After the mistake of first trade (got it too early), I decided to give it another try, as market looked really strong today. I got in NQ futures around 1035am. And that was a better trade. Since the medicine was running in my body, I decided to use moving average to trail my stop and get out the trade fast.
Not so bad, second trade closed with +6.51 R gain. I think it is good enough for this sick trader. Alrite, time for me to get some sleep now.
Man, I should not have traded today. I was on medication to cure my throat infection. But, I changed my mind when looking at strong premarket. Here it is, I paid for my impatience. I got in ER too early and get chopped out. I hate this feeling. Anyway, here is my dumb trade of the day.
One trade closed with -1 R loss.
[photopress:ER22min19Mar2007.jpg,full,alignleft]
I read Joe Ross’s chart Scan Newsletter, and he mentioned some considerations when looking/designing setups. I find it to be useful.
- Do I see something that happens frequently, at least as often as often as I want to trade?
- When the event or setup takes place, does it offer me the range of movement I need to be profitable?
- Where would I place my protective stop, and how often would it be hit?
- Is the daily range sufficiently large that I can get the ticks or points I need to make money?
- Is there sufficient volume at this time of day for me to easily be filled?
- Do I get decent fills in this market?
- What kinds of orders can I use to accomplish what I would like from this setup?
- Am I able to find more than one setup in this time frame, and how well can I answer the questions already asked for each setup?
No dummy trade as mentioned in my Twitter box.
I made two trades on ZG today. Both were losers. First trade exceeded my R as I was using stop order instead of stop limit order as usual. That’s a mistake. First trade ended with -1.31 R loss. Second trade was stopped with -0.68 R loss (Trailing stop was triggered). End the day with -1.99 R.
I have two losing days in a row with more than 3 losing trades. I will stop trading for the week to prevent myself from revenge trading.
No dummy trade today since I can’t see any clear trend. Instead, I have made a couple of scalping trades (my BnB strategy). Long ER with -1 R loss, Short ZG with +0.31 R and Short ZG with +0.09 R (break even trade). End the day with -0.6 R loss.
Stocks index futures market still sucks, chop fest. I am focusing in Gold (ZG) market now.
Pretty tired. Chart later, maybe.
Journal note update: ER2 trade was a dumb trade. I was trying to pick oversold bottom during opening. Instead, it was flat till lunch hour and continued selling. DUMB.
Recently, actions in equity futures seems to be delayed until lunch hour. It is pretty tough for me. Well, seems like there is really a need for me to focus more on a couple of commodities. Of course, again, do it one by one. Now, it is Gold time for me. I just love this fellow. So far, March has been a flat month, well, a little bit negative now.
This is the first trade of my scalping strategy. Since it is a rather choppy day for equity futures. I had a negative view of Gold. Short position of ZG was established when Gold was stalled around upper bollinger band. My target was not achieved and I bailed out when it again stalled at middle band.
One trade closed with +0.28 R gain
[photopress:ZG3min12Mar2007II.JPG,full,alignleft]
