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
Blog and Rants
Goals for Consistency
Consistency, consistency, this is one of the most important quality I wanna achieve. Here I have a set of goals pertaining to consistency. I got the material from an article sometimes ago. I have no idea who is the author. Anyway, here is the abstract and I have added my own ideas.
I want to consistently…
- Visualize myself in tune with the market
Seeing oneself in tune with the market and apart of the ebb and flow. Great athletes constantly visualize themselves performing at their peak. In trading, which is purely a mental game, is just as incumbent upon us to do this as well and even more often.
- Be as professional as possible.
Trading is not a pastime activity. It has to be treated seriously, and professionally. We have to do the best job, possible leaving no regrets at the end of the day.
- Record my trades for review and analysis
By recording our trades and thoughts, we allow ourselves to internalize the market’s actions even more and objectively analyze our own actions.
- Look to be the agressor and proactive
Looking for setups and taking a dynamic approach to the market is critical in succeeding. Those that can consistently seek out great opportunities and then execute on them are usually rewarded.
- Following my trading plan
Having a plan is important. Being able to execute the plan is the key to success. Stick to it.
- Be patient and hit the same high quality spots
By executing the same game plan, we remove a great deal of the emotional turmoil that trading can bring.
At last, consistency in our approach leads to consistency in our profits!
No trade 30-Jan-2007; Change of time zone
I was looking at NQ futures, and no setup was found. Boring day for me. We are waiting for some catalysts this week.
I have just adjusted the time zone of this site to Eastern time. Since all my trading and blogging activities are targeting on American market. So, in case you are browsing some archieve of this blog (Thank you), and find some alignment problems of posting date, please switch to the next day, since all posting before today were written based on Singapore time (GMT +8). I am trying to do some tricks in database, let’s see if I can fix this problem.
Another note, I am experiencing big amount of spams recently, and I have the put plugins like Bad Behavior and Spam Karma 2 to work. In case, your comment was accidentally black listed, please shoot a email at my contact page.
I have been wasting too much time on this stupid web hosting and blogging stuffs. Now it is time to focus on trading to earn my air tickets.
Postmortem 29-Jan-2007: Lack of patience
Nothing much to write about todays trade. It was the result of being impatient to wait for a good setup. I took an very poor setup. I am not going to think too much over this trade. In the business of trading, you pay for your mistake.
I start testing my strategy in E-mini Russell 2000 futures. The tick size is bigger though. I am still reluctant to trade YM (mini-sized Dow futures) as I dont when will the exchange down again. I am really afraid of that.
Dummy day trading #48 29-Jan-2007: NQ short trade closed
Lack of patience today, I took a lousy setup this morning, and I was punished. After waiting for around 90 minutes after opening bell, I saw a lower high in NQ futures. I took a short position around 11am (NY time), although my indicators are showing me a choppy day.
One trade closed with 1 R loss. [photopress:NQ5minShorttradeclosed.jpg,full,alignleft]
Trade summary:
- Short below the low of 1055am candle.
- Intial stop set at last swing high
- Stop was triggered.
I will stop for the day. This should be an exciting week
Gav’s Morning Coffee 29-Jan-2007
Premarket of NQ is rather flat. No major report released today.
Daily chart of Nasdaq Composite, a lower high was formed last week. Mike did a recap at his site.
Ill be paying attention to that downward sloping trendline, especially if it stays unbroken and crosses the 50-day moving average. Those two lines could become significant resistance.
For short term trading, I am not bullish at the moment. I am interested in watching if we are heading to 2400 level. Well , just a guessing game.
60 minute chart of NQ, we again come back to the support level which formed since last Monday around 1784. We are still in downtrend, this is supported by negative Adjusted TRIN as well.
[photopress:NQcashdailychart.jpg,full,pp_image]
[photopress:NQ60minfullday_1.jpg,full,pp_image]