That was too much work for small profit. Short position of E-Mini Nasdaq was established below 930am reversal up bar. Stop was moved twice and it was triggered with 1-R gain. Volume seems to be drying up. Nasdaq moved slowly.
I decided to give up Dow Mini trade as it was approaching 50-day moving average in daily chart. I was wrong and missing out some profit.
Here is 30-min chart of E-mini Nasdaq futures.
[photopress:mini_nasdaq_30_min_trade_close.JPG,full,pp_image]
It was a very slow day for index futures. Not so easy money . Long position of Dow Mini was established above 1030am(chicago time) inside bar. This entry might be too early, I was just following the rule. Stop was moved twice and it was triggered at 11151 with 1-R gain. Initially, I was thinking to close the position at 11167 which was 20-day moving average in daily chart. I had decided to let the profit run instead of setting target. With this decision, I missed some profit.
By the way, I missed out Gold trade.
30-min chart of Dow Mini
[photopress:30_min_Dow_mini_trade_closed.JPG,full,pp_image]
This trade tested my patience and discipline. There were times that I thought of just closing the trade and go to bed (Oh ya, I was trading from Asian, it was during wee hours , man). I diverted my attention by reading blogs, chatting , eating etc. Just to prevent myself from watching the market too much and making wrong decision. Not so bad, 1 trade closed with 1-R gain.
I was not prepared to get into Long position of Nasdaq or Dow today, given oil was having some crazy run. However, set up for E-mini Nasdaq Long trade was so nice that I just couldn’t resist. Long position of E-mini Nasdaq was established above 930am (chicago time) candle. Trailing stop was moved twice, and position was eventually closed with 2-R gain. Again, I do not know if this trailing strategy is efficient enough, I am still working on it. Anyway, I can’t complain much with this kind of profit with 1 hour work.
There was a chance for Gold trade, however, the set up was not my favourite pattern, no trade was made.
Here is 30-min chart of E-mini Nasdaq Futures.
As mentioned in my previous posting, if I were to point out the mistake of the day, the it was the miss of entry for Mini Crude. . Instead, I was looking at Gold, which bulls were too weak to go further.
Let's back to business. Looking back at the 30-min charts, I guess I made a right decision by leaving out Index futures yesterday. The monkey was really jumping around, hurting visitors in the zoo. No good set up for both Mini Dow and Mini Nasdaq for me.
Mini Crude 30-min chart
[photopress:Mini_Crude_30_min_full_day.JPG,full,pp_image]
Mini Gold 30-mini chart
[photopress:mini_gold_30_min_full_day.JPG,full,pp_image]
Mini Dow 30-min chart
[photopress:Mini_dow_30_min_full_day_1_2.JPG,full,pp_image]
Mini Nasdaq 30-min chart
[photopress:Mini_Nasdaq_30_min_full_day_1.JPG,full,pp_image]
This is a losing trade. After Non Farm payroll report was out, Mini Dow Futures had a nice gap up. Long position was established above next inside bar @ 8:00am chicago time. Initial stop was triggered with 1~R loss.
The most interesting part of today’s trading is the experience of eCBOT exchange data down.
Here is the notice from eCBOT.
‘CBOT Update Regarding System Issue from Aug 4, 2006On Friday, August 4, 2006, at 9:30 a.m. Chicago time, the e-cbot trading host moved all products to a closed state due to a software issue. At that time, all day orders in the system were automatically canceled. During the closed state, open auction products remained open. e-cbot markets reopened at 12:00 p.m. Chicago time. For more information please view the e-cbot bulletin 08.04.06’
On the other hand, I was a little lucky since my stop loss order was trriggered earlier as planned. Mini Dow futures reopen with a BIG gap which would be a multiple R loss.
Here are 30-min charts of Mini Dow and E-mini Nasdaq Futures after market closed. It was a repeat of Wednesday session. Long opportunities were found in both futures. I guess, I might need to consider getting an additional monitor or workstation to view more charts at the same time. It is a little bit tedious to day trade few futures at the same time using a laptop.
Anyway, you can’t win them all.
E-mini Nasdaq
[photopress:Mini_nasdaq_30_min_full_day.JPG,full,pp_image]
Mini Dow Futures
[photopress:Mini_dow_30_min_full_day.JPG,full,pp_image]
