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Trading diary: 04-Oct-2006 Tuesday Morning ???

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Dear diary,

No opening trade for me today, as I did not have setup for squeeze trade. I am not ready for gap trading yet.

Here is what I see in the first 30 minutes of regular session.We have a small gap down in 5-min and 15 min chart of ES. TICK spent most of its time above zere, but it is still moving within the noise range. TRIN opened below 1, however, it is trending upward again. It is very hard for me to be bullish now. Volume is not significantly high, but it is good enough to construct a volatile day. Intraday, E-mini Nasdaq (NQ) looked pretty bearish to me.
Well, it might be another choppy day again, I don’t know. I am watching for opportunity to do some scalp trades.

Postmortem 03-Oct-2006

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Dear Diary,
Ah..Dow is trading at record high..Ah…So what? Who cares?

It was another boring day for dummy trader (DT). I did not have any DT. Instead, I started my scalping here and there using squeeze technique. And I named it Moron Scalping. Basically, it is a break out trading based on bollinger bands and Keltner Channel. Nothing really fancy. I am still learning. I am refining my game plan now. No big profit, but enough for me to get some nice coffee for breakfast.

It was not a bad idea to scalp some small trades during the days like this. Market did a turn in the afternoon and moved up. It was just another tough trading day.

The only interesting event during the day is the excellent eCBOT was down AGAIN. What is going on there? Technical issue AGAIN? I am a IT guy, I know “Techincal issue” is BS. That’s what we use to answer customer’s complaints.

e-CBOT Trading Platform Down Due to Technical Issues
Due to technical issues, the e-CBOT electronic trading platform shut down at approximately 9:30 a.m.

e-CBOT is in pre-open as of 10:30 a.m. Opening rotation will begin at 11:00 a.m. e-CBOT day orders were cancelled and need to be resubmitted.

Further information will follow when available.

Moron scalp trading #2 03-Oct-2006 NQ : Long trade closed

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This is second scalp trade of NQ. Too bad, it did not work out. I scraped the position with profit just nice to pay commission. Again , that was another squeeze trade. NQ broke out from Bollinger band and Keltner channel in 5 minute chart. Momentem failed to continue pushing up the futures. One trade closed with 0.01-R gain.

[photopress:NQZ06_Squeeze_2.jpg,full,pp_image]

Trading diary: 03-Oct-2006 Tuesday Morning ???

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Dear diary,

This morning market started with negative tone. I did a quick scalp in 5-minute chart of NQ to get the mood right. I shorted NQ futures for very small profit. This is a squeeze trade as bolliger band was squeezing in Keltner channel and momentum turned negative. Short position was established when it broke down from the squeeze channel.

Let’s look at the market condition for the first 30 minutes of regular session. We have small gap down in NQ(E-mini Nasdaq) and ES (E-mini S&P). NYSE TICK spent most of time below zero, while NYSE TRIN was shooting above 1.25 level and trending up. This is not so good for bulls. For the time being, I will just ignore all Long setup. Volume is good enough to construct a volatile session.

Here is the chart of the scalp trade.

[photopress:NQZ06_Squeeze_setup.jpg,full,pp_image]