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Gav's trading blog - Perseverance, Consistency, Confidence

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SIMSCI trading journal migration completed

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I have finished moving all my SIMSCI (MSCI Singapore Free Index) futures trading journal from my old blog (clogspot). It is located in SIMSCI category. Another way is reading my June Archive . I started SIMSCI day trading since end of May.

SIMSCI trades are important to me during the development as a futures day trader. It noted my little success, inconsistency, coolness, everything..good or bad. I have experienced winning streak, losing days,over confident, brokerage change and charting service down etc. These experience are just so important to me.

Dummy day trading #10 14-August-2006:Mini Gold: Short trade closed

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That was not so nice to start the week with a loss. Short position of GOLD was established below 8:00am (chicago time) reversal up bar. And I was stopped out by the very next candle. Nothing much to write about this trade. The possible mistake might be, the reversal up bar was in fact closed above moving averages. It was, in fact, not my favourite set up condition. Then why did I make the trade?

Secondly, it is necessary to reconsider about trading Mini Gold. Volume is low and spread is sometimes too big to be swallowed. Not a good choice for day trading.

30-min chart of Mini Gold futures 

[photopress:mini_gold_30_min_trade_closed.JPG,full,pp_image]

I decided to call it a day around 1130 am (chicago time) since I do not have desired set up for stocks indices, and oil seems to be making a intraday come back. uh! I am doing nothing when market is having 3-digit gain?!? It does happen.

Vince reminded me the movie 'God Father' : 'This is the business we have chosen'

Ok, 1 trade closed with 1-R loss.

Dummy day trading #9 11-August-2006:E-Mini Nasdaq: Short trade closed

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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]

Dummy day trading #8 10-August-2006: Dow Mini: Long trade closed

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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.

Dummy day trading #7 09-August-2006: E-mini Nasdaq: Long trade closed

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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.

09 August 2006
09 August 2006

Charts: Futures recap 07-August-2006

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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]