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Dummy day trading #27 22-September-2006: E-mini Nasdaq: Short trade closed

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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!

No trade: 15-September-2006

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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]

No trade: 14-September-2006

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Nothing interesting. No trade was made.
I will not trade on Friday as well. Gotta pack up my luggage and do some planning for my Taiwan trip. ‘Naruwan Taiwan’.

I choose the right time to visitTaiwan.
1. Political instability, people are protesting on the street.
2. Typhoon ‘ShanShan’ approaches Taiwan
3. Earth Quake at Yilan city (Well, this is fine, I can avoid this area)
4. What else?!?!

Looking at the weather forecast, it is going to rain everywhere. Darn, I need some sunlight to bring me hope.

Btw, I have been spending sometime reading blogs these two days. And I revisted Trader-x’s blog. I visited before, but I found the layout was kinda messy, so I did not pay much attention to it. Darn, I guess you know, it is an excellent blog from the X-men! I read again his trades and it really enlightens me. If you have not visited his blog, then go and check it out now.

I know there are some debates of R going on. I am not going to join. I found it useful for my trading, so I use it. If you do not, then leave it.

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Dummy day trading #26 13-September-2006: E-mini Nasdaq: Long trade closed

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Right after oil inventory report was released, my buy stop for E-mini Nasdaq was triggered. The trade did not go in my favour. Stop loss was triggered with 1-R loss. Well, too bad.

It seems to be a consolidation day after yesterday’s gain. But, who knows. Anyway, I will stop trading for the day.

[photopress:emini_nasdaq_30min_trade_closed.jpg,full,centered]
  1. Why would you be paying attention to this futures contract ? Strong opening with volume. In addition, S&P volume analysis shows volatile day ahead.
  2. Is the trend up or down? Would you be looking to get long or short this futures contract? Up. Looking at Long.
  3. Where would you get long/short this futures contract ? Above 9am (Chicago time) candle (inside bar), which was after oil inventory report.
  4. Where would you put the initial protective stop? Below 9am? (Chicago time) candle. with risk 1.18%
  5. When would you stop trading for the day? After position established.
  6. Where would you exit the position? Stop loss triggered

No trade: 11-September-2006

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It was another boring day. No dummy setup for me before 12 NY time. E-mini S&P started with strong volume. It was expected to be a volatile and maybe, trending day. E-mini Nasdaq, E-mini S&P as well as mini-sized Dow took a dip during the opening and reversed up in the afternoon.

Though no dummy trade was done, I recalled my CBL (Count back line) trading method. I used CBL entry to trade reversal pattern in SIMSCI futures (MSCI Singapore Free index). Some examples, here and here. I am now again interested to evaluate this method to trade E-minis and Dow.
I was so excited to start trading on my Tradestation. But I am not excited to lose money. No trade for the first day of the week and first day of my tradestation journal.

Dummy day trading #24 05-September-2006: E-mini Nasdaq: Short trade closed

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Short position of E-mini Nasdaq was established below 930am (chicago time) candle. It failed to achieve my 1-R gain. Stop loss was triggered with 1-R loss.

Chart was distorted due to trading platform price feed down.

1) Why would you be paying attention to this futures contract ? There was a sell down with good volume during first hour. A long candle was formed.
2) Is the trend up or down? Would you be looking to get long or short this futures contract? Down. Looking at Short position.
3) Where would you get long/short this futures contract ? Below 930am(chicago time) candle
4) Where would you put the initial protective stop? Above 930am (chicago time) candle
5) When would you stop trading for the day? Immediately after position (max 2 per day) established or after 1230noon NY time
6) Where would you exit the position? Time when Stop is triggered.


Two trades closed with no gain, I shall call it a day. Postmortem will be posted tomorrow.