosive move in the opening. Feeling tired. I will call it a day since this is options expirations week, and NQ is staying flat since 1030am (NY time). I am out today.

btw, please cast your vote at the side bar. I am alway curious how many of us, traders, care about Options expiration Friday. Vote!
!

Gav’s Morning Coffee 18-Jan-2007

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Options! expiration Thursday. Options! I don’t know Options!

I am looking at Nasdaq daily chart, It looks like we are heading to 20 SMA. Coincidentally, Downtown trader is kinda sharing the same view. From 60-minute chart of NQ, trend started turning down and sellers kicked in. So far, I am interested in looking for short opportunity today. But who knows? There might be some surprise.

I will be trading today. But, I will try to be very cautious, since it is Options! expiration Thursday, I don’t know what’s gonna happen today.

Another note, my site has been down every day around 4am (NY time) since last week. And the technical supports just can’t fix the technical problem. Oh well, Time to look for a better trade, since I can get back refund of my remaining subscription. So if this site is down again, you know why. Now, on the quest of better hosting firm.

Postmortem 17-Jan-2007

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[photopress:NQ5minfull.jpg,thumb,alignleft]I have only made one trade today, after watching market till lunch hour, I decided to call it a day. No fun. It was a choppy morning. Yep, I got stopped out. In fact, that was a low probability entry. Setup was formed within a trading range. A better entry would be waiting for NQ breaking out from the range. But well, I was struggling between “higher lows” vs “trading range”…..It, in fact, looks stupid. Maybe I was just finding excuse to trade.
I will be extra cautious and patience, since it is options expiration week.

I did not have a valid entry for the afternoon sell off, so nothing was missed.

Dummy day trading #46 17-Jan-2007: NQ Long trade closed

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Long position was established around 1135am, after watching higher lows were formed in 5-min chart, and NQ seems to be supported by yesterday’s low and moving average. Entry order was triggered by a spike of price and I was stopped with 1 R loss at the next bar.

Trade summary

  • Long above the high of 1130am(chicago time) candle.
  • stop loss is set below the trigger candle
  • Trade was stopped out.

One trade closed with 1 R loss.

[photopress:NQ5minClosed.jpg,full,pp_image]

Gav’s Morning Coffee 17-Jan-2007

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We are getting some sell off of NQ in premarket session. We are having a gap down in the opening of cash market. From the data of past 3 days, we have a UP, a FLAT, and today..DOWN? Let’s see if we are breaking out from the small range formed yesterday.

  • Previous High: 1862.75
  • Previous Low:? 1851.5

Patience is always required