I am leaving to Malaysia tomorrow. It is time to celebrate Lunar new year with my family and enjoy my mum’s cooking. 🙂 It is a tradition of my family to have reunion dinner on Lunar new year eve. 
I’ll be back to trading next Thursday.
This is year of Boar ? . I wish all readers of Trader Gav a prosperous, healthy and profitable year.
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I don’t see any nice setup in this Thursday morning, I decide to call it a day early.
This is a short week for me. I will be traveling to Malaysia on Friday , so no trading. Here is the weekly review. This is options expiry week, and I can’t really find too many good setups. In total, 2 trades were made, one Long trade, one Short trade, and both were winners. This week I continue applying CBL trailing stops technique , so far so good (I used this method when I was trading SIMSCI futures). As this method trails the stop by tracking the most recent high/low, I might end up giving back too much profit when there is a big candle. I will continue studying different trailing stop techniques.
Summary:
I update the trend table now is because there are some turn around in NQ futures. Now index futures markets are kinda positive. Let’s see the development for the rest of week.
[photopress:TrendTable15Feb2007.PNG,full,alignleft]
Linda Bradford Raschke mentioned some wisdoms of short term trading in The New Market Wizards: Conversations with America’s Top Traders
I put a great deal of effort into getting the best entry price possible. I feel this is probably one of my strongest skills. In day trading, a good entry price is critical because it buys you time to see how the market will react. If you buy because you think the market should bounce, but it only goes sideways, you’d better get out. Part of the trading process is a matter of testing the water. If your entry timing is good enough, you won’t lose much even when you’re wrong.
“What do you want?” I am asking myself after closing the position. In fact, I had two entries to go Long NQ futures. I gave up the first one which appeared around 10am. Reason being I had a bearish view of NQ given longer time frame looked rather bearish. So I decided to wait for bollinger band expansion in 15 minute chart before deciding to go Long.
Finally, long position of NQ was established 10:05am when NQ broke out from flag, which was also the first pull back of new uptrend cycle. However, this entry was kinda toppish. And CBL trailing stop was triggered.
One trade closed with +2.01 R gain. It should be a multiple R trade, but “What do you want?” Be bold, or want more confirmation? Confirmation costs some money though.
We have some positive change in index futures. Other than NQ which looks rather weak for the moment, YM, ER2 and ES are showing some strength.
[photopress:MidWeek14Feb2007II.PNG,full,alignleft]
