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Dummy day trading #7 09-August-2006: E-mini Nasdaq: Long trade closed

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I was not prepared to get into Long position of Nasdaq or Dow today, given oil was having some crazy run. However, set up for E-mini Nasdaq Long trade was so nice that I just couldn’t resist. Long position of E-mini Nasdaq was established above 930am (chicago time) candle. Trailing stop was moved twice, and position was eventually closed with 2-R gain. Again, I do not know if this trailing strategy is efficient enough, I am still working on it. Anyway, I can’t complain much with this kind of profit with 1 hour work.

There was a chance for Gold trade, however, the set up was not my favourite pattern, no trade was made.

Here is 30-min chart of E-mini Nasdaq Futures.

09 August 2006
09 August 2006

Video: John Carter ‘How to be a day trader’

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Here is another video by John Carter, the author of ‘Mastering the trade’. He was interviewed by ABC News.

The title of the video is ‘Making a living as a day trader’. Well, some tips were provided. Nothing really fancy if you have already day traded. However, no harm of revisiting the simple rules of trade, especially when you are having a winning streak or losing streak.

alrite, here is the video .

Charts: Futures recap 08-August-2006

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If one of the trading rules is 'You don't need to trade everyday', Fed meeting day might be a good day to take a break from trading. Again, I decided to leave index futures alone for the day, and turned my eyes to commodities.

Well, Gold did not have a good run. I was pretty lucky since my broker did not set up Gold contract to be tradeable in my account. My Long order was rejected. A nice entry set up above 10am(chicago time) candle for Long position. However, it was eventually by the wild swing @13:00 (chicago time) candle.

30-min chart of Gold 100z Futures 

[photopress:Gold_100oz_30min_full_day.JPG,full,pp_image]

Here is 30-min chart of Mini Dow futures. again 13:00 (chicago time) candle will stop out any position. 

[photopress:Mini_Dow_30_min_full_day_1.JPG,full,pp_image]

 

Not so good for the first two days of the week. I am still flat for this week.

Charts: Futures recap 07-August-2006

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As mentioned in my previous posting, if I were to point out the mistake of the day, the it was the miss of entry for Mini Crude. .  Instead, I was looking at Gold, which bulls were too weak to go further.

Let's back to business. Looking back at the 30-min charts, I guess I made a right decision by leaving out Index futures yesterday. The monkey was really jumping around, hurting visitors in the zoo. No good set up for both Mini Dow and Mini Nasdaq for me. 

Mini Crude 30-min chart 

[photopress:Mini_Crude_30_min_full_day.JPG,full,pp_image]

Mini Gold 30-mini chart 

[photopress:mini_gold_30_min_full_day.JPG,full,pp_image]

Mini Dow 30-min chart 

[photopress:Mini_dow_30_min_full_day_1_2.JPG,full,pp_image]

Mini Nasdaq 30-min chart 

[photopress:Mini_Nasdaq_30_min_full_day_1.JPG,full,pp_image]

Dummy day trading #6 07-August-2006: Mini Gold: Long trade closed.

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I decided to look at commodities today, since most likely, stocks market will be waiting for tomorrow's Fed decision with some monkey moves.

I do not know if I am making a mistake on this trade. Long position of Mini Gold was established at 661.7 , which was above 9am inside bar. Stop was moved to break even point after 1-R gain at 663.4. And, it was triggered. Looking at the long tails of candles, it makes me thinking if moving stop after 1-R gain if appropriate for commodities trading. No concrete plan yet, I will still stick to this rule for the time being.

If I were to point out mistake of the day, that should be missing out entry opportunity of Mini Crude oil at 10am.

Here is the 30-min chart of Mini Gold. One trade closed, with no gain.

[photopress:Mini_Gold_30_min_trade_close.JPG,full,pp_image]