TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Blog and Rants

Dummy day trading #52 05-Feb-2007: NQ Long trade closed

by 5 Comments

Long position was established around 1041am (NY time), which was the first pull back of new uptrend cycle. This was the second time NQ trying to test last Friday’s high. I was wrong . Stop loss was triggered with 1 R loss. Since the second attempt of previous high failed, NQ seems to be trapped in the trading range. I am out for the day, cough syrup causes some drowsiness now.

One trade closed with -1 R loss

[photopress:NQ200ticktradeclosed05Feb2007.jpg,full,alignleft]

Trade summary

  • Long above narrow range candle around 1041am , which was breaking out from a flag pattrn as well.
  • Stop loss set at recent swing low.
  • Stop loss was triggered with 1 R loss.

Review week ended 02-Feb-2007

by Leave a Comment

It is a boring Friday morning. I was watching NQ till lunch hour, and decided to call a day. Here is the weekly review of my trading performance.

money-3.gifI achieve my goal by having another profitable week. However, earning is still small. This is a week with full of events like FOMC meetings and Non Farm payroll etc. I start integrating chart pattern with dummy setup. So far so good. In total 4 trades were made.

Summary

  • Total P/L(after commission): +2.52 R
  • Trades taken: 4
  • Winners: 2 (50%)
  • Losers: 1 (25%)
  • Break even: 1 (25%)
  • Expectancy: 0.63
  • Biggest winner (after commission): +2.01 R
  • Biggest loser (after commission): -1.06 R

The obvious limitation I can see is trading only one futures (NQ) and one setup. The most challenging part is patience. I have to be patient to wait for the right spot to get into the trade. Once consistency is achieved (I am giving myself until end of first quarter of the year), I will start playing around with position sizing, by utilising day trading margin, maybe.

Dummy day trading #51 02-Feb-2007: NQ Long trade closed

by Leave a Comment

It is a choppy morning. After observing flag pattern formed, and the first pull back of new uptrend cycle, I took a long position of NQ Futures at the break of flag. It started nicely, however it stuttered after moving up around 38.2% from flag pole. I moved my stop to break even , and it was triggered.

One trade closed with 0 R.

[photopress:NQ200ticktradeclosed02Feb.jpg,full,alignleft]

Trade summary

  • Long above at break out of flag around 1012am. @1806.25. Entry is a little bit late.Missing out few tics.
  • Stop set at recent swing low 1803.75
  • Profit target is calculated by measuring height of flagpole.

Dummy day trading #50 01-Feb-2007: NQ Long trade closed

by Leave a Comment

Long position was established at 940am when a flag pattern and dummy spot were found. This is another pattern trade, so target is set by using the height of flag pole. Target was not achieve, however, it was near, I closed the position when uptrend seems to be weaker.

One trade closed with +1.56 R gain.

01 Feb 2007
01 Feb 2007

Trade summary

  • Long at 940am, when NQ broke out from flag.
  • Initial stop was set at last swing low.
  • Target set by measuring height of flag pole.

Dummy day trading #49 31-Jan-2007: NQ Long trade closed

by 1 Comment

Though we had some sell off during the opening, I did not find much trading opportunity. Instead, I saw a new uptrend cycle was formed. Long position was established around 1010am. It was a bull flag (more on chart patterns later) combined with my dummy setup. [Read more…] about Dummy day trading #49 31-Jan-2007: NQ Long trade closed