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My Dummy Trade Fest I

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harvest.jpgOver the past few months, I have made a number of dummy trades. If you’ve read my blog, you know I have posted all my winning and losing trades here. It is very important to note down your bad trades in your trading journal. However, I think it is good to revisit good trades as well. The more you see/learn positive behaviours, the more likely you will act positively. So by reading more good setups and good trades, I hope it will improve my “chart eyes”.

I have chosen some trades that I feel I did well in term of setup, execution, return and ,of course, when market condition was good enough for dummy trades. Still, there are mistakes in them..

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Dummy day trading #65 26-Mar-2007: NQ Short trade closed

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Short position of NQ was established around 11am. Trade did go in my favour, however, it was slow. I trailed stops and get stopped with -0.27 R loss.

[photopress:NQ3min26mar2007.jpg,full,alignleft]

Journal note: This is a bad trade. Firstly, It was too late for short entry. And subsequently, a long setup was formed and it was not taken. There is a need to establish a method to identify a new setup when one setup failed. Be flexible, I need to learn.

Dummy day trading #64 26-Mar-2007: NQ Long trade closed

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The first trade of the week is a -R loss. I got in long position of NQ a couple of minute before 10am (right before home sales report released). Am I right or wrong for the timing? I don’t know, but I don’t trade on news, anyway.

I am not going to post the chart this trade. Messy chart. One trade closed with -1 R loss.

I did make a mistake in this trade. In my premarket analysis journal, I have in fact, determine some levels of entry. And when I saw an opportunity, I totally forgot about these levels.  So, I wasted the time and effort of my premarket analysis. DUMB.

JY (Japanese Yen) daily end 22-Mar-2007

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I am doing my homework and trying to understand the information I read from OMNI. There is a sell recommendation of JYM7. I pull out daily chart here. This is a trade we expect to profit within the range. OMNI resistance area is around .8585/.8588, profit target .8508/.8511. At least from my limited knowledge of TA. It does make some sense to me. In addition , I am pretty happy to see the ugly stochastics trend. Let’s see how it works out later.

[photopress:JY22Mar2007daily.gif,full,alignleft]

NQ daily chart end 21-Mar-2007

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After watching couple of videos of ‘Short term trading with Oscar‘ and heard some good words from Phileo, I start to do my daytrade preparation from daily chart. This is just to identify support/resistance levels and have a view of potential market direction of the day.

Here is daily chart of NQ June contract. We had 3 consecutives up days. With the result of Fed meeting yesterday, bulls are having an upper hand. I am interested to see any weakness to support areas to get long.

OMNI support area is at 1806-1804 as well.

[photopress:NQ21Mar2007daily.jpg,full,alignleft]

Dummy day trading #63 20-Mar-2007: ZG Long trade closed

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Does Gold always rally once a day? Just kidding. I got in long position around 1036am , trying to get into second rally. However, I was wrong. I was stopped with -1 R loss.

There seems to be some problem with Tradestation order execution. My stop order was not honoured immediately. Though I saw there were numbers of ask and bid orders. It hanged for a couple of seconds before it came back to fill my order. Phew….

Anyway, here is the dumb trade. Very bad entry. I need to be patient a little bit more. I am still FLAT for March.

[photopress:ZG200tick20mar2007.jpg,full,alignleft]

Journal note: Phileo at Phileo’s Picture Windows did two nice trades on ZG. I was wondering, if I am again having the same problem of missing the forest again. I tend to over concerntrate on tick-by-tick action instead of stepping back a little and look at the bigger picture. There were indeed some nice dummy spots to get into ZG trade today, and , well, I missed it all.