Dear diary,
This is the last trade of the day. I got in Long position of YM again, after it pulled back to moving average and a dummy setup appeared, very nice narrow range candle. TICK closed at 401. I was stopped out with 1-R loss.
In fact, there was a divergence in which TICK was making a lower highs while YM trending up. I will talk to you more later.
Here is the chart after closing the trade.
[photopress:YMZ06_15_trade_closed_2nd.jpg,full,pp_image]
Dear diary,
This week is kinda experimental for me. I am integrating NYSE TICK and TRIN into my trading.
So, it is experimental, and I’ve just made a stupid trade. Not dummy trading, but stupid trading. I got in Long position of YM (Mini-sized Dow) in 15-min chart after getting a dummy setup with narrow range and TICK closed at +800 which is pretty positive.The setup looked excellent.
The mistake is here. I closed the trade almost immediately after realizing uptrend in TRIN. Moron. I don’t know if this decision is correct. But I was confused by indicators. I am not new to trading, but I still have this problem. Ok, I will think about it and talk to you later. One trade closed with 0.32-R gain.
Here is the chart after I closed the trade.
[photopress:YMZ06_15_trade_closed.jpg,full,pp_image]
This is a wrong demonstration of dummy trading. This is not a valid setup. I got in E-mini Nasdaq 0900am chicago time above 845am candle. The entry was made after crude inventory report was released. It was a buying climax. It went up in my favour and end the 15-min candle in red. I was not comfortable with this kinda situation, I closed my trade before stop loss was triggered. I don’t care if it moves up later, the price action is just not my type.
One trade closed with -0.57R loss.
[photopress:nasdaq_15_trade_closed.jpg,full,pp_image]
Long position of E-mini Nasdaq was established above 10am chicago time candle. It broke out flag pattern and dummy setup was found. BUT,I was stopped out immediately at next candle. One trade closed with 1-R (ok, 1 Z ) loss.
[photopress:Nasdaq_15min_trade_close.jpg,full,pp_image]
I was taking extra risk when trading with a exhausted body (Highly unadvisable). Short position of E-mini Nasdaq was established below 1030am chicago time candle. It was NR5 as well. I was being cautious with the trade when Nasdaq index had already lost around -25 points. I decided to close the trade when the next big candle at 11am chicago time came with lousy volume. It did not seem to be a sell off, chance of mid day reversal was there. First trade after a great vacation with 0.44-R gain (or maybe 0.44 ‘Z’ gain 🙂 )
[photopress:E_mini_Nasdaq_30_min_trade_closed.jpg,full,centered]
1) Why would you be paying attention to this futures contract ? Intraday downtrend established with dummy setup in conjunction with NR5 was found.
2) Is the trend up or down? Would you be looking to get long or short this futures contract? Down, looking at Short only
3) Where would you get long/short this futures contract ? Below 1030am chicago time candle (NR5 candle)
4) Where would you put the initial protective stop? Above 1030am chicago time candle (max 1.06% risk)
5) When would you stop trading for the day? After position established or after 12 noon
6) Where would you exit the position ? When market sentiment failed to continue (i.e market failed to sell off further) / stop loss triggered.
Success truly is the result of good judment. Good judgment is the result of experience, and experience is often the result of bad judgment!
Ah..option expiration day. Most likely , you might get chopped out. I did not trade, anyway, there was no setup as well. So I did not make any ‘Z’ . 🙂 Here are some 30-min charts to show how boring was the session.
E-mini Nasdaq
[photopress:Emini_Nasdaq.jpg,full,centered]
E-mini S&P
[photopress:ES.jpg,full,centered]
mini-sized Dow
[photopress:mini_dow.jpg,full,centered]
E-mini Russell 2000
[photopress:Russell.jpg,full,centered]
