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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

    Day trades that got away from 02-Oct-2006 to 06-Oct-2006

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    Inspired by Estocastica, I think it is a good idea to keep some “Day trades that got away” in my trading diary. It helps to improve my pattern(setup) recognition ability. Skills come from continuous practice.
    I have studied charts of ER2, YM and NQ for the past week, there were couple of setups that attracted my attention.

    [photopress:NQ_15_fib.jpg,full,pp_image]

    1) Is the trend up or down? Would you be looking to get long or short this futures contract?
    Down. Looking at short

    2) Where would you get long/short this futures contract ?
    Below 15th bar low.

    3) Where would you put the initial protective stop?
    Above the 15th bar high

    4) When would you stop trading for the day?
    After position is established or 2pm NY time.

    5) Where would you exit the position?
    Fib extension level 61.8%

    More trades here… [Read more…] about Day trades that got away from 02-Oct-2006 to 06-Oct-2006

    October 2006 : Week 1 review

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    Dear diary,

    Before I leave home for the movie “World trade Center”, I think I gotta post my ugly weekly review.

    Ah…I closed the week with -1.95-R loss. Total 6 trades were made, 3 in small profit/break even while the other 3 stopped with less than 1-R loss each. It seems like these few weeks, I am such a struggling trader. No, that’s not what I wanna achieve. I know I can trade well. Let’s start next week with fresh. I need to focus on the quality of each trade.
    Lousy Trading is so easy. Trading = Buy-> Sell -> lose money.

    I will stick to the rules that I have posted which attracted a lots of link to my blog.

    J.C wrote some great posts again. I guess, he should write a book.

    ok, gotta run to catch the movie.