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| April Trade Log | Trade Strategies | WRB Analysis Tutorials | Music While Trading | Testimonials | Disclaimer |
#FuturesTrades
April 23rd Wednesday 2008 Trade Log
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Profitable Trade 0934am - 0949am est Losing Trade 1547pm - 1557pm est |
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Current Performance Record |
Key Trades of the Day |
Profit/Loss Statement |
General Strategy Info: The above profit/loss info represents trades by M.A. Perry (a.k.a. NihabaAshi) only and all trades were posted in realtime as shown in the below chat log.
Although I'm not familiar with the trade methods used by most members of #FuturesTrades, I use a rule based (no subjectivity) methodology that involves WRB Analysis.
There is some subjectivity involved with some of my trades when I'm developing a new strategy (hence the name TheStrategyLab.com) that uses WRB Analysis.
In fact, many of my trades or profit targets will occur within key WRB support/resistance zones because these price areas gives me a better understanding of key changes in supply demand.
WRB Analysis is also a key aspect in my use of intermarket analysis (ex. Oil and Gold), market seasonal tendencies, volatility analysis and custom Japanese Candlestick patterns to complete my trading plan that results in consistent profits.
Further, position size management is a key aspect of my trading and I trade any where between 1 to 9 contracts per trade depending upon the volatility, pattern signal, seasonal tendencies or intuition.
All of my trades and commentary for today's market action (posted below) are via the user name NihabaAshi (Japanese Candlestick term) and I exclusively trade the Russell 2000 Emini ER2 futures even though I closely monitor other key markets so that I'll have a better understanding of ER2 price action.
With that said, today's trade posting chat log is below and it contains all my trades that were posted in realtime along with the trades of other members of #FuturesTrades.
Further, if you want the instructions for gaining access to our free #FuturesTrades chat room...click here.
#FuturesTrades purpose, benefits and access info for day traders, swing traders and position traders...click here.
Time Zone Info Chat Log below is eastern standard time (est) - New York City, U.S.A and/or Montréal, Canada time zone. Session Start: Wed Apr 23 09:24:12 est 2008 Session Ident: #futurestrades [09:24] * Now talking in #futurestrades <@X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm 09:24 [09:24] * X sets mode: +o NihabaAshi <pat29> me think too many S may drive it up..? 09:25 [09:25] * NihabaAshi sets mode: +v pat29 <eminitrader> r still looking @ yest area 1396-88 for a potential sell....but will wait for a pa set-up to occur in that area [09:25] * NihabaAshi sets mode: +v eminitrader <rickf> exit EUR/USD short 159050 +346 pips paper [09:25] * NihabaAshi sets mode: +v rickf <+pat29> tyem <+rickf> still short GBP 09:26 <+eminitrader> 1386 npt 1396 npt=not <+pat29> k.. <+eminitrader> urw pat <+pat29> y may have to give some slack to L 09:27 <+eminitrader> have a feeling its prolly better to take the day off :)) <+pat29> lol why not///:) 09:28 <+rickf> :) <+eminitrader> will be off by 10:30 anyways...prolly be back for the pm session [09:31] <@NihabaAshi> Not common to see today's Open so close to yesterday's Close <drt> gm all 09:31 [09:31] * NihabaAshi sets mode: +v drt <+pat29> y N.. <+Spartan> Shorts ES @ 1382.50 -> small size «« paper »» 09:33 [09:34] <@NihabaAshi> weak resistance area for ER2 <+eminitrader> S ..was this based of the NQ 09:34 it give a noce sell @ 1907 <+Spartan> yes <+eminitrader> k <+rickf> spartan nice entry :) [09:34] <@NihabaAshi> Shorts ER2 @ 705.30 -> medium size <+eminitrader> yep ..low risk 09:35 [09:35] <@NihabaAshi> I had a chance to grab 705.90 but it moved to darn fast <+rickf> short es 1380.50 paper 09:36 <+Spartan> Covered all ES Short @ 1379.50 --> + 3 «« paper »» 09:37 <+rickf> vn 09:38 <+eminitrader> nice start S <+Spartan> thanks <szubaark> nice spartan [09:38] * NihabaAshi sets mode: +v szubaark <+rickf> exit 1/2 es short 78.50 +2 paper <+eminitrader> nice r <+rickf> ty 09:39 [09:40] <@NihabaAshi> 703.90 - 702.90 is a support zone ER2 <T-stop> nice trade Niha 09:41 [09:41] * NihabaAshi sets mode: +v T-stop [09:41] <@NihabaAshi> Covered 3/4 ER2 Short @ 703.10 --> + 2.2 <+pat29> vn <+szubaark> nice Niha, rick <+rickf> wtg <+Spartan> Long ES @ 1379 -> small size «« paper »» <+rickf> ty <+szubaark> Buys ES @ 1377.75 «« paper »» 09:43 <+rickf> exit remainder es 77.50 +3 paper fat fingered the dom, didnt want to exit completely. :( too much coffee <Andy> Long ES @ 1377.75 «« paper »» 09:44 [09:44] * NihabaAshi sets mode: +v Andy <+eminitrader> ") <+rickf> shorted es 1378 paper 09:46 <+Andy> Exited all ES Long @ 1377.75 --> 0 «« paper »» <+Spartan> Exited all ES Long @ 1377 --> - 2 «« paper »» <+eminitrader> not ripe enough yet for a bounce 09:47 <+rickf> exit 1/2 es short 1376 +2 paper <startrader> Long ES @ 1376.25 [09:47] * NihabaAshi sets mode: +v startrader <+Andy> Long ES @ 1376.25 «« paper »» <+Spartan> if we get a bounce, might not be much judging the way things are going <+eminitrader> looks like 73-75 will provide some support for a bounce 09:48 <Pepe> emini, what do expect today? Bullish or bearish? [09:48] * NihabaAshi sets mode: +v Pepe [09:49] <@NihabaAshi> Covered Remainder ER2 Short @ 701.90 --> + 3.4 [09:49] <@NihabaAshi> Got some family distractions here... [09:49] <@NihabaAshi> Be back later. <+Spartan> nice 09:49 <+eminitrader> k [09:49] * NihabaAshi is now known as NihabaAshi_away <+eminitrader> nice one N <+rickf> exit remainder es 1377.25 +.75 paper nice niha <+Andy> Exited 1/3 ES Long @ 1377.5 --> + 1.25 «« paper »» 09:50 <+startrader> Exited all ES Long @ 1377.25 --> + 3.25 <+Andy> Exited 1/3 ES Long @ 1377 --> + 0.75 «« paper »» 09:51 <werner> gm all <@X> #FuturesTrades Info -> No gurus, no head traders. Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade because it provides critical information they can't get from broker statements nor statistics. Also, mimicking the trades by others is not recommended without their permission. More info at www.thestrategylab.com/FuturesTradesChat Room.htm [09:51] * NihabaAshi_away sets mode: +v werner <+rickf> gm werner <+startrader> Shorts ES @ 1378.50 09:54 <+Spartan> Shorts ES @ 1378.25 -> small size «« paper »» <+Andy> Exited Remainder ES Long @ 1377.5 --> + 1.25 «« paper »» 09:55 <+werner> hi rickf 09:56 <+Spartan> Covered all ES Short @ 1378 --> + 0.25 «« paper »» 09:57 <+szubaark> exit stop moved to breakeven ES @ 1377.75 «« paper »» 09:58 <+Spartan> Shorts ES @ 1379 -> small size «« paper »» <+szubaark> Exited all Long ES at 1377.75 --> 0 «« paper »» 09:59 missed exit by 1 tick <+rickf> exit GBP/USD short 1.97945 +375 pips paper <+szubaark> Shorts ES @ 1377.25 «« paper »» 10:00 <+Spartan> nq being a trooper 10:02 <+rickf> short es 1377 paper <+eminitrader> good trading guys...back later <+startrader> Covered 1/2 ES Short @ 1376.75 --> + 1.75 10:03 <+pat29> vn star 10:04 <+rickf> exit es 1377 be paper <+Spartan> tough area <+rickf> gut feeling didnt like the pa <+startrader> Covered Remainder ES Short @ 1376 --> + 2.5 10:05 <+rickf> shorted es 1376.50 paper small size <+Spartan> Covered all ES Short @ 1377 --> + 2 «« paper »» 10:06 <+rickf> wtg <+Spartan> thanks <+szubaark> lots of chop, consolidation zones lately <+Spartan> worried about potential double bottom on 1 min <+rickf> exit es short 1377 -1.50 paper :( 10:07 thought i got in after the chop....grr <+Spartan> Long ES @ 1377.75 -> small size «« paper »» 10:09 <PapaJon> er2 is hanging out around yesterdays poc 10:13 [10:13] * NihabaAshi_away sets mode: +v PapaJon <+Spartan> Exited all ES Long @ 1375.75 --> - 2 «« paper »» <+rickf> short es 1376.25 paper <+Spartan> Shorts ES @ 1375.75 -> small size «« paper »» <+PapaJon> It acted as a great magnet for this mornings short 10:14 <+Spartan> Covered all ES Short @ 1377.75 --> - 2 «« paper »» 10:15 geez <+rickf> exit es short 1378 -2.25 paper 10:16 <+Spartan> Long ES @ 1379 -> small size «« paper »» 10:19 <+startrader> Shorts ES @ 1380.25 10:21 <+Spartan> Exited all ES Long @ 1379 --> 0 «« paper »» 10:23 [10:25] * NihabaAshi_away is now known as NihabaAshi <+Spartan> Shorts ES @ 1380 «« paper »» 10:26 Covered all ES Short @ 1382 --> - 2 «« paper »» 10:28 [10:29] <@NihabaAshi> Long ER2 @ 705.40 -> small size [10:29] <@NihabaAshi> Not looking for much on this Long position because it's in a resistance area [10:32] <@NihabaAshi> Exited ER2 Long @ 705.60 --> + 0.2 <+rickf> short es 1382 paper 10:33 [10:35] <@NihabaAshi> Shorts ER2 @ 706.10 -> small size [10:36] <@NihabaAshi> Covered ER2 Short @ 707.30 --> - 1.2 [10:36] <@NihabaAshi> Reverse and Enter Long ER2 @ 707.30 <+rickf> just like yesterday afternoon toward the close -- wrbs going vertical up 10:36 <+startrader> Shorts ES @ 1384.50 10:37 <+Andy> Shorts ES @ 1384.25 «« paper »» <+rickf> short es 1385 (add) paper 10:38 <KiwiRoo> this is mad..... lol [10:38] * NihabaAshi sets mode: +v KiwiRoo [10:39] <@NihabaAshi> Exited ER2 Long @ 709.00 --> + 1.7 <+Andy> Covered all ES Short @ 1385.5 --> - 1.25 «« paper »» 10:39 <+szubaark> Brutal sneaky upmove out of nowhere frikin 5 Green WRB's in a row LOL 10:40 <+rickf> yah no kidding [10:41] <@NihabaAshi> Eurex DAX very close to retracing it's big drop that had occurred around 0632am est <+KiwiRoo> wow.. still going.... 10:41 i'm wacthing 89 closly (ES)... 10:42 <@NihabaAshi> Out of curiousity...anybody know what caused the big drop in Eurex DAX or DJ-EuroStoxx50 between 0632am - 0715am est ??? <+Spartan> Shorts ES @ 1386 -> small size «« paper »» 10:43 <+rickf> was it the credit suisse news? http://www.bloomberg.com/apps/news?pid=2 0601109&sid=apUQ.jMF809U&refer=home [10:43] <@NihabaAshi> Not sure because I don't have a time for that news <+Spartan> Covered all ES Short @ 1385.50 --> + 0.5 «« paper »» 10:46 [10:48] <@NihabaAshi> DAX has now completely retraced the price action of that big drop [10:49] <@NihabaAshi> weak resistance area for DAX <ItalianSharp> Niha, i have no specific news related to the big drop 10:50 [10:50] * NihabaAshi sets mode: +v ItalianSharp <+Spartan> Shorts ES @ 1385.75 -> small size «« paper »» Covered all ES Short @ 1387.75 --> - 2 «« paper »» 10:51 hard lesson <+szubaark> ok, gap closed from yersturday 10:52 moves like this usually happen on Fed days, this is "unexpected" 10:53 [10:54] <@NihabaAshi> Long ER2 @ 711.10 -> small size [10:54] <@NihabaAshi> Buying the highs :) <+ItalianSharp> Niha, either buy the highs or sit out :) 10:55 no retracements for "classic" trading [10:57] <@NihabaAshi> Exited ER2 Long @ 711.40 --> + 0.3 [10:57] <@NihabaAshi> There's retracements...soon after entry :( <+rickf> murphy's law of trading 10:57 [10:57] <@NihabaAshi> :) Trading Edge: Trading Strategies -> Strategies used by NihabaAshi, from entry to exit, exploit inefficiencies in the price action for profits of the following trading instruments via WRB Analysis and Intermarket Analysis: Emini Index Futures (EMD, ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Index Derivatives (DAX, ESTX50), Euronext Index Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Energy Futures (CL, NG, HO, QM), COMEX Metals Futures (GC), Forex Currencies (EurUsd, EurYen, UsdCdn), Exchange Traded Funds (DIA, GLD, OIH, IWM, QQQQ, SPY, XLE) and Hang Seng Index Futures (HSI) <+szubaark> yup, retracement time LOL 10:58 [10:59] <@NihabaAshi> Oil just amazes me every week. [11:01] <@NihabaAshi> Glad my brother listen to me about 3 years ago and bought a large position in OIH exchange traded fund in the $80 dollar range as a way to hedge against his Oil costs...a position he's still holding :) <+rickf> heh 11:02 <+KiwiRoo> 89 Held. :) <+rickf> i traded oih options last summer/fall and did fairly well [11:03] <@NihabaAshi> :) [11:03] <@NihabaAshi> I regret not trading OIH or XLE over the past few years. <+rickf> never did xle 11:04 i rode the xlf down several points earlier this year/end of last year [11:05] <@NihabaAshi> Shorts ER2 @ 709.50 -> small size [11:05] <@NihabaAshi> high risk considering my actual entry should have been @ 710.50 [11:07] <@NihabaAshi> Covered ER2 Short @ 709.30 --> + 0.2 [11:08] <@NihabaAshi> That's where I would have exited had I not "chased" it. [11:08] <@NihabaAshi> Thus, still needed to respect the profit target that doesn't change regardless to my entry price [11:09] <@NihabaAshi> Excellent example of why I don't believe in nor use risk:reward ratios (fixed ratios). <+rickf> excellent example of trading discipline too 11:10 <rep1acs> in that trade your target profit was so much smaller than it should have been cuz it's a 'chase'? [11:10] * NihabaAshi sets mode: +v rep1acs <+rep1acs> yeah i'm amazed u still took it.. [11:11] <@NihabaAshi> rep1acs...if I lack discpline on the entry and chase the price beyond my "chase range"... [11:11] <@NihabaAshi> I usually get the discpline back on the exit to prevent making the trade worst. [11:13] <@NihabaAshi> Yes, my actual entry that was way beyond my "chase range" limited my profit potential due to the fact my profit potential is associated with the entry I should have taken back around 710.50 <talickca> gm 11:13 [11:13] * NihabaAshi sets mode: +v talickca <+rickf> hey t 11:14 <+talickca> how's it playing out so far? <+rickf> did great on my fx paper trades <+talickca> nice <+rickf> ok on a few es trades <+talickca> massive ES move earlier, crazy <+rickf> got caught on the last big spike up :( got a few of us <+talickca> yeah 11:15 i thought it was a fake out. [11:15] <@NihabaAshi> We have a nice stable retracement from the highs in ER2 [11:15] <@NihabaAshi> Hopefully it sets up a trade signal soon <+rep1acs> i've been having the 'newbie luck'...10 profitable days in a row lol <+rickf> when i first got into options trading a friend told me he hoped my first few trades were losses -- just to pevent me from getting cocky and thinking 'this is easy' :) 11:17 <+talickca> true <+rep1acs> yeap <+rickf> but go with what you got, rep1acs :) <+rep1acs> dont know when my luck runs out lol 11:18 <+Andy> Long ES @ 1385 «« paper »» 11:21 <+talickca> Long ES @ 1385.0 ?? paper ?? <+Spartan> Long ES @ 1385.75 -> small size «« paper »» 11:23 <+Andy> Exited 1/3 ES Long @ 1386 --> + 1 «« paper »» <+talickca> Exited all ES Long @ 1385.75 --> + 0.75 ?? paper ?? 11:24 <+Andy> Exited 1/3 ES Long @ 1386 --> + 1 «« paper »» Exited Remainder ES Long @ 1385 --> 0 «« paper »» 11:25 Long ES @ 1385 «« paper »» 11:29 [11:29] <@NihabaAshi> Shorts ER2 @ 708.70 -> small size [11:32] <@NihabaAshi> I see something I don't like in my trading over these recent 3 trades <+Andy> Exited 1/2 ES Long @ 1385.75 --> + 0.75 «« paper »» 11:32 [11:32] <@NihabaAshi> Will take a lunch break when I close this position <+talickca> Care to share Niha? [11:33] <@NihabaAshi> Poor trading via chasing beyond my chase range <+Andy> Exited Remainder ES Long @ 1385 --> 0 «« paper »» 11:33 [11:36] * codehead_afk is now known as codehead [11:38] <@NihabaAshi> Covered ER2 Short @ 708.40 --> + 0.3 [11:39] * NihabaAshi is now known as NihabaAshi_lunch <Bambam-77> trend is down for now 11:42 [11:42] * NihabaAshi_lunch sets mode: +v Bambam-77 <+Bambam-77> using 86.75 area as long trigger below ss 11:43 <+Andy> Shorts ES @ 1387.5 «« paper »» 11:47 Covered 2/3 ES Short @ 1386.5 --> + 1 «« paper »» 11:49 <@X> #FuturesTrades Info -> No gurus, no head traders. Members use this room to document (trade journal) their trades and thoughts from one trade to the next trade because it provides critical information they can't get from broker statements nor statistics. Also, mimicking the trades by others is not recommended without their permission. More info at www.thestrategylab.com/FuturesTradesChat Room.htm 11:54 <+Andy> Covered ES Short @ 1385.75 --> + 1.75 «« paper »» 11:55 <+Bambam-77> wtg <+rickf> vn .... on this tape 11:56 <+Andy> thanks bambam...great name, btw thanks, rickf...