May 4th Thursday 2006 Trade Log

#FuturesTrades is a private and free realtime trading posting chat room on the IRC Othernet server that allows traders from all over the world to communicate.

Click here for the instructions on gaining access to #FuturesTrades.

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 (real money and simulator) that were posted by full-time, part-time traders from around the world and the timestamp is eastern standard time (est). 

Also, you should read NihabaAshi's trading blog like comments (posted below after the trade posts) because sometimes the commentary will contain trading tips that are more useful than what you will see at any other futures blog.

Session Start: Thu May 04 09:27:14 2006Session Ident: #futurestrades
* Now talking in #futurestrades09:27
<X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm
<pat255> morn niha ...missed days of trading ...office work,,,:(09:30
<NihabaAshi> You haven
Meant...you have not missed much.
<pat255> still being away lose the mkt feel...09:31
<NihabaAshi>  Shorts ER2 @ 772.20 -> small size 09:33
<les>  Long ER2 @ 773.2 «« paper »» 09:35
* JavaGuest378 is now known as ice`961
* ice`961 is now known as ice1962
<NihabaAshi>  Shorts ER2 @ 773.30 -> Add
<les>  Exited all ER2 Long @ 773.4 --> + 0.2 «« paper »»

damn slippage

shoulda made .5009:36
<NihabaAshi> That makes this to a 3 contract position.
I have a Bearish Bias...not sure how long my bias will last.09:37
Covered 1/3 ER2 Short @ 772.40 --> + 0.9 09:40
ER2 should have tested 771.50 by now after reaching the intraday high.09:41
tightning up stop.09:45
exit stop moved to breakeven ER2 @ 772.20 09:47
tighten stop a little more.
:(09:50
Trailing Stop Hit ER2 @ 772.20 --> 0 09:51
That stop placement was just too obvious for the market...reason why it was an easy pick :(
<mispe>  Shorts YM @ 11475 09:53
<les>  Long ER2 @ 772.8 «« paper »» 09:54
<eminitrader>  Shorts ES @ 1317 09:55
<mispe>  Covered all YM Short @ 11475 --> 0 09:56
<NihabaAshi>  Long ER2 @ 773.00 -> small size 09:57

1 contract only
<les>  Exited all ER2 Long @ 773 --> + 0.2 «« paper »»
oops09:59
all my teraders have been live
trades
will change over
Shorts ER2 @ 772.3 10:00
<NihabaAshi>  exit stop raised ER2 @ 773.10 10:02
<les>  Covered ER2 Short @ 774.2 --> - 1.9
Reverse and Enter Long ER2 @ 774.2
<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)
<NihabaAshi> Les...that was a very sneaky WRB spike.
exit stop raised ER2 @ 774.00 10:03
<les>  Exited all ER2 Long @ 775.4 --> + 1.2 10:04

yup
<NihabaAshi> My price action bias is now neutral.10:06
Exited ER2 Long @ 774.60 --> + 1.6 10:07
<WannaBeBOS> nice niha10:09
<eminitrader>  Shorts ES @ 1319.50 -> Add 10:11
<NihabaAshi>  Long ER2 @ 775.60 -> small size 10:12

1 contract only
<les>  Long ER2 @ 775.9
<NihabaAshi> Crap...forgot about the Natural GAS report at 1030am est.
<mispe>  Shorts YM @ 11488 10:13
<NihabaAshi>  Exited ER2 Long @ 775.70 --> + 0.1
<les>  Exited all ER2 Long @ 776 --> + 0.1 10:15
<mispe>  Covered 1/2 YM Short @ 11481 --> + 7 10:17
<NihabaAshi>  Shorts ER2 @ 775.00 -> large size 10:18
EuroFX EC still going upwards after its 0858am est lows.10:19
<mispe>  Covered Remainder YM Short @ 11483 --> + 5 10:23
<NihabaAshi>  Covered 1/2 ER2 Short @ 774.70 --> + 0.3 10:24
reducing my risk exposure...
No longer have a grasp on what's occurring in the price action.
<eminitrader>  Covered all ES Short @ 1318 --> + 0.5 10:28
<NihabaAshi> Volatility drying up.10:35
exit stop moved to breakeven ER2 @ 775.00 10:38
Covered ER2 Short @ 773.60 --> + 1.4 10:42
Holding 2 contracts
exit stop lowered ER2 @ 774.90 10:43
Volatility drying up.10:50
Preparing to dump my remainders.10:51
punks10:54
Trailing Stop Hit ER2 @ 774.90 --> + 0.1
I was a few seconds too slow in dumping at 774.4010:55
Shorts ER2 @ 774.00 -> small size 10:57
Geeesh...ER2 just doesn't want to drop hard.10:58
Covered ER2 Short @ 774.70 --> - 0.7 11:06
Reverse and Enter Long ER2 @ 774.70
Not a good area for a position reversal.11:07
May reverse into a large size short position.
<pat255> gotta learn this reverse SAR...sometimes work very well.11:08
<NihabaAshi> Volatility drying up.
<WannaBeBOS> pat, yes. niha is the master at s&r :)11:09
<pat255> yes ...
<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)11:11
<NihabaAshi>  Exited ER2 Long @ 774.10 --> - 0.6 11:14
Reverse and Enter Short ER2 @ 774.10
reversed into a large size short...not expecting much.
Since the 2:20pm est lows of yesterday...11:17
Looks like the past 1 hour of price action is just a normal tight price pullback.
Chop city and I'm a caught in it.11:18
After I close this position...I will take a break and wait for a breakout either above or below the range of this tight pullback.
Not worth putting on some size within it.
Volatility is drying up again and I'm 8 ticks in the hole on this position :(11:22
<pat255> also closer to luch they jerk u around
<NihabaAshi>  Covered ER2 Short @ 775.00 --> - 0.9 11:26
Reverse and Enter Long ER2 @ 775.00
Bump up to 9 contracts to see if I caught a breakout above the range of the past few intervals.11:27
Exited ER2 Long @ 774.40 --> - 0.6 11:34
Reverse and Enter Short ER2 @ 774.40
774.50 and 774.40
<eminitrader> a lot of trading today niha ...
<NihabaAshi> I stop at 10 roundtrips11:35
<eminitrader> wow
<NihabaAshi> I mentioned this several days ago this is a market seasonal pattern week for the next 2 weeks.11:36
<eminitrader> k i missed that..
<NihabaAshi> I tend to be very aggressive during these periods.
Meant 10 trips on an average size of 6 contracts.11:38
I'm still below that number.
Only because I did a few 1 contract and 2 contract trades.11:39
<eminitrader> in all mrkts ? or only selected
<NihabaAshi> Just ER2
<eminitrader> k thx
<NihabaAshi> I haven't sat down and done the math for the others for this week except NQ.
My fear is that I'm gonna get tired today...11:40
<eminitrader>  Shorts ES @ 1318 11:41
<NihabaAshi> Take a break and then that's when the big move will occur while I'm taking a mental rest away from my system
<eminitrader> yep..with so many trades..could give a headache

unfortunately..thats the way it always is11:42
<NihabaAshi> emini...years ago I was doing about 15 trades per day on average on 9 contracts average.11:43
I'm now doing 6 trades on average on 4 contracts average.
Yet I'm more profitable.
<WannaBeBOS> thats great
<eminitrader> hope to get there some day :)11:44
<NihabaAshi> Simply, I've become more efficient with my position size management.
<eminitrader> niha can u give some seminars on position size , would help a lot of us here11:45
<WannaBeBOS> i was wondering why you cut your size down11:47
<NihabaAshi> Wanna...declining overall volatility.
When volatility dropped after the bubble bursted in the stock market...11:48
Didn't make any sense from a money management stand point to be doing that type of size anymore.
<WannaBeBOS> yes i knew that. didnt occur to me that you were even more profitable though
<NihabaAshi>  Covered ER2 Short @ 775.70 --> - 1.3 11:50
Reverse and Enter Long ER2 @ 775.70
<aym> LONG QM @ 70.15 Risk 0.311:51
<NihabaAshi> thers for this week except NQ.11:52
[11:40] <NihabaAshi> My fear is that I'm gonna get tired today...
[11:41] <eminitrader> Shorts ES @ 1318
[11:41] <NihabaAshi> Take a break and then that's when the big move will occur while I'm taking a mental rest away from my system
[11:41] <eminitrader> yep..with so many trades..could give a headache
[11:42] <eminitrader> unfortunately..thats the way it always is
It's almost noon and I'm getting no where today.11:53
<codehead> QM 70
<NihabaAshi> This range won't last all day and hopefully something sparks some volatility.11:54
Wanna...when I cut my size and number of trades in a little more than half...11:55
I had to learn how to ride the trend longer to compensate.
I also don't take 2-5 point hits as I use to in those years of volatility trading.11:56
Thus, my initial stops are 1/2 of what they use to be but my trend rides have increased two fold.11:57
Any body notice something odd about this tight range today???11:58
I just noticed something important.
<pdays>  Shorts ER2 @ 774.9 «« paper »» 12:00
<codehead> QM under 7012:03
<WannaBeBOS> chop is annoying. i know that
<NihabaAshi> Dumping my position...
<jperl> so whats the odd thing you noticed about this tight range?12:04
<NihabaAshi>  Exited 1/3 ER2 Long @ 774.70 --> - 1 12:05
What I notice is that the Eminis have stayed in the price pullback while Oil briefly dropped below the key support of 7012:06
Exited Remainder ER2 Long @ 774.50 --> - 1.2 12:07
The crude drop is a big one after its intraday highs.12:08
<WannaBeBOS> getting crushed
<NihabaAshi> Me too.
<WannaBeBOS> i suspect we will see oil in the low 40s soon
<jperl> what an optimist....12:09
<eminitrader> lol
<jperl> Let's start a pool
<WannaBeBOS> ok
<NihabaAshi> If Crude can stop its price slide today and counter-thrust back upwards or move sideways...
<jperl> I think oil will go to 100 before it gets to 40
<codehead> QM 69.5
<NihabaAshi> ER2 will surge to new intraday highs.
<WannaBeBOS> i think we never see 10012:10
<NihabaAshi> Going to lunch and hopefully a big parabolic move doesn't occur while I'm gone.
* NihabaAshi is now known as NihabaAshi_away30min12:11
<eminitrader>  Covered 1/2 ES Short @ 1315 --> + 3 12:17
<pdays>  Covered ER2 Short @ 773.2 --> + 1.7 «« paper »» 12:22
Reverse and Enter Long ER2 @ 773.2 «« paper »»
<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)12:23
* NihabaAshi_away30min is now known as NihabaAshi12:49
<NihabaAshi> Hmmm...so that parabolic dropped I was waiting for occurred abut 3 mins after I walked out the front door.12:50

Unbelievable :(

That's like putting salt into my wounds today.12:51
<pdays>  Exited all ER2 Long @ 773.0 --> - 0.2 «« paper »»
<NihabaAshi> ER2 volatility drying up.12:52
<eminitrader> this was the reversal u missed niha..
<NihabaAshi> No biggie...just a sucky trading day and many more days remaining in the month of May.12:54
<eminitrader> thats true12:56
<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)13:35
<NihabaAshi>  Long ER2 @ 776.70 -> large size 14:41
By the way, Asia markets are supposed to be closed for tomorrow (late tonight).14:43
:(14:46
<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)14:47
<NihabaAshi> Exited all ER2 Long @ 777.00 --> +0.3 14:48
That was a trailing stop hit :(
Any other day that pattern signal would have produced a few points.14:49
Shorts ER2 @ 776.40 -> large size 14:50
Volatility in EuroFX EC just died :(14:53
Crazy...two times today I took time away from trading (lunch break and fertilizing the front lawn)...15:08
Both times the market moved without any chop...15:09
As soon as I return to trading....chop returns :(
That's trading :)
Covered all ER2 Short @ 776.20 --> + 0.2 15:15
Thought I could grab a 771.10 on that quick push down but had to settle for a 776.20 after I saw the volatility support at 776.00 roll back over.15:17
I'm done for the day...gonna finish up the spring lawn care so that I can feel like I accomplish something today.15:18
ER2 will probably do another mini-trend when I step outside in about 3 mins.
Take care all.
* NihabaAshi is now known as NihabaAshi_away15:19
<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)15:56
<eminitrader>  Covered Remainder ES Short @ 1317 --> + 1 16:02
<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)17:08
* DisconnectedSession Close: Thu May 04 17:18:21 200617:18
  
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Trading Blog Below is not your traditional trader's blog in the usual blog format. However, you will find informative commentary that on a few occasions will contain trading tips that should help your trading as I attempt to sum up my thoughts as I traversed from the first trade to the last trade that was posted above in #FuturesTrades realtime trade posting chat room. 

 

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Trading Perspective

Today's results (real money and simulator trading) shown above are that of NihabaAshi only. To see his total accumulated points for the month of May...click here. To see results for the months of 2006 and prior years...click here.

Commentary by M.A. Perry (a.k.a. NihabaAshi)  
intradaystrategies@yahoo.com

Note: Each month there are a few trading days that we consider to involve key price action interconnecting different markets and you can view the charts along with their stories at our key chart story archives.

  

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