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Gav

Postmortem 11-Oct-2006

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Dear diary,

It was an interesting day. All indices in my watchlist were having opening gap down. And….you know, I thought they might be a couple of short trades. It went up and filled the gap.

The only potential candidate was NQ. I was watching it closely when it moved above OR(opening range) and above Fib extension., but, you know, no dummy setup. There was another type of entry, but I left it out. I will post the chart in the ‘Trade that got away’ later.

Arh…another plane crashed into building again…but it was not related to terrorism (hopefully) according to reports.

Time to pop in some multi-vitamins again.
Thanks to the illegal fire in Indonesia, I am getting more and more health conscious now.

Postmortem 10-Oct-2006

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Dear diary,
It was another choppy day. The market failed to con me for another trade as I was being strict on my entry now.
Looking back at the chart, I would have jumped into the YM trade again. Well, the setup was formed, and I did not know what was going to happen at the right side of the chart, so I placed my stop and …that’s it.

To be frank with you, I was not worrying about the trade went against me. My worry was “Will eCBOT exchange down again?” Seriously, I am kinda lost confidence of this “well known” exchange in the world. Small account trader like me, I have limited ability to hedge my position at CME. In 2006, I still need to worry about computer system down? That’s a shame. Well, forget it, just a random thought, there is nothing I can do if I still wanna trade YM.

I always have a thought that my fiancee will be a better trader. She is a lady with courage and patience. A lot of times in life, she is the one who holds me from making impulsive decision. I will be giving her a headstart in spot FX trading now, and some simple TA (well, after all, I am not a pro). Who knows, I can quit trading and write a book ” My wife, the trader” later. 🙂

Another day with full of random thoughts. The market keeps hitting me with small snow balls recently. My snow-wall is still strong enough to handle these for now, and I will get a chance to return a big smash back.

 

Dummy day trading #32 10-Oct-2006: YM short trade closed

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This is a trade that did not work out as planned. Shorted YM, with 1-R loss. This is a small loss. Looking at the chart, maybe I should look for even narrower bar for entry. Anyway, exited the trade as planned since the setup failed to work.

[photopress:orig_YM_15_trade_closed_1.jpg,full,pp_image]

Q&A

  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is down. Looking at short
  • Where would you get long/short this futures contract ? short below 3rd bar low which is a inside bar below Fib extension (regular session)
  • Where would you put the initial protective stop? Abot 3rd bar low
  • When would you stop trading for the day? After position is established/2pm NY time
  • Where would you exit the position?Target Fib extension 138.2% and 161.8% or stop loss triggered

Trade that got away 09-Oct-2006

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Though I was not trading today, I kept an eye on any potential nice setup. I saw a setup in E-mini Russell 2000 futures. Though final target 161.8% fib level was not achieved, It did hit 138.2% which was good enough to cover commission and bag some profit.

ER2
[photopress:ER2_15_fib_whole_day_1.jpg,full,pp_image]
Q & A

  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking at Long
  • Where would you get long/short this futures contract ? Long above 12th bar high which is a inside bar above Fib extension
  • Where would you put the initial protective stop? Below 12th bar low
  • When would you stop trading for the day? After position is established/2pm NY time
  • Where would you exit the position?Target Fib extension 138.2% and 161.8%

No trading 09-Oct-2006 Happy Columbus day

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Dear diary,

I wanted to make some trades today. However, after watching volume in the 5-min chart of ES, I give up the idea. Volume is lousy. There might be some interesting trades for stocks trader, but most likely we will be having a choppy day in index futures.

So, Happy Columbus day, and I am taking the time to do some reading.

Links: Trader’s development

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This series of posting is to keep track of articles that I have found to be useful to my development as trader.

Here is the most recent trading readings in my del.icio.us

Trader’s development