July 14th Friday 2006 Trade Log
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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 on a few occasions as time permits and such 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 in #FuturesTrades realtime trade posting chat room.
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ER2 EuroFX EC +15.70 +0.0000 $1,570.00 $0.00 Adapting to Market Change
Losing traders aren't able to adapt or are unwilling to adapt. In fact, I've met more traders that quit trading because they refuse to accept a change in the market.
A close trading pal and I discover an edge last fall involving the volatility of ER2 and the Phil Oil Service Sector Index (OSX.X).
However, about a week ago the PHLX Exchange changed how they gave the data to data providers. The change caused some data providers to stop offering the data to their clients while others are currently not allowing any access to the data until they update their data feeds.
I tell my buddy to just use the Exchange Traded Funds OIH and XLE.
His response was a flat refusal and he said he will just wait until his data provider makes the appropriate changes (sometime this fall).
In the meantime my profit level has not changed while his win:loss ratio has gone from 82% winners to 54% winners...overall he's losing money.
If your reading the above...there's a clear message.
Leave your ego and its partner called stubborn at the door, change when the market changes so that you can avoid any drawdown periods and be still trading profitably while most don't last beyond a few years due to refusal to adapt.
With that said...how many of you are trading instruments that loss something important to your profit level (ability to trend, volatility etc)...
What's preventing you from trading a different trading instrument that's suitable for your trading plan???
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 July...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.comNote: Each month there are a few trading days that we consider to involve interconnecting key price action of different markets and you can view the charts associated with the key price action along with their stories at our key chart story archives.
Session Start: Fri Jul 14 09:30:38 2006Session Ident: #futurestrades * Now talking in #futurestrades 09:30 <X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm <Awash> morning all 09:31 <szubaark> gm <pat255> gm all <eminitrader> morn A szu pat 09:32 <Awash> morning <pat255> gm emini awash <eminitrader> todays big Q is where do we short anyone on this view 09:33 <NihabaAshi> Shorts ER2 @ 688.90 -> large size <szubaark> gm emini,pat,awash <eminitrader> that was fast niha :)) <les> Shorts ER2 @ 688.5 «« paper »» 09:35 <NihabaAshi> :) won't feel comfortable about the trade until it reaches a 688.00 If not...will reverse quickly. 09:36 <les> Covered 2/3 ER2 Short @ 688 --> + 0.5 «« paper »» exit stop moved to breakeven ER2 @ 688.5 «« paper »» 09:37 Trailing Stop Hit ER2 @ 688.5 --> 0 «« paper »» <NihabaAshi> Covered 1/3 ER2 Short @ 686.90 --> + 2 09:39 <cmr> Keep ER2 Short since 706.5 -> 687 = 19.5 points. No need to scalp. Just Short and keep 09:40 <eminitrader> nice cmr 09:41 <szubaark> Nice Short Niha <NihabaAshi> If Oil can reverse and head back down... <eminitrader> good start niha <NihabaAshi> I may get lucky and get another 2 points out of this trade if it picks up momentum. <cmr> emini: As I said yestarday: Short ES and keep ... <eminitrader> cnbc talking abt oil dropping to 80 :) 09:42 where to short cmr ? <NihabaAshi> Don't forget...we have a key economic report release at 0945am est. 09:44 <szubaark> Long NQ @ 1487 <eminitrader> and 10 <NihabaAshi> Then another one at 10am est. Tightning up my trailing stop. 09:45 <eminitrader> Long ES @ 1248 <szubaark> exit stop moved to breakeven NQ @ 1487 Exited all NQ Long @ 1487 --> 0 09:46 :(( <eminitrader> will hold it for the report <szubaark> emini report came out already <eminitrader> it did 09:47 <szubaark> 9:45 Eastern Consumer Sentiment <cmr> I would Short ES @1250 if it hits that price again <NihabaAshi> Oil ETFs are reversing and looks like they want to attempt at filling in its GAP from yesterday's close. 09:48 <eminitrader> thx cmr <pdays> Shorts ER2 @ 686.4 «« paper »» <szubaark> Long NQ @ 1487 09:50 Exited all NQ Long @ 1485 --> - 2 09:51 <eminitrader> Exited ES Long @ 1246.50 --> - 1.5 Reverse and Enter Short ES @ 1246.50 <szubaark> Shorts NQ @ 1485 <pdays> Covered all ER2 Short @ 685.4 --> + 1 «« paper »» <NihabaAshi> EuroFX declining nicely. 09:52 <eminitrader> Shorts ES @ 1246.50 -> Add 09:53 <cmr> jperl, how are you doing with ER ? Sponsor: As traders we must treat our trading like a business if we are to succeed as traders and as a business. Therefore, waiting till the last few weeks March to prepare for April's taxes is not good for your trading and could put extra stress on your trading during tax month or the months that follow if your one of those traders that filed an extension.. Therefore, its best to be on top of your taxes throughout the year and Traders Accounting is a great resource for such especially if you want to prevent penalties or an audit several years from now.
<NihabaAshi> Covered 1/3 ER2 Short @ 685.90 --> + 3 <eminitrader> nice <jperl> very well tx 3 shorts so far 09:54 <szubaark> Covered all NQ Short @ 1482.75 --> + 2.25 <eminitrader> Covered 1/3 ES Short @ 1245 --> + 1.5 09:55 <cmr> Just made a Short yestarday on the close, 7 points until now... <eminitrader> now in profit mode <cmr> IMHO, today we will have another 2% down day 09:56 <eminitrader> Covered Remainder ES Short @ 1246 --> + 0.5 09:58 will wait for a better entry <jperl> i'll post results so far 10:00 http://charts.dacharts.com/2006-07-14/JP ERL_012.png 10:01 <szubaark> nice jperl 10:02 <NihabaAshi> nice jp... 10:03 <jperl> tx <NihabaAshi> jperl, are you using a mechanical system ? <eminitrader> way to go jp <jperl> no <NihabaAshi> Ok...thanks...just the vwap stuff ? 10:04 <jperl> yes...pretty much plus some money management <eminitrader> Shorts ES @ 1247 <szubaark> Shorts NQ @ 1485.25 10:05 <eminitrader> Covered 1/3 ES Short @ 1246 --> + 1 10:06 Covered 1/3 ES Short @ 1245 --> + 2 10:07 Covered Remainder ES Short @ 1246.50 --> + 0.5 10:11 <NihabaAshi> ER2 just completed a WRB volatility Spike on the 2min chart. 10:12 Covered Remainder ER2 Short @ 687.70 --> + 1.2 <Awash> Long ES or YM @ 1247 «« paper »» 10:15 <eminitrader> Shorts ES @ 1247 10:16 Covered all ES Short @ 1247.50 --> - 0.5 <szubaark> Covered all NQ Short @ 1488.50 --> - 3.25 10:17 Long NQ @ 1488.50 hhmm.. Shorts not working 10:18 <eminitrader> will go long only after es breaks 1253 <szubaark> emini thats that channel downtrendline? 10:19 <eminitrader> i dont do the trend lines szu but use pa with a confirming indicator 10:20 if it breaks 1253 then i enter on a pull back untill the 1258 - 1269 area ..good risk/reward 10:21 oops 1258 - 1260 <szubaark> smart. <eminitrader> well thats with all the ifs :) 10:22 <Awash> exit stop set ES or YM @ 1247 «« paper »» 10:23 <eminitrader> Shorts ES @ 1248.25 10:24 <szubaark> emini, you bear :) 10:25 <eminitrader> like i said till it breaks the 1253 area <NihabaAshi> ETFs OIH just closed its GAP and XLE looks like it has a ways to go. <Awash> Trailing Stop Hit ES or YM @ 1247 --> 0 «« paper »» <eminitrader> Covered 1/3 ES Short @ 1246.75 --> + 1.5 10:26 <jperl> ER2 crosses VWAP 687.20 10:27 <eminitrader> Covered 1/3 ES Short @ 1247.25 --> + 1 10:29 <szubaark> Exited all NQ Long @ 1483.75 --> - 4.75 10:34 Shorts NQ @ 1483.75 <eminitrader> Covered Remainder ES Short @ 1248.25 --> 0 10:37 <les> Long ER2 @ 687.7 «« paper »» 10:38 <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, GLD, IWM, OIH, QQQQ, SPY) 10:40 <Awash> Shorts ES or YM @ 1247.50 «« paper »» <eminitrader> tough price area to trade 10:41 <Awash> Covered all ES or YM Short @ 1490 --> - 242.5 «« paper »» 10:43 <eminitrader> wow <Awash> Covered all ES or YM Short @ 1249 --> - 1.5 «« paper »» <eminitrader> :) 10:44 <jimmy> Shorts DAX @ 5488 10:53 <NihabaAshi> Shorts ER2 @ 686.40 -> small size 10:55 1 contract only <jimmy> Covered all DAX Short @ 5478 --> + 10 <NihabaAshi> Covered ER2 Short @ 686.10 --> + 0.3 10:58 <pat255> vn niha .. 10:59 not trading @office dial up connection..:( 11:00 <NihabaAshi> I entered an interval that became a WRB at 686.10. Not much profit potential there after my entry :( Pattern Signal was way above at 688.00 Wasn't around to trade it :( <szubaark> WRB as in Dark WRB? 11:02 <NihabaAshi> Shorts ER2 @ 684.30 -> small size 2 contracts only No pattern signal...just jumping on the wagon sort'uv speak. <szubaark> hehe Niha. 11:03 Volatility is there so u jump on <NihabaAshi> ER2 can reverse fast in situations like this...will be ready to reverse my position if needed. Covered 1/2 ER2 Short @ 683.00 --> + 1.3 11:04 szu...yes...a Dark WRB. <szubaark> ok. 11:05 <pat255> niha on a roll <NihabaAshi> [11:03] <szubaark> Volatility is there so u jump on Yes...WRB Volatility Spikes are the best ones for such types of high risk trading (jumping on the band wagon). 11:06 Other WRBs without the volatility are more risky. Covered Remainder ER2 Short @ 684.00 --> + 0.3 11:09 Shorts ER2 @ 682.40 -> small size 11:16 1 contract only <eminitrader> Long ES @ 1239.75 11:17 <NihabaAshi> Covered ER2 Short @ 681.00 --> + 1.4 11:19 <aym> Buy er2 @ 681 risk2 <szubaark> Covered all NQ Short @ 1474.75 --> + 9 <eminitrader> nice szu :)) 11:20 <cmr> emini: Short on Open and cover at Close, just simple as that... <szubaark> thanks.. going with the trend helps make up for my screw ups <NihabaAshi> I'm done for the day...been intuition trading all week except for the first trade today, one yesterday that resulted in a big profit and one more trade the prior day...everything else has been intuition trading with a lot of feedback from other key markets like Oil and Gold. 11:21 <eminitrader> yep Exited 1/3 ES Long @ 1240.75 --> + 1 u rock cmr <NihabaAshi> cmr...nice...do you consider that a day trade (not as in scalping) or a "position trade"??? 11:22 <eminitrader> unfortunately i dont have the pateince for such long holds Trading Edge: Trading Strategies -> These strategies will reveal and explain specific strategies from entry to exit that exploit inefficiencies in the price action of your trading instrument for profits in the following trading instruments: Emini Index Futures (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) and Exchange Traded Funds (DIA, GLD, OIH, IWM, QQQQ, SPY) <NihabaAshi> I ask because there's a recent active thread at EliteTrader.com where some traders are swing traders but calling it "position trading". 11:24 <aym> Exit er2 @ 682 <eminitrader> niha , if ur trades r based on other indicators as u mention why do u consider it intuition trades.is it not that the overall mrkts are aligned in a trend 11:25 <NihabaAshi> I consider it "intution trading" because I don't have a written plan for such... I'm just going with the flow :) <eminitrader> k u mean entries in ur particular instrument 11:26 <NihabaAshi> Any trades by the book (my written plan) I don't consider it intuition trading. <eminitrader> although the trend is clear k got you <NihabaAshi> Yes...when I trade ER2 via intution...I get my clues about its price action from other trading instruments. 11:27 <eminitrader> k thats what i thought Exited Remainder ES Long @ 1239.75 --> 0 11:28 <NihabaAshi> I use to have four edges in trading ER2 via intuiton (EuroFX, Oil, Gold and the DAX) <eminitrader> late post <NihabaAshi> The edge via EuroFX is no longer good. <eminitrader> do u replace that or just ignore it 11:29 <NihabaAshi> I just ignore it because Oil, Gold and DAX have been working extremely well for my intuition trading of ER2. 11:30 Three edges keeps me busy :) <eminitrader> sure :) <cmr2> It's a normal day, coming soon to 2% down ... 11:31 <jimmy> buy stop to enter long DAX @ 5441 11:33 <eminitrader> Long ES @ 1235 11:34 playing off weekly support indicator 11:35 <PapaJon> cmr2... you mention 2% down as "normal day" .. is it your opinion that er2 will only move approx 2% (max).. typically?? <cmr2> Short ES 1236, Short YM 10760, Short NQ 1470 11:36 <<paper>> 11:37 PapaJon: I believe markets are in a deep downtrend. Until I see a day with more than 1% up, I'll keep shorting all <eminitrader> Exited 1/2 ES Long @ 1237 --> + 2 11:38 <PapaJon> ic... thnx <eminitrader> :)) 11:39 Exited 1/3 ES Long @ 1238.50 --> + 3.5 11:44 <szubaark> good one emini. 11:45 <eminitrader> holding 1 more expecting 1241 thx szu ..thinking of that trade it was based on a weekly support ..wrong play unless i was willing to hold for a week 11:46 making it worse was doing a large size on a counter trend 11:47 <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, GLD, IWM, OIH, QQQQ, SPY) 11:52 <Awash> Shorts ES or YM @ 10780 «« paper »» 11:56 <codehead> i'm consumed with broker being down, but looks like a bounce due 11:58 <Awash> Covered all ES or YM Short @ 10795 --> - 15 «« paper »» 11:59 <eminitrader> Exited Remainder ES Long @ 1240 --> + 5 12:00 dont want to be greedy on a ct <szubaark> emini im looking to Short soon 12:02 <eminitrader> so am i szu on nq i would be short @ 75 12:03 adding upto 82 with a stop @ 85 now thats as per my charts 12:04 tthats 77 not 75 12:06 Shorts ES @ 1240 12:09 <szubaark> Shorts NQ @ 1475 12:10 <eminitrader> Covered 1/2 ES Short @ 1238.50 --> + 1.5 12:12 take a quick scalp and will look to renter at the 41.50 - 43 area 12:13 <szubaark> yeah i cant cover half with 1 contract.. but then i like my losses on 1.. 12:14 <eminitrader> works both ways eh :) Covered Remainder ES Short @ 1239 --> + 1 12:18 <codehead> dow hit the June low (where it bounced a long dive hard) 12:21 naz nearly the October low 12:22 <Awash> Shorts ES or YM @ 1239.50 «« paper »» 12:24 <szubaark> Covered all NQ Short @ 1475.25 --> - 0.25 12:35 Long NQ @ 1475.50 <codehead> finally, amtd up 12:37 oops wrong room--ameritrade been down <eminitrader> Shorts ES @ 1240.50 12:41 <szubaark> emini im thinking this is where they start whacking Shorts <Awash> Covered all ES or YM Short @ 1241.25 --> - 1.75 «« paper »» 12:42 <eminitrader> nice area to short NQ 12:43 <codehead> having probs with futs account, but bought a little QQQQ 36 12:44 <eminitrader> Shorts ES @ 1242 -> Add Shorts ES @ 1243.25 -> Add 12:49 <szubaark> Exited all NQ Long @ 1480 --> + 4.5 <eminitrader> nice szu <szubaark> thanks.. might go higher.. 12:50 <Awash> nice Szu <szubaark> emini i see u loading up the boat <eminitrader> doubt it both nq and es @ res 6 sort now sort = short this is going to be the highest pullback of todays move 12:51 <szubaark> its at 50% now right? 12:52 (i dont look at retracements) <eminitrader> no at around 60 <szubaark> i mean i see them but dont put too much emphasis on them. 12:53 <eminitrader> in confluence with my indicator retracements r good if used correctly szu ..took me a long time to figure out calculating the swing highs and lows 12:54 not the math part but the flow part <szubaark> yes..u need some good indicator to time them for entries 12:55 <eminitrader> exactly and the other thing is working fibs on a swing within a swing scenario ..makes u go crazy 12:56 Sponsor:
<szubaark> that fibs stuff is too much math.. i have problems adding 2+2 :) 12:57 <eminitrader> :) exit stop set ES @ 1245.25 12:58 now the wait ..get stopped out or take home some green :) avg entry 1 @ 40.50 2 @ 42 and 3 @ 43.25 13:01 Covered 1/3 ES Short @ 1240.50 --> + 2.75 13:03 thats 1 @ b/e holding 5 with a profit as of now <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, GLD, IWM, OIH, QQQQ, SPY) 13:04 <eminitrader> Covered 1/3 ES Short @ 1240 --> + 0.5 13:05 thats 2 from 42 entry plus 2 holding 3 13:06 from 43.25 exit 1 @ 1239,25 plus4 holding 2 more 13:10 exit stop moved to breakeven ES @ 1243.25 <codehead> long YM 10780 <paper> 13:14 hm, that zlr might not go 13:15 opn 3 min, and hesitating too long exit half Ym +19 <paper> 13:24 <szubaark> nice code <codehead> raised stop b/e on reminader <eminitrader> Shorts ES @ 1242.25 -> Add 13:25 1 only <codehead> wish i wasn't having so many problems with brokers today <szubaark> Shorts NQ @ 1476.50 <eminitrader> Covered Remainder ES Short @ 1243.25 --> - 3.75 13:28 <Awash> Shorts ES or YM @ 1242.25 «« paper »» 13:29 <eminitrader> b/e on 2 and 1 pt loss on 1 <szubaark> im gonna hold mine a little longer <eminitrader> Shorts ES @ 1243 13:30 agree szu exit stop set ES @ 1244.25 13:31 <szubaark> This Price Action looks like end of week positioning 13:35 shoudnt be trading this crap 13:36 Covered all NQ Short @ 1479.75 --> - 3.25 13:38 Long NQ @ 1479.75 frikin Short covering coming up 13:39 <Awash> Covered all ES or YM Short @ 1244.25 --> - 2 «« paper »» <eminitrader> Covered all ES Short @ 1244.25 --> - 1.25 <codehead> exit remainder YM +30 <paper> to take it off radar, but if dow can push thru here, might get a real nice pop 13:40 <szubaark> thats what im thinking code.. short start covering <eminitrader> Shorts ES @ 1243.50 13:41 <NihabaAshi> #FuturesTrades Purpose -> No gurus here, no signal calling by a head trader and no intentions to educate. This room is being used by you as a realtime trade journal of trades (real money or simulator) and discussions are for you to add additional info to your brokerage statements. Do not mimic (shadow) the trades by others without their consent as stated at http://www.thestrategylab.com/FuturesTra desChatRoom.htm <eminitrader> last one for the day and week not much buying seeing selling pressure <szubaark> my last trade also.. <eminitrader> mrkt should crash 13:42 now think it just took out earlier shorts 13:43 Covered 1/2 ES Short @ 1241.50 --> + 2 13:44 <Awash> selling pressure coming back to market with volume <szubaark> any sell attempt is Bought 13:45 <Awash> what contract? <eminitrader> pop is on low volume ..so unless it picks momemtum still a bear <Awash> ES just had climatic volume <eminitrader> ;0 13:46 :) exit stop set ES @ 1244.50 13:47 <codehead> despite naz being killed, trinq decent <Awash> Shorts ES or YM @ 1242 «« paper »» 13:48 <eminitrader> NQ tested 50% to the tick ..doubt if it will test it again today ..but u never know 13:49 <Awash> thi will be last trade this will be last trade 13:51 <szubaark> weird price action.. could go either way 13:54 <eminitrader> yep .. 13:55 <szubaark> I need Woodies "Chop Zone" Indicator LOOOOL <eminitrader> Shorts ES @ 1243.25 -> Add wonder if cmr2 is covering .. u still holding bud 13:57 <szubaark> Exited all NQ Long @ 1476 --> - 3.75 Shorts NQ @ 1476 13:58 <eminitrader> nice szu ..way to go <szubaark> paying price in this chop.. just gave all profits back for day :(( <eminitrader> oops that was a loss ? <szubaark> yes <eminitrader> never saw the minus ..mot to worry szu u 'll make up 13:59 <szubaark> emini got bunch of commissions to cover now also. all that crap adds up <eminitrader> 1481 was the exact 50% retracement szu <Awash> ES needs to go below 41 finally got a lower high 14:00 <eminitrader> not to worry szu mrkt will give u some should drop hard <szubaark> yeah i usually have to give 1-2 Stops due to my Impatience before i catch the big move. gotta IMPROVE on that. 14:01 <eminitrader> Covered 1/2 ES Short @ 1240.25 --> + 3 <Awash> nice 14:02 <eminitrader> holding 2 from 43.50 thx A <szubaark> emini trading awesome all this week. <eminitrader> thx szu ..making uo for the first 10 days.. of july <Awash> Covered all ES or YM Short @ 1239.75 --> + 2.25 «« paper »» 14:04 <eminitrader> there ur :)) <Awash> my first win Sponsor:
<eminitrader> good job A 14:05 <Awash> thx i needed that <eminitrader> mrkt still holding ..wonder for how long ? 14:07 only guess is we r oversold in the short term <szubaark> Covered all NQ Short @ 1473.25 --> + 2.75 14:09 Im DONE 14:10 <eminitrader> u in the green for today szu <szubaark> yes +$20 but Broker takes $55 so im Down -$35 LOL 14:11 <eminitrader> k <szubaark> was up over $100 but gave it all back with last 2 Stop outs in that Congestion Zone (STORY OF MY LIFE) 14:12 Im small + for the week..so happy with that <eminitrader> could probabily take a quick scalp @ 1478 area if it gets there k then u might as well be done * szubaark is now known as szubaark_away 14:13 <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, GLD, IWM, OIH, QQQQ, SPY) <PapaJon> szu.. dont feel bad.. these kind of conditions are very tough. 14:14 my normal win rate is about 88%.. this week has been around 60% thus.. these conditions are less favorable than normal with my particular strats. 14:15 <eminitrader> thats excellent pj 88% <PapaJon> thnx et.. but.. weeks this week.. certainly humble me <eminitrader> know what u mean 14:16 <PapaJon> :) even my perfect signals.. with all my rules met.. end up losing more during this crapolla 14:17 <eminitrader> my first target for july/aug is no losses. I'm not at all worried abt profits during these months..tight stops ..it works or not brutal price action the last couple of hrs 14:19 <PapaJon> hehe... agreee et thinkin maybe i get a job at mcdonald's for july and august.. hehe <eminitrader> lol probably be better off..and free food too... 14:20 <PapaJon> nah... <Awash> eminiTrader, you wrote that you keep stops tight during these months <eminitrader> then maybe burger king ..lol 14:21 <PapaJon> that kinda free food will definitely not make you better off... <eminitrader> yes A <Awash> what do you do during the other months ? Do you make it standard practice to exit 6-7 ticks on your first Profit Target 14:22 ? and protect your position from there? i'm experimenting with some rules for my trade management and just wanted to get your thoughts i've let price move in my favor 6-7 ticks and still lose 14:23 <eminitrader> tight stops in terms of risk mgmt..does not mean that if my normal stop is 3 pts i cut it down to 1 ..basically i lower my risk tolerance..by means of entry and or size <Awash> as far as protecting your position, do you bring your stop to BE when price is in your favor? 14:24 <eminitrader> yes ..remember re-entry is only a commission away :) 14:25 <Awash> :) that's something i've neglected to do will adjust accordingly <eminitrader> :) <Awash> what about time after entry? Of course patience is virtue in this game but if price isn't following thru than what rules do you have in place to exit a position? 14:26 <codehead> everything zlr down szu <eminitrader> looks like a big drop coming :)) Covered 1/3 ES Short @ 1238.75 --> + 4.75 14:28 holding 1 more 14:29 will hold this one till the close exit stop moved to breakeven ES @ 1243.50 <codehead> long YM 10768 <paper> 14:46 jumping the gun a little, ER pop influenced me 14:48 potential htlb on cci, 5 min YM green lsma, so not out of the question 14:49 but if it turns down it's another sell signal of course exit half YM +10 14:50 3 min chart breaking hroizontal threndline on cci <jperl> done for the day..... 14:51 here are my executions..... http://charts.dacharts.com/2006-07-14/JP ERL_013.png <codehead> nice trade logging 14:52 htlb triggered set stop b/e -3 YM <paper> on remainder 14:57 agressive trade, keep it a weiner 14:58 raise stop on remained 10778 <paper> 15:00 stopped +10 YM <paper> 15:04 long YM 10784 <paper> 15:05 stop was poorly placed just above s2 <eminitrader> Covered Remainder ES Short @ 1243.50 --> 0 15:06 <codehead> exit half YM +10 15:07 <paper> stop on remainder 10774 <paper> zlr up on ER 15:13 it's looking the best <jperl> have to go...se you all Monday 15:19 <codehead> dow a little bullflag 15:20 see if it can break out maybe not on friday 15:21 3 min patterns are a bit ghosty, eod dive not out of the question 15:23 but they are still on the buy side at the moment stopped -10 on remainder YM <paper> 15:25 <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, GLD, IWM, OIH, QQQQ, SPY) <codehead> long YM 10769 <paper> 15:27 on no signal oh yeah, QM doesn't reopen on friday 15:28 exit half YM +5 <paper> 15:32 exit remainder +1 <paper> 15:33 +0 i meant <cmr2> Nice rebound for shorts ... 15:47 <Awash> you still short cmr2? 15:50 Sponsor: <cmr2> Awash: I keep my shorts overnight. Stop loss when market makes +1% Up - When ? 16:04 You see, all the major indexes were down between .5% to 1%. That's the day gain, for sure, no scalps, no gambling. Monday it will drop again ... 16:06 <Awash> cool i'll definitely be prepared for what happens 16:07 <cmr2> Even if it doesn't, for instance, ER2 I keep it shorted since 706.5 is trading @684 : 22.5 points in 2 days (I started end of 11th). Much easier then scalping all day long, when the markets are firmly deeping lower. 16:09 <Awash> cool 16:10 <cmr2> I just try to follow the intraday trades to make a comparison if would be profitable. No way, when markets are steady. Do u see any turnover last days? So follow the trend ... 16:12 <Awash> k 16:13 <NihabaAshi> Take care all and a nice way to end the trading week. 16:15 I won't be trading next Monday nor Tuesday and go on vacation next Wednesday. However, I will leave my computer on to keep the logs of #FuturesTrades. 16:16 Also, I'm going to try a virtual office why traveling and will on a few occasions log into #FuturesTrades to see how things are going. 16:17 Take care and have a nice weekend...see all on Monday but won't be trading. * DisconnectedSession Close: Fri Jul 14 16:18:03 2006 16:18 We are proud to say that our chat room members are from the following geographical areas in the world:
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