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March 17th Friday 2006 Trade Log

#FuturesTrades is a private and free realtime trading posting chat room on the IRC Othernet server.

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In addition, NihabaAshi is the only trader in #FuturesTrades that represents TheStrategyLab.com strategies.

Further, you'll find below the chat room text log of realtime trades that were posted by full-time, part-time traders from around the world and the timestamp is eastern standard time (est). 

Also, if you want to see an example of a trading day of what the trades actually look like on a computer screen while using mIRC to communicate with traders from all over the world in #FuturesTrades...click here.

 Session Start: Fri Mar 17 09:30:28 2006Session Ident: #futurestrades
* Now talking in #futurestrades09:30
<X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTra desChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm
<mispe> gm all09:32
<eminitrader> morn mispe09:33
<NihabaAshi> Friends don't let friends trade ER2 during Quadruple Witching week :(09:43
<PapaJon> i guess i have no friends...
 hehe
<NihabaAshi> :)
<PapaJon> It has been a tough week.. but still a little bit profitable09:44
 and then to top it off... we had to rush to hospital yesterday... my wifes mother had heart attack
<eminitrader> hope she is ok now09:46
<mispe>  Shorts YM @ 11351
<NihabaAshi>  Long ER2 @ 747.90 -> small size
<PapaJon> thnx... they not sure how she made it thru but she still here
<eminitrader> that's all matters :)09:47
<PapaJon> needless to say.. was very stressful day and night yesterday
<mispe>  Covered 1/2 YM Short @ 11346 --> + 5
<eminitrader> can understand
<PapaJon> :)
<eminitrader> freind son killed himself last thrs ..kind of a bad week i guess09:48
<PapaJon> She is the type of motherinlaw that everyone wishes for... the greatest sweetest kindest person
<pdays>  Shorts ER2 @ 747.6
  Covered all ER2 Short @ 747.1 --> + 0.5
<mispe>  Covered Remainder YM Short @ 11341 --> + 10 09:49
<eminitrader> good for u pj
<NihabaAshi>  Exited ER2 Long @ 747.10 --> - 0.8 09:50

Reverse and Enter Short ER2 @ 747.10
<PapaJon> thnx et... i was lucky09:51
<NihabaAshi> By the way...I'm bullish and will reverse tis into a Large size position if the short moves upwards near my stop.
<mispe>  Long YM @ 11345 09:52
<milly>  Long YM @ 11344 09:54
<NihabaAshi>  Covered ER2 Short @ 747.60 --> - 0.5 09:55
  Reverse and Enter Long ER2 @ 747.60
 Long is a large size09:56
<mispe>  Exited 1/2 YM Long @ 11350 --> + 5 09:57

Exited Remainder YM Long @ 11357 --> + 12 09:58
<milly>  Exited all YM Long @ 11355 --> + 11
<eminitrader>  Shorts ES @ 1218.25 09:59
<NihabaAshi>  Exited 1/3 ER2 Long @ 748.00 --> + 0.4
<mispe> <eminitrader> Shorts ES @ 1218.25 ...? You mean 1318.2510:00
<NihabaAshi>  Exited 1/3 ER2 Long @ 748.10 --> + 0.5 10:01
<eminitrader> yes mispe

Shorts ES @ 1318.25

looking for a downday on the ES10:02
<mispe>  Shorts YM @ 11352
<NihabaAshi>  Exited Remainder ER2 Long @ 747.60 --> 0 10:03

I blame that on EuroFX when it decided to do a volatility spike :(
<mispe>  Covered all YM Short @ 11350 --> + 2 10:04
<NihabaAshi>  Long ER2 @ 748.60 -> large size 10:05
<milly>  Long YM @ 11358 10:07
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)10:08
<NihabaAshi> Geeesh...I may have to switch back over to EuroFX because it's less reactive to Quad Witching week.10:10
 In comparison to ER2 the first 2 hours of the trading day.10:11
<mispe>  Long YM @ 11352

Exited all YM Long @ 11356 --> + 4 10:12
<jperl>  Long ER2 @ 749.10 10:19
<NihabaAshi>  Exited ER2 Long @ 748.50 --> - 0.1 10:20

Reverse and Enter Short ER2 @ 748.50
<milly>  Exited all YM Long @ 11352 --> - 6
<NihabaAshi> :(10:22
<jperl>  Exited 1/2 ER2 Long @ 749.70 --> + 0.6 10:23
<NihabaAshi>  Covered ER2 Short @ 749.70 --> - 1.2 10:26

Reverse and Enter Long ER2 @ 749.70

I saw hints of that surge coming and was trying to get out of ER2 with a 1 tick profit...10:27

Instead...got a -1.2 point loss :(
<jperl>  Exited Remainder ER2 Long @ 749.30 --> + 0.2 10:28
<NihabaAshi> Now I have a Long position smack in the middle of a candlestick s/r zone :(10:29

That prior Long entry of 748.60 was nicely below that zone until I try to get fancy and capture a few extra ticks on the downside :(10:30

753.50 is the next candlestick s/r zone...too far away considering this is not a position trade.10:32
<mispe>  Shorts YM @ 11346 10:33
<NihabaAshi>  Exited all ER2 Long @ 747.90 --> - 1.8 10:34
  Shorts ER2 @ 747.50 large size

Not what I planned for today's trading session.
<mispe>  Covered all YM Short @ 11337 --> + 9 10:35
<NihabaAshi> :(10:37

Exited all ER2 Short @ 748.60 --> - 1.1 10:40

Need to get the calculator out and compute what size I need if I get a Long signal that's trying to set up around 749.0010:41

Long ER2 @ 748.60 -> large size 10:43

I'm loaded now...12 contracts.10:44
<WannaBeBOS> <drumroll>
<NihabaAshi> :(
<mispe>  Shorts YM @ 11340 10:45
<NihabaAshi> If it results as a loser...I'm don'e for the day in ER2 and in EuroFX without putting on a trade in EuroFX :(

I wanted to trade EuroFX heavy today and ER2 on the light side.
<WannaBeBOS> i hate trading on quad witching
<NihabaAshi> Didn't go as planned.
<WannaBeBOS> will be watching basketball games most of the day :)10:46
<mispe>  Covered all YM Short @ 11335 --> + 5
<NihabaAshi> Quad week, day after FOMC announcments and trading days after Treasury Budgets are the toughest.
<WannaBeBOS> yes10:47
<NihabaAshi> ER2 was fishing for my stop below the length of that Dark WRB that nailed me on an earlier trade.10:48
<WannaBeBOS> for futures guys like us, quad witching is just too darn whippy10:50

equity traders clean up due to gaps in the bid/ask spreads and fill errors10:51
<NihabaAshi> Whippy isn't the word that comes to mind...more like schizo :)
<WannaBeBOS> exactly. quad witching is 4 off days a year for me :)
<NihabaAshi> Wanna...also today was contract changeover in Europe futures (Eurex and Euronext).
 A lot of spread stuff going on today with the big boys.
<WannaBeBOS> yes. forgot about that. thanks

i know a lot of equity guys that prey on those spread inefficiencies across the ECNs. they love quad witching10:53
<eminitrader>  Covered 1/2 ES Short @ 1316 --> + 2.25 10:59
<WannaBeBOS> nice emini
<eminitrader> thx WBB ..was worth the wait11:00
<NihabaAshi> With these lower highs starting to appear since 1025am est along with the rising lows...11:01

I'm stuck in a forming triangle :(11:02
<eminitrader> the Es daily calls for a reversal day niha ..was the only reason i'am holding with a large stop11:03
<NihabaAshi> EuroFX still climbing and its now in one of those "creeper uptrends" since 1005am est

I thought about the large strop prior to the trading day but got burnt by something similar not too long ago.11:04

Decided I would rather take a few 1.0-1.5 hits if wrong instead of a 3 point hit.11:05

Hmmm...I think I need a 750.10 to dump 1/2 and still be in a position to possibly go green for the day if things go well in the remainders.11:07
<jperl> VWAP 750.3011:08
<NihabaAshi> Thanks...I'll use that as a target instead.

EuroFX still creeping upwards.11:15

Ooops...it just did a volatility spike.
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)11:20
<NihabaAshi> Schizo again :(11:23
* lesAway is now known as les11:25
<NihabaAshi>  Exited 1/2 ER2 Long @ 748.80 --> + 0.2 11:27

:(

As soon as I tighten up my stop...it gets picked off.

Doubt I'll get a trade signal during the lunch session :(11:28

Will be trading on and off this after...

Therefore, good chance I'm going to eat this loss today.11:29

Long ER2 @ 749.50 -> large size 11:38

Large size but not loaded.

Having my stop picked off about 2mins after I moved it up and then to see ER2 bounce back up was a tough pill to swallow.11:39

Even tougher...I got a re-entry signal only at 749.40 :(11:41

A little to far up the latter near that 750 area again.

Dark Hangman...signs of lost volatility :(11:43

Punks!11:45
<WannaBeBOS> niha, just close the broker software, and take it easy
 lol
<NihabaAshi> It's not the broker software...its my stop management.11:46

Entry signals are ok...just my trade management after the entry.

Only good thing about my current trade is that its a re-entry signal, I didn't chase it (got a good entry) but its got signaled so darn high up.11:49
<WannaBeBOS> i meant stop trading for the day
<NihabaAshi> You know my trade pattern...odds are high I'll finish profitable :)11:50

Regardless, I'm going to be forced to take a break soon because I have this guy coming by to give me some landscaping plans for the front yard that we decided to do.11:51

Hopefully he's not here too long.

Snow melting fast here now and everybody is preparing for the spring.11:52
<WannaBeBOS> long, tough winter wasnt it?
<NihabaAshi> One of the worst since I've moved here.11:53

Record breaking snow falls and record breaking cold days.

Exited all ER2 Long @ 749.80 --> + 0.3 11:54
<WannaBeBOS> niha, do you remember tigga? he lives in austria now. they have had 60 FEET of snow this year
<NihabaAshi> Snow in the front yard is still 6 feet tall.

Yes...I heard about the weather they got.11:55
<WannaBeBOS> brutal
 we had 8 sub 30 degree days this winter :)
<NihabaAshi> We've had -10 and -20 a few times this year...11:56
<nancy> where do you live Niha?11:57
<NihabaAshi> One of those days occurred the day after a heavy snow fall that was followed by a 15min rain shower...

It was weird. Everything was frozen.

Province du Quebec
<nancy> ah11:58
<NihabaAshi> If ER2 moves above 751.00
<WannaBeBOS> i hate cold weather
<NihabaAshi> My trading day is done :(

Unless I can get lucky and get a trade signal again below the 750 price area...Long or Short.11:59

Right now as it is above that 750 area...its a key candlestick s/r level I don't want to open any new positions in.

Reason why it was critical I was able to stay in those prior two Long positions...12:00

Not much of a chance after that.

My day is done unless ER2 comes all the way back down and make new intraday lows and then puts in a higher low after making that intraday low...12:07

If it does that...I'll trade again...if not...I eat a big loss today and lose my profits for the week :(

Got my audio alerts set for 746.40 and will be back later if the audio alerts go off.12:09
* NihabaAshi is now known as NihabaAshi_away
<WannaBeBOS> enjoy12:11
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)12:32
* WannaBeBOS is now known as BOS-madness12:43
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)13:41
* NihabaAshi_away is now known as NihabaAshi14:41
<NihabaAshi> Will be spending the rest of my day making Ops script code changes...14:42
 if I get disconnected...you know something didn't work right ")
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)14:53
<goodmood> jperl, what does poc mean ?15:06
<jperl> Point of Control....Price at which the peak volume occurs in the volume distribution15:07
<goodmood> ok, thx. So poc may change during the day ?
<jperl> yes
<goodmood> ok
<jperl> right now for ER2 POC is 751.3015:08
<goodmood> and this is a kind of magnet sometimes for non-trending markets ?15:09
<jperl> Yes...represents the price at which both buyers and sellers are happy with the price15:10
<goodmood> ok
<jperl> take a look at the following chart15:12

http://charts.dacharts.com/2006-03-17/JP ERL_012.png

You can see that ER2 is sitting on the POC now
<goodmood> yes, so this is today and yesterday
<jperl> histogram on the left is yesterday...one on the right is today15:13
<goodmood> ok, thx !
<jperl> yw
<goodmood> At what time exactly is expiration today ? 4 est ?15:14
<NihabaAshi> Anybody in here using TradeStation...15:38

???

Can anybody post what a non time base chart looks like or what a constant volume chart looks like ???15:39

Here's why...

http://www.elitetrader.com/vb/showthread .php?threadid=65815
<jperl> non time bases charts can be of three types....15:40
 constant volume, constant range or constant tick
 which one would you like
<NihabaAshi> All :)
<jperl> ER2?15:41
<NihabaAshi> Yes...great.15:43
<jperl> here is a 50 tick chart for ER215:44
 http://charts.dacharts.com/2006-03-17/JP ERL_013.png15:45
<NihabaAshi> Thanks...I've seen and used tick charts before but this Charlie Dow guy seems to be talking about something else.15:46

I'm particular interested in the "volume constant" chart.15:47
<jperl> Here is a constant range chart....all bars same hight
 http://charts.dacharts.com/2006-03-17/JP ERL_014.png15:48
 constant volume chart coming up
 http://charts.dacharts.com/2006-03-17/JP ERL_015.png15:50
 This last chart has the same volume for each bar
 100 contracts
<NihabaAshi> thanks jperl.15:52
<jperl> these charts are in ensign software
<NihabaAshi> Do you have a preference of these charts over time based minute charts that we traditionally use?
<jperl> I use the tick chart for entry and stop15:53
<NihabaAshi> Ok...thanks...appreciated.15:55
<jperl> yw
<NihabaAshi> I understand things a little better now about these different types of charts.
<jperl> NiHa....I looked at Charlie Dows post...15:57
 He is correct about one thing.....
 the shape of the candle depends on when the data stream starts15:58
 Two traders using the same time chart can have different candle shapes if
 the data streams start at slightly different times
<NihabaAshi> Yes...agree.16:04
<X>  #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY)16:05
<NihabaAshi> I see this many times per week because I use two different data providers with one connected via cable and the other connected via a dedicated second phone line.
<BOS-madness> take care all16:37
<NihabaAshi> Take care all and have a nice weekend.16:51

Time to watch NCAA basketball highlights and a few games this weekend. :)
Sponsors: QCharts   #FuturesTrades Info ->   Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, IWM, QQQQ, SPY) 
* DisconnectedSessionClose: Fri Mar 17 16:51:47 2006

 

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Trading Perspective: Trading day didn't go as plan while taking some extra risk today in my trade management after the entry signal via trying something new that's not part of my normal trade management plan.

It was costly and it wiped away all of my profits for the week which was easy to do considering I was mainly small size only for much of the week until today.

Will go back to my "inside game" (basketball analogy) on Monday and Tuesday of next week to compensate for today's poor trading performance. 

Today's results shown above are that of NihabaAshi only. To see his total accumulated points for this month...click here. To see results for for past months...click here.

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