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Dummy day trading #34 13-Oct-2006: NQ Long trade closed

by 1 Comment

Long position of NQ was established above 9th bar high. I closed that position at 17th bar, with 2.09-R gain (+6.5 points in NQ). I closed the position at Fib extension 38.2% as it is 2am in Singapore.
That’s a better way to end the week.

Trade score :1 – Target hit

Execution score: 1 – Followed trade as dictated in my plan

13 Oct 2006
13 Oct 2006
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above high of 9th bar which is a narrow range bar, above opening range and moving average.
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension 38.2%

Nice song

by Leave a Comment

ok, I don’t really know what has the Taiwanese president done. I am not interested. I got this video forwarded by my friends in Taiwan. This is the theme song of the anti president camp. Well, forget about the political problems, this is a nice song. I always have no political stand, all my life.

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?: ??. ?? ?: ??. Johnny Chen H.
??: ???

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??? ??? ????? ??? ??? ?????

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Postmortem 12-Oct-2006

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Dear diary,
After getting stopped out in YM trade, I stopped trading for the day since it was around lunch time. I continued drafting my business plan.

Market ran way without me in the afternoon. I have just posted charts in “Trades that Got away“. You know , there were 5 of them, and I didn’t get any of them! oh well. What do I learn from this? There is no problem with dummy trading, one should not complain about a trading style, instead, the problem is with THE trader himself. Ok, market condition might affect my performance, but that’s not the main cause.

My recent trading performance stalled, and it is longer than I expected. It is a psychological challenge rather than financial damage. I should pat on my back for controlling my losses to minimum. Instead of sinking into deep thinking all the days, I am spending my time to really write down my trading business plan in details. Yup, in great details. I know, as long as I can get through this bad period, I will be stronger when good days come.

I just need to continue my dummy trading, strictly follow the rules and setup that I have written down. The rest, I will leave it to market.

Alrite, it is time for me to pop in multi-vitamins again.

Trades that Got away 12-Oct-2006

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I have couple of trades that got away today. The market ran away without me. Dummy setups appeared in both 15-min and 30-min charts. So, I think it does not make sense to complain about trading time frame. A setup is a setup. Dummy is still dummy.

NQ 15s’

[photopress:got_away_NQ.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? 2 spots were found. Above high of 18th bar or above high of 22nd bar which both are above Opening Range.
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension 38.2% and 61.8%

NQ 30s’

[photopress:got_away_NQ_30s.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above high of 9th bar which is above Opening Range
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension 38.2% and 61.8%

YM 15s’

[photopress:got_away_YM.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above 7th bar high, which is above Opening Range and supported by moving average
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension 38.2% and 61.8%

YM 30s’

[photopress:got_way_YM_30s.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above 9th bar high, which is above Opening Range and moving average
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension 38.2% and 61.8%

ER2 15s’

[photopress:got_away_ER2_15s.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Two possible spots. Above 18th bar high or above 22nd bar high. Both are above Opening Range and supported by moving average
  • Where would you put the initial protective stop? below the low of entry bar
  • Where would you exit the position? Fib extension 61.8%

Dummy day trading #33 12-Oct-2006: YM Long trade closed

by 2 Comments

Dear diary,

Long position of YM was established above high of 4th bar. However, I was stopped out. One trade closed with 1-R loss.

I will stop trading for the day and continue writing my business plan.

[photopress:YMZ06_15_trade_closed_1.jpg,full,pp_image]

  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above the high of 4th bar which is above Opening Range (OR) as well.
  • Where would you put the initial protective stop? Below the low of 4th bar which is below 5-MA as well
  • When would you stop trading for the day? After position is established
  • Where would you exit the position? Fib extension 38.2% and 61.8%

Trade that Got away 11-Oct-2006

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I saw an opportunity for quick scalp. That was not a dummy trade, and that was why I left it out. After opened with a gap down, NQ gathered strength again. I was watching it closely when It closed above OR(opening range) and Fib extension. This shows some positive signs to me. Possible entry would be above the high of 8th narrow range candle.

  • Long above high of 8th candle
  • Exit at Fib extension 161.8%
[photopress:NQ_got_away_15_fib.jpg,full,pp_image]
  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
  • Where would you get long/short this futures contract ? Above high of 8th bar which is a narrow range bar and above Fib extension
  • Where would you put the initial protective stop? Below 8th bar low
  • When would you stop trading for the day? After position is established or 1pm NY time
  • Where would you exit the position? Fib extension level 161.8%