I read again John Carter’s article on TICK. I found it useful and I incorporate it into my trading. It assists me in exiting potentially losing trade or protecting profit. It will reduced the situation like’ I exited the trade earlier because I feel something is not right’.
Blog and Rants
Postmortem 28-September-2006
Dear diary,
I was reluctant to trade after watching the first 30 minutes of cash market opening. I told you that. In fact , there were setups for Short trade in 15-minute chart of ES and YM. However, TICK was not supporting this action. I am still new to trading with TICK. This morning, most of time, it was moving within +400~-400 range which showed the market was kinda non decisive. According to Carter, this range was also called NOISE.
So, I did not make any trade, my dear diary. Looking at the chart, you might say “hey, why didn’t you trade? you could just exit the trade at the bottom the long tailed candle. That will give you couple of Rs” Well, you are right. Well, it is easy to say these retrospectively.
Trading diary: 28-September-2006 Thursday morning
Dear diary,
This is between you and me. I wanna tell you what I see in the market right now. It seems like we are likely to see a pull back today after last few days’ gain in indices. YM, ES, NQ, ER2 are having negative opening.
Volume wise, it is enough to contribute a volatile session since average volume in 5-min chart of ES in the first 30 minutes are above 10k. I said a volatile session because NYSE TICK is moving in the range of +400 to -400 in the first 30 minutes. So the negative opening does not seem to be a sell off.
I really don’t know what will happen later of the day. I will see what is the situation and decide if I am going to trade.
I will talk to you later.
Movethemarkets>>How to Play these Tough Markets
Some serious message from Richard @ move the markets.
Check it out.
Do you blog?
Postmortem 27-September-2006
Dear diary,
Ah..another losing day. Though the loss is too small to be mentioned, but I got no reason to feel good. In fact, I would categorize this E-mini Nasdaq trade as impulsive. An inside bar immediately after a big down candle is not an nice Long entry. Though the day was choppy, it was tough to trade, at first place, I should not have taken the trade. [Read more…] about Postmortem 27-September-2006
