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#FuturesTrades October 8th Wednesday 2008 Trade Log

Trade Posting Chat Log Info: My name is M.A. Perry (a.k.a. online as NihabaAshi - martial arts & Japanese Candlestick term) and I am the moderator of #FuturesTrades.

Simply, my job is to keep the peace and ensure #FuturesTrades is a useful community of traders from around the world that have gather in a virtual trading office.

In addition, I personally use the below chat log as feedback for critical trading information that's not available when I review my broker statements nor any statistical analysis of my trading. To maintain the usefulness of the below chat log, all of my trades were posted in real-time within 5 seconds after entry or exit unless otherwise noted in the log.

To read behind the scenes details about my trades posted below such as explanation of position size, stop management, chart interval choice et cetera...click here.

Further, although I'm not familiar with the trade methods used by most members of #FuturesTrades, I use a rule based methodology (very objective) that involves price action only trading (no indicators). However, some of my trades are intuition via market experience in combo with many concepts from my rule based methodology.

My own current performance record and broker profit/loss statement is posted at the bottom of today's log.

With that said, today's trade posting chat log is below and it contains trades posted in real-time by #FuturesTrades members including all of my own trades that were posted in real-time.

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Time Zone Info Chat Log below is eastern standard time (est.) - New York City, U.S.A and/or Montréal, Canada time zone.

<@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 http://www.thestrategylab.com/FuturesTradesChatRoom.htm

Session Start: Wed Oct 08 00:00:00 2008Session Ident: #futurestrades

<rickf> gm all 08:16

<@X> #FuturesTrades Info -> Some members (including me) explain basic details about their trades posted in #FuturesTrades @ http://thestrategylab.com/forum/index.ph p?board=58.0 and there's a link there to take you to #FuturesTrades archived logs if you're interested in reviewing past trades or market commentary posted in #FuturesTrades. 08:31

<+rickf> so much for global coordinated relief 08:47

<werner> geez 08:49

<+werner> hi rickf

<+rickf> hey werner

<+werner> amazing what a mess....

<+rickf> yeah no kidding 08:50

unbelievable

<+werner> rate cuts will be long forgotten before us opens

<+rickf> already is i think 08:51

<+werner> lol

<+rickf> funny - i just figured what was 'off' on my DOM .... the spacing is weird because the ES in only 3 digits, not 4 right now 08:53

<+werner> :) 08:54

bbl 08:56

<+rickf> cya

<ItalianSharp> morning all 09:13

<+ItalianSharp> you guys getting ready for armageddon?

i smell a HUGE DROP today 09:14

<+rickf> aye

<TraderG> where to? there is no where to drop....

<+ItalianSharp> trader, there is plenty of room

<+rickf> guy on fast money last night said at the current burn rate the DJX has 19 days until bottom

<+ItalianSharp> we can drop all the way to zero technically

:)

<+rickf> wont go there, but was an interesting statistic

<+silo> woke up late today :( 09:15

<+rickf> go back to sleep

better that way lol

<+Maximus> gm all 09:16

<+rickf> hi

grr....i keep thinking i'm reading a YM chart ... YM and ES both have 9 handles on 'em now 09:20

<@NihabaAshi> Good morning all. 09:21

<pat255> gm N

<+rickf> g

gm

<+Maximus> gm n

<T-stop> gm all 09:26

<ripsboy> gm all...

<estrader11> long es 76.75 09:27

<LP> gm 09:28

<PapaJon> gm all

<+rickf> trivia: today is 10-yr anniversary of the LTCM bottom 09:29

<drt> gm 09:30

<+estrader11> 1/2 out 78.75 +2.rest off b/e

<sav> crazy open again 09:31

<+ItalianSharp> this is insane 09:34

it's like trading FOMC for 8hrs straight

<+Maximus> Short ES 989.00

<+PapaJon> hehe... good analogy IS

<szubaark> ES 22 Points already LOL 09:35

<+ItalianSharp> the very sad thing is that we'll drop hard

this is merely a weak attempt by the bulls to bounce off those lows

:(((

<+Maximus> out ES 983.25 +5.75 09:36

<+sav> im getting that scared feeling again watching this :)

<+rickf> vn

<AndyP> gm

<+ItalianSharp> sav, what do you mean?

<+Maximus> any pop imo bears are going to kill it

<+sav> this jumpy price action scares me

<+ItalianSharp> i see your point...i love volatility and traded every day...today i have a bad feeling too and am sitting out for now 09:37

i am just not willing to accept the risk to participate

i would need micro-contracts to trade this 09:38

<@NihabaAshi> Long ES @ 993.50 -> medium size

5 only

<+Maximus> feels like a weak push.. to retest1k 09:39

<@NihabaAshi> crazy price action

<+Maximus> and voila 09:40

very

<Brutus> the volume is not weak

<@NihabaAshi> Exited ES Long @ 1004.00 --> + 10.5

Holding 1 contract remainder

<+Maximus> vvn niha

<+LP> wtg niha, i only got 4, crazy jumps 09:41

<+Maximus> big volume more or less behind this push up 09:42

<+silo> Shorts YM @ 9469

<+Maximus> we'll see 09:43

<+silo> Covered all YM Short @ 9484 --> - 15

wow it's fast

<+Maximus> my doms are super jumpy right now

YM looking like its moving 5 points at a clip 09:44

the spread cant even catch up

<+silo> yeah my 15 pts stop got picked as soon as i got in heeh

:\

be right back

cig

<+Maximus> yeah.. very very wild

<+LP> TZ aka er just crazy crap on ice now, not the same at all ;(

<+rickf> creeper 09:45

<+ItalianSharp> i am going to need to review my opinion of a capitulation day very soon

<+Maximus> looks like they want to hold the 1000 level for the short term 09:46

<+ItalianSharp> problem is: we need a big capitulation day to find a bottom

<+LP> spx did 80's in 03 09:47

<+sav> Long NQ @ 1359.5 09:49

<+Maximus> perhaps tomorrow.. big capitulation when the short sale ban is lifted

<+sav> Exited all NQ Long @ 1362.5 --> + 3

<+Maximus> a good catalyst perhaps 09:50

<+sav> that was a quick profit

<+LP> 03 bottom was tested a few times, so even if we capitulate going to be bumpy

<+rickf> been scalping 2.25'ers this morning, but too fast to post 09:51

<+Maximus> nice rick

<+rickf> 4 for 5 so far

thx

<@NihabaAshi> Exited Remainder ES Long @ 1019.00 --> + 25.5 09:52

<+rickf> wtg niha

<+Maximus> hello!

<+szubaark> wow

<+silo> Shorts YM @ 9584

1 contract only

<+rickf> i have a hard time staying in a trend past 3 points ..... bravo to nihaba and those who do

<+LP> wooo hooo wtg

<+rickf> pending home sales 10AM 09:53

<+szubaark> Shorts ES @ 1015.50 «« paper »»

<+rickf> EIA at 1035

<+szubaark> exit stop moved to breakeven ES @ 1015.50 «« paper »» 09:54

<+silo> exit stop set YM @ 9584 09:55

breakeven stop

<+rickf> long es 1014.50 09:56

<+szubaark> yeah this is nuts, hard to even keep up with the Tape

Covered all Short ES at 1015.50 --> 0 «« paper »»

<+silo> Covered all YM Short @ 9584 --> 0

<+rickf> out 16.75 +2.25

today's an ice-in-veins day upon entry (for me) anyway 09:57

<+silo> Shorts YM @ 9573

1 contract only

reshort

<+szubaark> Shorts ES @ 1014 «« paper »»

trying again 09:58

* Tintin : hi all

<+rickf> gm

<+silo> just one contract... if we can catch a move will be plenty of profits haha

<+Maximus> absolutely

<+silo> this enable me to do 2x the normal stop for my usual 2 contracts

<+rickf> yup

is also why i'm only running 2 right now myelf 09:59

need to let the trade develop in this tape

<+ItalianSharp> news in 1min

i cant believe news can add more volatility to this

<+silo> stop almost picked

wheew

<+szubaark> Covered all Short ES at 1019 --> - 5 «« paper »» 10:00

<+silo> Covered all YM Short @ 9607 --> - 34

eh?

wtf

oh wait that's right

<+szubaark> NUTZ

<+silo> 'cuz it's one contract

<+Maximus> 7.4%

<+silo> so doubled the stop

<+Maximus> Rising

<+silo> almost forgot hehe

<+szubaark> Shorts ES @ 1017.75 «« paper »»

trying again 10:01

<+silo> Shorts YM @ 9590

we should drop at this level

but man it's hard

doesn't want to go down at all

<+ItalianSharp> there is a lot of buying today 10:02

<+silo> Covered all YM Short @ 9621 --> - 31

<+ItalianSharp> i wouldnt short right now

<+rickf> long 19.75 out 22 +2.25

<+ItalianSharp> looks like finally the rate cut effect has kicked in

<+rickf> sheesh

* +Tintin ----[ shorts es @ 1020.75 ]----

<+ItalianSharp> for a moment, when we retraced the first reaction to the concerted rate cut, i feared we might see a big down day

<+silo> Shorts YM @ 9609 10:03

<+ItalianSharp> mkts recouped their losses quickly and are now putting up arally

<+Maximus> we still can.. the day will show its hand as it goes..

<+ItalianSharp> yes

<+Maximus> being completely objective..

<+ItalianSharp> however, the way we bounced off those lows must have put some bears to rest for the time being

<+Maximus> very true

<+rickf> this is looking to be a slow creeper morning ... gonna sit and watch for a while 10:04

<+Maximus> not a slow creep to the upside whatsoever

<+rickf> on my chart it is :)

<+Maximus> the initial bounce mind you

=)

3 min primary here

<+rickf> 688t

<+silo> Covered all YM Short @ 9630 --> - 21

<+szubaark> Covered all Short ES at 1023 --> - 5.25 «« paper »»

<+sav> late post

<+rickf> :(

<+ItalianSharp> this could easily be a short-term bottom...something that central bankers wanted to gain time and see thru the financial crisis

<+silo> k no more

hehe

<+sav> Long NQ @ 1374.75 10:05

<+Maximus> yes

<+silo> freaking a.... even with one contract... this is starting to hurt haha

<+sav> Exited all NQ Long @ 1377.75 --> + 3

<+Maximus> any of you guys trade the cracks?

<+rickf> nope

<+Maximus> or gals

<+szubaark> Shorts ES @ 1019 «« paper »»

<+ItalianSharp> the bear market will still be there...but i honestly wouldn't mind some breathing as well

<+rickf> CL is too scary for me ... even on paper

<+Maximus> backwardation in the CL curve 10:07

* +Tintin ----[ covers es @ 1015.75 +5 ]---- 10:08

<+rickf> short es 1014.50

<+Maximus> premimum built into the current spot CL contract 10:09

<+silo> Shorts YM @ 9597

late post

tried it once more hehe

come on .. just go down

let me haaaaave some

<+ItalianSharp> looking at those charts, we could really have a HUGE RALLY today 10:10

i changed my view for the day from a huge down day to a huge up day 10:11

<+silo> what charts

<+ItalianSharp> all charts

on my screens

<+Maximus> =)

<+ItalianSharp> :)

<+rickf> out 1017 -1.50

<+szubaark> Covered all Short ES at 1019 --> 0 «« paper »» 10:12

<+rickf> nice head fake

* +Tintin ----[ shorts es @ 1019.75 ]----

<+szubaark> Shorts ES @ 1017.25 «« paper »» 10:13

* +Tintin ----[ covers es @ 1015.75 +4 ]---- 10:14

<+rickf> short 1015.75

<+szubaark> Covered all Short ES at 1017.25 --> 0 «« paper »»

<+silo> still within a down channel unless this area is broken 10:15

on 2 min

<+Maximus> just some consolidation here

<+szubaark> Shorts ES @ 1015.50 «« paper »»

<+rickf> out 1013.50 +2.25 10:16

<+sav> Shorts NQ @ 1363.75

Covered all NQ Short @ 1360.75 --> + 3

too quick to post

<+PapaJon> nice entry szu

<+silo> you guys see the down trendline?

from the high of that big bar. to next swing point, to current area 10:17

<+rickf> short es 1009.75

<+szubaark> thnks..lets see what happens

<+PapaJon> would be nice to see it test the vwap

however... today.. all the eminis are acting like er2 on crack 10:18

<+TraderG> hahaha

PJ that's funny

very vivid

* +Tintin ----[ buys es @ 1010.25 ]----

<+PapaJon> :)

<+silo> tried a few times to catch this big short 10:19

just hope it will go down as much as i hope it would

<+rickf> out 1007.50 +2.25

<+szubaark> Covered all Short ES at 1007.50 --> + 8 «« paper »»

<+PapaJon> vwap currently around 1003

<+rickf> nice szu 10:20

<+szubaark> thnx

<+ItalianSharp> "...and we are freeee....freeee falling..." 10:22

<+rickf> short es 999.50

<+ItalianSharp> thank god i am not trading today

i really can't read this market right now 10:23

<+rickf> out 1003 - 3.5

<+silo> missed my exit hehe 10:24

<Nesi> how u doing today...silo 10:25

<+silo> doing ok 10:26

<+rickf> short 1002.50 10:27

<+silo> 9350 would be my target IF we can break this area

if not i'm out

<+szubaark> Shorts ES @ 1000.25 «« paper »» 10:28

<+rickf> out 1000.25 +2.25

<+sav> Shorts NQ @ 1339.75

<+silo> looks like i might get it

<+rickf> short 997

<+sav> Covered 1/2 NQ Short @ 1336.75 --> + 3 10:29

Covered Remainder NQ Short @ 1339.75 --> 0

<+rickf> out 999 -2

* +Tintin ----[ buys es @ avg in 1002.25 ]----

<+szubaark> Covered all Short ES at 1000 --> + 0.25 «« paper »»

Buys ES @ 1007.50 «« paper »» 10:30

<+rickf> oil numbers?

* +Tintin ----[ covers es @ 1007.25 +5 all out ]----

<+Maximus> at :35

<+Nesi> Long ES @ 1005.25 «« paper »»

<+rickf> hrm

<winmax60> good morning niha and everyone... 10:31

<+Maximus> gm winmax

<+Nesi> Exited all ES Long @ 1005.00 --> - 0.25 «« paper »» 10:32

* +Tintin ----[ buys es @ 1003.50 ]----

<+rickf> gez nice setups but not going into news 10:33

<+Nesi> Shorts ES @ 997.25 «« paper »» 10:34

<gabe> a

<+Maximus> 8.1M build 10:35

<+szubaark> Exited all Long ES at 999 --> - 8.5 «« paper »»

<+Maximus> expected 2.2M

<+szubaark> Shorts ES @ 999 «« paper »»

<oaktree> buy ym 9386 paper 10:36

<+Maximus> bearish for CL bigtime

<+rickf> short es 997

<+szubaark> TANK!!!

<+rickf> out 994.75 +2.25

<+silo> Covered all YM Short @ 9380 --> + 217

<+Nesi> Covered all ES Short @ 996.00 --> + 1.25 «« paper »»

<+T-stop> vn

<+oaktree> out ym 9381 paper 10:37

<+rickf> hrm. berkshire hathway looking cheap at 'on'y 4000/shr

lol

<+Nesi> Long ES @ 1001.00 «« paper »»

<+Maximus> class b shares?

<+rickf> yup

<@X> #FuturesTrades Info -> Some members (including me) explain basic details about their trades posted in #FuturesTrades @ http://thestrategylab.com/forum/index.ph p?board=58.0 and there's a link there to take you to #FuturesTrades archived logs if you're interested in reviewing past trades or market commentary posted in #FuturesTrades.

<+oaktree> buy ym 9376 paper 10:38

<+szubaark> geez wont go down without there snaps to upside

<+rickf> more room to short :)

<+oaktree> out ym 9433 paper 10:39

<+szubaark> Chop suey this 1000 Area 10:44

<+silo> could get a bounce in a bit 10:45

<+szubaark> looking more and more Bearish 10:46

<+Nesi> Long YM @ 9300 «« paper »» 10:49

<@NihabaAshi> Shorts ES @ 985.75 -> small size 10:50

2 only

Covered all ES Short @ 787.75 --> + 198

<+silo> Long YM @ 9319

<@NihabaAshi> ooops

<+silo> 1 contract only

<+Maximus> that would be nice 10:51

<@NihabaAshi> Covered all ES Short @ 987.75 --> - 2

<+szubaark> Weak Support Area

<@NihabaAshi> Long ES @ 990.00 -> medium size 10:53

4 only

<+szubaark> tightening Stop

exit stop set ES @ 992 «« paper »» 10:54

<@NihabaAshi> Exited all ES Long @ 989.25 --> - 0.75 10:55

<+sav> Shorts NQ @ 1325.5

Covered all NQ Short @ 1328.5 --> - 3

<+szubaark> Covered all Short ES at 992 --> + 7 «« paper »» 10:56

<+rickf> wtg zsu

<+szubaark> yhnx

<@NihabaAshi> Long ES @ 995.25 -> medium size 10:58

4 only

<+rickf> long es 996.75

<@NihabaAshi> Exited all ES Long @ 996.00 --> + 0.75 10:59

<+rickf> out 94.75 -2 11:00

<+szubaark> Shorts ES @ 992 «« paper »»

<+oaktree> buy ym 9348 paper 11:01

<+szubaark> ytightening Stop

exit stop moved to breakeven ES @ 992 «« paper »» 11:02

<+silo> Exited all YM Long @ 9319 --> 0

<+rickf> short es 990 out 887.75 +2.25

<+silo> Long YM @ 9333 11:04

<+szubaark> Contracting Volatility,expecting spike soon, hopefully to downside, Im Short

Covered all Short ES at 992 --> 0 «« paper »»

Buys ES @ 992.25 «« paper »»

<@NihabaAshi> Long ES @ 992.25 -> medium size 11:05

4 only

jumpy all over the place

<ddoonie> stops are way to large for me

<+oaktree> out ym 9353 paper

<+szubaark> jumpy 11:06

<@NihabaAshi> Exited all ES Long @ 990.25 --> - 2

<+szubaark> easy to get shaken out 11:07

<+ddoonie> i would need 10 handle stops for my trades, so i will sit till it calms

<@NihabaAshi> Long ES @ 990.25 -> medium size

4 only

<+sav> Long NQ @ 1340.00

<+Nesi> some news on CNBC

fwiw

<+silo> Long YM @ 9355 -> Add 11:08

full size now

<+sav> Exited all NQ Long @ 1340.25 --> + 0.25

<+silo> normal size actually

<@NihabaAshi> trailing stop @ profit

<+sav> trailing stop picked

<@NihabaAshi> Exited all ES Long @ 992.25 --> + 2

<+szubaark> Exited all Long ES at 991.25 --> - 1 «« paper »»

<@NihabaAshi> Shorts ES @ 988.50 -> medium size 11:09

<+silo> Exited all YM Long @ 9305 --> - 78

<+szubaark> Shorts ES @ 987.50 «« paper »»

<@NihabaAshi> 4 only

* +ddoonie ----[ Shorts ES @ 989.75 ]---- 11:10

<+silo> Long YM @ 9326 11:12

<@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 http://www.thestrategylab.com/FuturesTradesChatRoom.htm

<@NihabaAshi> Covered all ES Short @ 990.50 --> - 2

<+estrader11> long 92 11:13

<@NihabaAshi> There's like a 2 - 3 point price action noise

<+sav> Long NQ @ 1344.00

<+szubaark> easy to get shaken out

<+silo> hard to stay i

<+sav> Exited all NQ Long @ 1341.00 --> - 3

<+estrader11> yes

<+silo> in

<@NihabaAshi> Shorts ES @ 991.50 -> medium size 11:14

4 only

<+silo> like it will wiggle 10 freaking times before it moves

sigh :(

<@NihabaAshi> :(

geeesh

<+szubaark> :(((

<+Maximus> play the cards we are dealt

<+silo> a few more good trades then i'm gonna take a break

<+rickf> gimmea trend .. up or down ...

yep

<+silo> i am starting to lose my cool :P

<@NihabaAshi> Covered all ES Short @ 991.50 --> 0 11:15

<+szubaark> Covered all Short ES at 993 --> - 5.5 «« paper »»

<+estrader11> out 1/2 95 +3 11:16

<+szubaark> Shorts ES @ 993.50 «« paper »»

really Tough Price Action right now

<+estrader11> out rest 92 b/e

* +Tintin ----[ buys es @ 996.50 avg in ]---- 11:19

<+szubaark> Covered all Short ES at 995.50 --> - 2 «« paper »»

:(

<+rickf> long es 93.50 out 95.75 +2.25 11:20

<@NihabaAshi> Long ES @ 998.25 -> medium size

4 only 11:21

<+rickf> long es 97 out 99.25 +2.25

<+silo> Exited 1/2 YM Long @ 9411 --> + 85

<@NihabaAshi> tough tough tough

* +ddoonie ----[ Covered ES @ 997.50 ]----

<+estrader11> long 97.75 11:22

<+szubaark> Shorts ES @ 996.75 «« paper »»

<+silo> Exited Remainder YM Long @ 9390 --> + 64

wow

<@NihabaAshi> Exited all ES Long @ 997.00 --> - 1.25

<+silo> insane

<+rickf> wow

<+silo> eventhough i caught that 215 pts move

i'm still at breakeven...

<+rickf> every good rip has an immediate pullback

<+silo> 'cuz it took me 5 tries to catch the next move 11:23

this one brought me back to breakeven

unreal

takes so many tries to catch one move

:)

<@NihabaAshi> Long ES @ 998.00 -> medium size 11:24

<+pat255> vn guys

<@NihabaAshi> 4 only

<+szubaark> Covered all Short ES at 999.50 --> - 2.75 «« paper »»

Buys ES @ 999.50 «« paper »»

* +Tintin ----[ covers es @ 1000.50 +4 all out ]----

<+szubaark> hate days like this.. just Rip thru my Stops

<+rickf> long 98.50 out 1000.25 +2.25

thx pat 11:25

<@NihabaAshi> trailing stop @ profit 11:26

<+estrader11> all 1003.75 +6

* +Tintin ----[ shorts es @ 1004.50 ]----

<+silo> Shorts YM @ 9449 11:27

1 contract only

* +Tintin ----[ covers es @ 1001.50 +3 ]---- 11:28

<@NihabaAshi> Exited all ES Long @ 1001.00 --> + 3

<+Maximus> n1

<+szubaark> geeezz.. pulling right back 11:29

* +Tintin ----[ buys es @ 999.50 ]----

<+silo> this move is off the globex pivot

<@NihabaAshi> Just paying commissions on the last 9 trades....haven't accomplish anything really since the first trade :(

<+szubaark> looks like they just ran bunch of Stops on this move 11:30

* +ddoonie ----[ Shorts ES @ 998 ]----

<@NihabaAshi> Shorts ES @ 997.50 -> medium size

4 only

<+szubaark> Exited all Long ES at 994.75 --> - 4.75 «« paper »» 11:32

Shorts ES @ 994.75 «« paper »»

digging a hole now :((((

TANK!!!

<@NihabaAshi> Covered all ES Short @ 993.75 --> + 3.75

* +ddoonie ----[ Covered 1/2 position ES @ 994 ]---- 11:33

* +Tintin ----[ buys es @ 995.25 avg in ]----

* +ddoonie ----[ ES Stop Moved TO breakeven ]---- 11:37

<+rickf> short es 992 out 988 +4

<+szubaark> exit stop moved to breakeven ES @ 994 «« paper »» 11:38

<+silo> Covered all YM Short @ 9308 --> + 141

<+szubaark> :)

<+silo> daily profit targt reached

gonna take a break and smoke a cig

<+T-stop> vn silo

<+silo> high volatility is good for us since we have a better risk/reward ratio if we obey our stops 11:39

and catch the bigger moves

yeseteray was easy

but today is a bit differnt

more chops

and perhaps even more volatility than yesterday

which makes any setup hard to play out

since it's harder to stay in

might take 5 trys and 5 stop loss hit 11:40

before it finally move

moves

<+ddoonie> but it depends, if your stops are arbitrary or not

<AustinJM> Good morning everyone 11:41

<+ddoonie> morning

<+Maximus> gm

<+silo> sure

you can use logical stop by placing it at places where you feel comfortable

but that will require big stops at a time like this

i jsut use fix stops to keep my losses small

jsut different way of managing a trade

italiansharp uses logic stop

<+ddoonie> agreed, and with that your stops will get hit as you said 11:42

<+silo> yeah

so require better entry

<+ddoonie> my stops are to wide for me to play some of my trades

sure i miss some moves, but atleast my account will stay active for the next trade

<+Maximus> oil is collapsing like a wet taco? lol! they just said that on cnbc

classic

<+ddoonie> ie this trade

<+silo> well you decide to use logic stop... you have to know which one to pass and which one to trade

if a logical stop is too far away... then taking a big hit like that wouldn't be worth it 11:43

<+ddoonie> agreed :)

<+silo> so just pass on it

so these two ways of setting stops have their own supplements to them

* +ddoonie ----[ ES Stop Moved TO 987 ]----

<+rickf> short 988 out 81 +7

<@NihabaAshi> Tough to get a decent entry in this fast moving price action :( 11:44

<+AustinJM> CNBC says some special things. Didn't they swear a couple days ago?

<+silo> yeah i agree niha

i've been getting in on early entries

<+ddoonie> as do i

<+silo> but even that is hard today

it's definetly different than the past two days

<+ddoonie> i've learned why i personally cannot use arbitrary stops 11:45

once i feel the actual pnl loss i would adjust my stops 11:46

<+silo> they all have their advanages and disadvantages... by using arbitrary stops.. you might have to pass on a few trades

<+ddoonie> nah i agree, i'm saying for me personally

but we have different styles

<+silo> with fix stops, you might have your stop hit more often, which require better precision in entry

oh k

<+ddoonie> and therefore different plans

<+silo> :P 11:47

<+ddoonie> hehe

i just know that for me, when i dont have strict rules for exits, i will trade my account and not price action

* +ddoonie ----[ Covered ES @ 985.75 ]---- 11:48

* codehead_afk is now known as codehead

<+szubaark> Covered all Short ES at 985 --> + 9.75 «« paper »» 11:52

<@NihabaAshi> Shorts ES @ 985.75 -> small size 11:53

2 only

<+szubaark> Shorts ES @ 985 «« paper »» 11:54

<@NihabaAshi> Covered all ES Short @ 987.75 --> - 2

Shorts ES @ 985.25 -> medium size 11:55

<+szubaark> easy to get shaken out

<@NihabaAshi> 4 only

<+szubaark> tightening Stop 11:56

exit stop moved to breakeven ES @ 985 «« paper »»

<@NihabaAshi> trailing stop @ profit 11:57

<+silo> Long YM @ 9307 11:58

<@NihabaAshi> Covered all ES Short @ 984.25 --> + 1 11:59

<+szubaark> Covered all Short ES at 985 --> 0 «« paper »»

pulls back just enough to get all the Shorts that got in on breakdown :(( fishy action going on

Buys ES @ 991.75 «« paper »» 12:00

<+rickf> long es 87.25 out 91 +3.75

<@NihabaAshi> It'll be "even more" embarrasing after the latest FED booster shot if the market sells off hard again.

<+Maximus> yes

* +rickf agreed

<@NihabaAshi> Thus, they'll fight hard to keep this up.

<+Maximus> one would think

<+rickf> if that happens ... sheeesh, dont wanna think of it 12:01

<@NihabaAshi> I see a range day (big range day) that should hurry and attract the bottom callers that want to ignore all the Financial Crisis pressure on the market 12:02

May even get a Trend Day tomorrow or Friday to make some happy.

However, next week the reality should set back in again. 12:03

<+Maximus> seemingly in a wedge on the ES across TF's

<+AustinJM> Lots of retail on T&S 12:04

<@NihabaAshi> VIX still stair stepping upwards

<+Maximus> nearing 60.. sheesh

<+sav> Shorts NQ @ 1326.25 12:05

<+szubaark> Exited all Long ES at 982.75 --> - 9 «« paper »»

i frikin chased that :(((

Shorts ES @ 982.75 «« paper »» 12:06

fakeout frikin Spike

<+sav> Covered all NQ Short @ 1323.25 --> + 3

<+szubaark> TANK!!!!

<+silo> Exited all YM Long @ 9279 --> - 28

<@NihabaAshi> This is the type of price action that by the end of the day...both Longs and Shorts felt some pain.

<+pat255> yup 12:07

<+silo> nasdaq tanked

<+Maximus> silo you around?

guess so

<+rickf> short 982 out 978 +4

<+Maximus> YM cracked s2

s1**

<@NihabaAshi> Shorts ES @ 976.00 -> small size 12:08

1 only 12:09

<+silo> be careful niha.... nasdaq dropped ALOT... might bounce back a little

<+rickf> short 978 12:10

<@NihabaAshi> price action all over the place

<+silo> haha yeah

<+rickf> out 977.50 +.50

sheesh

<@NihabaAshi> I just lost my patience !!!! 12:11

<+ddoonie> divergences in rsi keep increasing

<@NihabaAshi> Covered ES Short @ 979.00 --> - 3

<+szubaark> this is terrible action

<MK> Long ES @ 977.5 «« paper »» 12:13

<@NihabaAshi> Shorts ES @ 978.75 -> small size

3 only

Covered all ES Short @ 980.50 --> - 1.75 12:14

<+AustinJM> Nihaba, on the TF 12-08 3 min chart at 11:30 what do you think about that engulfed body?

<+silo> price action in a down channel

<+sav> Long NQ @ 1323.00

<+silo> draw a line from 10am

2min chart 12:15

<+sav> Exited all NQ Long @ 1320.00 --> - 3

stupid trade

<@NihabaAshi> AustinJM...I don't know what 12-08 is...please post a chart in at the forum just in case we are using different data providers (most likely the case)....thanks 12:16

<+AustinJM> oh sorry, December of 08

<@NihabaAshi> chart still needed thanks

<+AustinJM> on it

<+sav> Long NQ @ 1323.75 12:17

Exited all NQ Long @ 1326.75 --> + 3 12:18

<@NihabaAshi> Long ES @ 983.25 -> large size

9 only

<+silo> Shorts YM @ 9291 12:19

Shorts YM @ 9294 -> Add 12:20

<+Maximus> man all 1 lots on the YM 12:21

true retailers market

<+ddoonie> or someone masking as a retailer 12:22

<@NihabaAshi> trailing stop @ profit

<+Maximus> very true

<+ddoonie> seen it time and time again

<+rickf> long from 984

<+silo> Covered all YM Short @ 9315 --> - 45

<@NihabaAshi> Exited ES Long @ 986.25 --> + 3

Holding 1 contract remainder 12:23

:(

<+silo> Shorts YM @ 9393

<@NihabaAshi> geeesh

Exited Remainder ES Long @ 983.50 --> + 0.25

<+silo> we either go down and break low

or go up and break downtrendline here

2 contracts short now

<+ddoonie> or go sideways till trendline is broken.. 12:24

<+rickf> ou 982 -2

<+silo> nah... trendline is tight right now

either up or down now

big move i believe

<+Maximus> es riding a downtrend line on 3min 12:25

were moving down though on a bit lighter volume.. given lunch time too, but we'll see when 1:30 ET ish rolls around 12:26

and speaking of that, lunch time

<+silo> nasdaq not goign down 12:29

<@NihabaAshi> Shorts ES @ 978.00 -> small size 12:30

3 only

<+silo> someone sell some nq contracts for me plz haha

:D

<@NihabaAshi> Covered all ES Short @ 979.50 --> - 1.5 12:32

<+silo> shoot... should've sold down there

waiting for nq to tank

<@NihabaAshi> Shorts ES @ 978.50 -> small size 12:33

3 only

<+AustinJM> TF also in a nice downtrend channel, waiting for it to make its way back up and slightly over top of last bear candle to sell 12:34

<@NihabaAshi> trailing stop @ profit 12:35

Covered all ES Short @ 976.75 --> + 1.75 12:36

<+szubaark> Covered all Short ES at 982 --> + 0.75 «« paper »» 12:37

<@NihabaAshi> price calms down for a minute to sucker us into it and then it acts like Freddy Cougar in the basement boiler room :(

<+T-stop> lol

<+szubaark> Buys ES @ 983 «« paper »»

<+T-stop> crazy

<+silo> got greedy and missed my exit hehe 12:39

<@NihabaAshi> Long ES @ 983.00 -> small size

2 only

<+silo> now i can only hope the trendline will keep this down lol

:(

bad trding

<+MK> Exited all ES Long @ 982.75 --> + 5.25 «« paper »»

<+silo> but if this fails to go up

we could gt a bigger down move possibly

<+estrader11> long 92 12:40

<+AustinJM> LONG TF @ 535.1 / Exit @ 336.0

<@NihabaAshi> Exited all ES Long @ 983.25 --> + 0.25

2nd time I've lost my patience 12:41

taking a break

* NihabaAshi is now known as NihabaAshi_lunch

<+rickf> ;pmg frp, 982.25

<+estrader11> OUT 1/2 96 +4 12:42

<+rickf> out 985 +2.75

<+silo> Covered YM Short @ 9317 --> + 76

Reverse and Enter Long YM @ 9317

that's not right

man that short i should've locked profits :( 12:43

went against me

<+estrader11> all out 98+6

<@X> #FuturesTrades Info -> Some members (including me) explain basic details about their trades posted in #FuturesTrades @ http://thestrategylab.com/forum/index.ph p?board=58.0 and there's a link there to take you to #FuturesTrades archived logs if you're interested in reviewing past trades or market commentary posted in #FuturesTrades.

<+AustinJM> the channel in TF is still holding

<+szubaark> Looks like another sucker fakeout 12:44

<+rickf> freaking violent tape

<+AustinJM> that's what triggered my Long in upward channel movement

<+szubaark> Exited all Long ES at 982.75 --> - 0.25 «« paper »»

<+silo> wow this trade screwd me royaly :(

<+AustinJM> get ready for a retrace here in the next 5 minutes 12:45

downwards again

<+szubaark> Shorts ES @ 983 «« paper »»

sneaky bastids

<+ddoonie> its probably going to pop below, and right back up

<+estrader11> short 91.75

<+szubaark> pops high enougn to whack good entry Shorts then down LOL 12:46

rinse and repeat

<+ddoonie> hence sideways

<+szubaark> its a Brutal downward channel

<+ddoonie> that you will have to redraw with each bar 12:47

<+estrader11> all out 980.75 +2

<+szubaark> this is Irratinal Exubberance 12:48

<+ddoonie> maybe this will do it

<+AustinJM> Just wait for the price to come to you!

<+ddoonie> but i think it will break and come back

<+AustinJM> DOn't overtrade, patience!

now would be a good time to consider short

I am on TF mind you 12:49

<+ddoonie> what is TF?

i dont know acronyms

<+AustinJM> russel 2k 12:50

<+ddoonie> this has now evolved into a range break trade, in my eyes

<+AustinJM> damn im leaving huge profits ont he table, i need to learn how to get this trailing stop to work

Short TF @ 540.6 / Exited @ 336.6 12:52

<+szubaark> Covered all Short ES at 983 --> 0 «« paper »»

<+AustinJM> Caution, the down channel may be dissipating

<+Maximus> Short ES 986.50 12:56

<+AustinJM> Resistance on TF has not been broken, and just moved back down into upper channel 12:57

<+rickf> this is the most schizophrenic tape i've seen in ages

<+Maximus> Out ES @ 983.50 + 3 12:59

<+szubaark> easy to get frustrated and lose control, which is what these markets Love

<+AustinJM> They love your money 13:00

I love your money

Nothing against you of course :)

<+szubaark> Buys ES @ 988 «« paper »»

<+Maximus> Long ES 987.00

Out ES 990.00 + 3 13:01

<+rickf> long 84.75 out 91.75 +7

<+AustinJM> nice job maximus 13:02

<+Maximus> nice rick

<+rickf> ty

<+Maximus> broke that downtrend line

<+AustinJM> for sure

<+Maximus> another test of 1,000? yawn

lol

<+silo> not much resistance up here

:)

channel break

<+AustinJM> Getting ready to test another resistance on TF

<+silo> with higher lows 13:03

<+Maximus> at about 1003

some

<+AustinJM> Resistance broken TF

<+silo> Exited 1/2 YM Long @ 9401 --> + 84 13:04

<+AustinJM> you slayed that!

<+silo> if this didn't come up

would've sucked

i had a real nice short

didn't get out

boom went up

i took long 13:05

and it went down hard

scared the shit out of me :\

bad mangemnt on my part trying to catch the downward breakout

<+Maximus> incoming test 13:06

volume is heavy on these up moves today

* Tintin ----[ covers es @ 1000.25 +5 all out ]----

<+Maximus> so.. some conviction 13:07

<+rickf> 1000 resistance :(

<+Maximus> yup

<+silo> Exited Remainder YM Long @ 9403 --> + 86 13:08

<+AustinJM> im going short at 1000.25

<+Maximus> they want it 13:09

03's resistance 13:10

<+szubaark> Exited all Long ES at 1004 --> + 16 «« paper »»

<+Maximus> Long ES 1004

Out ES 1002 - 2 13:11

no break

<+silo> Shorts YM @ 9431 -> small size

1 contract only so far

might add later

Shorts YM @ 9435 -> Add 13:12

damn there goes my profit from last trade haha 13:15

too early on the entry

still in though... using lsat trade's profit as cushion hhe

bad trading today

<+AustinJM> im not doing anything until the ES decides where it wants to be 13:16

<+Maximus> thats what price discovery is.. figuring out where it wants to be :) 13:18

it never stops

<+estrader11> s05

<+rickf> long ffrom 1002.50 13:19

out 1006 +3.5

<+Maximus> nice

<+estrader11> out 08-3 13:20

<+szubaark> Shorts ES @ 1005.50 «« paper »» 13:21

<+silo> this trade brought me back to breakeven

:(

still in though

<+AustinJM> Ok you discover it for me, i'll be the one that rides the gravy train with no brakes :)

<+estrader11> s05 again

<+rickf> short ban expires tonight btw 13:24

<+Maximus> yup

<+AustinJM> I think market will close near todays open 13:26

<@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 http://www.thestrategylab.com/FuturesTradesChatRoom.htm

<+szubaark> Covered all Short ES at 998.50 --> + 7 «« paper »»

<+AustinJM> Short YM @ 9849 13:27

pssh, took me out at stop +1 b/e 13:28

<+silo> ts slowing down :( 13:31

<+rickf> came full circle today

<+MK> Long ES @ 996.25 «« paper »» 13:33

<+ddoonie> i hope es closes on a positive note

<+Maximus> Short ES 993.Long ES 997.50 13:34

whoa

theres an OCO for yah

long ES 997.50 @ out 999.00 + 1.5 13:35

<+szubaark> Buys ES @ 1001.50 «« paper »» 13:36

<+MK> Exited all ES Long @ 1003.5 --> + 7.25 «« paper »»

<+silo> missed another exit

after this one... i'm done for the day 13:37

<+szubaark> tightening stop

exit stop moved to breakeven ES @ 1001.50 «« paper »»

<+Maximus> Long ES 1006.50

Stop to profit 13:39

out ES 1007

+.50

Long ES 1006.50 again 13:40

<+MK> Long ES @ 1006.75 «« paper »»

<+szubaark> tightening stop 13:41

<+Maximus> Out ES @ 1010.50 + 5

<+szubaark> exit stop set ES @ 1005 «« paper »» 13:42

<+Maximus> +4.75 filled at 10.25

<+szubaark> Exited all Long ES at 1008.50 --> + 7 «« paper »»

that puts me positive for day after a difficult start 13:43

im in Profit Protection Mode now

* szubaark is now known as szubaark_away

<+Maximus> Long ES 1010.25 13:44

<+MK> prob going for 1030

<+Maximus> stop moved to profit

out 1011.25 +1 13:45

<+AustinJM> is it sad that i intentionally make my trailing stop relatively close so i can hear the repeated "cha-ching" when it gets moved in an up push? 13:46

<+rickf> lol 13:48

<+sav> r u on ninja trader austinJM 13:50

<+AustinJM> yes sav 13:51

<+sav> thought so its a great sound that "cha-ching" LOL 13:52

<+MK> Exited all ES Long @ 1014 --> + 7.25 «« paper »» 13:54

<+AustinJM> ahh man, is it ever 13:55

<+MK> Long ES @ 1014.75 «« paper »»

<+Maximus> climbing that intraday wall of worry 13:57

<+MK> Exited all ES Long @ 1019 --> + 4.25 «« paper »» 13:59

<+rickf> long es 1010.50 out 20.50 +10 14:00

late

<+MK> Shorts ES @ 1018 «« paper »»

<+Maximus> prime rick 14:01

<+rickf> sweet :)

<+szubaark_away> nice rick

<+rickf> makes the rest of today a distant memory now lol

<+MK> Covered all ES Short @ 1015 --> + 3 «« paper »»

Long ES @ 1015.25 «« paper »» 14:03

<+rickf> i gotta say today's been the hardest day i've seen yet trading futures 14:05

<+szubaark_away> yes agree 100%

<+MK> Exited all ES Long @ 1023 --> + 7.75 «« paper »»

<+AustinJM> Long ES @ 21.25 out @ 22.50

<+rickf> even trading the plan and not doing impulse trades didn't work much

<+szubaark_away> rick, u always get days like this.. i was preparing for a day like this, knowing we had some nice Volatility days M-T 14:06

<+rickf> yeah but worse than i expected .... there's "bad" and thre's "this" 14:07

<+AustinJM> I've made more consistent profit today than i ever have

<+rickf> today was my first 10-bagger

live trading, anyway

<+szubaark_away> so, when i see nice trading days 2 in a row i know Brutal day is just around the corner. 14:08

<+AustinJM> Congrats rick

20 pts is huge

<+rickf> thx austin

<+AustinJM> Steak dinner tonight?

<+rickf> sushi

sake

and motrin

<+Maximus> even better

<+AustinJM> Thats going to be my rule when i have +1k days. Steak dinner 14:09

to reward myself haha

<+rickf> heh

<+MK> Long ES @ 1019.25 «« paper »»

<+estrader11> S19 14:10

<+MK> Long ES @ 1018.25 -> Add «« paper »»

Long ES @ 1016 -> Add «« paper »» 14:11

<+estrader11> out 14 +5

<+MK> Long ES @ 1013 -> Add «« paper »»

<+AustinJM> short ym @ 9564

stop filled at +7

<+estrader11> out rest b/e 14:15

<+MK> Exited all ES Long @ 1018.5 --> + 4.75 «« paper »»

<+estrader11> S18 14:16

OUT 1/2 16 +2 14:17

all out 14+4 14:19

<+pat255> vn es

<+estrader11> ty

<+MK> Long ES @ 1015.5 «« paper »»

Exited all ES Long @ 1019.25 --> + 3.75 «« paper »» 14:20

Long ES @ 1021.75 «« paper »» 14:21

Long ES @ 1024 -> Add «« paper »» 14:24

Long ES @ 1023. -> Add «« paper »» 14:26

<+estrader11> S26 14:27

<+MK> Long ES @ 1021.5 -> Add «« paper »» 14:28

<+estrader11> OUT 1/2 22+4

<+MK> Long ES @ 1019 -> Add «« paper »» 14:30

<+estrader11> all out 19 +7

s22 14:32

<+Maximus> A/D lines comin in

<+rickf> hrm .... looking @ an HLC chart vs candles, I am scratching my head wondering WTF I was doing today 14:34

* NihabaAshi_lunch is now known as NihabaAshi

<+estrader11> out 1/2 18 +4

<+pat255> es v nice on S ...

<+estrader11> out rest 16+6 14:35

ty pat 14:36

<+MK> Long ES @ 1017 «« paper »»

<palmer> mk i guess u think we go higher 14:39

<+palmer> that's alot of add

<+MK> yes to both

will keep on adding 14:40

<@NihabaAshi> Shorts ES @ 1017.75 -> small size

3 only

<+ddoonie> how much are you adding in proportion to your original position?

<+MK> until i get my ass kicked

<+ddoonie> did you start with 1 and keep adding 1 each time? 14:41

<+MK> yes

<+ddoonie> good luck with that

<@NihabaAshi> Covered all ES Short @ 1013.75 --> + 4 14:42

<+ddoonie> MK do you have a stop in mind, or set? 14:43

* Retrieving #futurestrades modes... 14:44

<+MK> Long ES @ 1011.5 -> Add «« paper »»

no stop

Long ES @ 1008 -> Add «« paper »»

trying to see how this would work with a 100k account-so far working 14:45

<+Maximus> are you martingaling MK?

<+MK> what's that 14:46

<+Maximus> essentially doubling down +1 incremental unit at a loss of the previous

<+ddoonie> jif you are certain of this position, why dont you go half your account in to start with?

<+Maximus> ie. lose 1 unit, bet 2.. lose that bet 4.. its exponential

<+ddoonie> you would have a better average price by now

<@X> #FuturesTrades Info -> Some members (including me) explain basic details about their trades posted in #FuturesTrades @ http://thestrategylab.com/forum/index.ph p?board=58.0 and there's a link there to take you to #FuturesTrades archived logs if you're interested in reviewing past trades or market commentary posted in #FuturesTrades.

<+MK> i see

<+Maximus> and its not a smart idea btw 14:47

<+MK> i like to start small and keep adding

<@NihabaAshi> Long ES @ 1014.00 -> small size

<+T-stop> lol Max

<+Maximus> can lead to catastrophic losses and guranteed margin calls

lol

<@NihabaAshi> 2 only

<+Maximus> hey just saying.. im sure there are new people out there that try it

<+MK> i wouldn't do this w less than a 100k account

<+T-stop> I wouldn't do it w/ a paper acct 14:48

<+Maximus> i'm right there with ya t-stop

<+T-stop> silly

<+Maximus> i think you know that im talking about

<@NihabaAshi> Exited all ES Long @ 1013.50 --> - 0.5

<+MK> so far starting in april w 100k account have grown to 3.5MM

<+szubaark_away> Real por Simulator? 14:49

<+MK> sim

<+T-stop> its a lil diff live

<+silo> 3.4 mil?

<+Maximus> but you have to ask yourself whether or not you'd REALLY take those trades

<+ddoonie> simulator or paper

<+rickf> anoyone here using 'range bars' on their es charts? i hear about them

<+Maximus> with skin in the game.. chances are you wouldn't

<+MK> sure it is

<+Maximus> yes rick

ive toyed with them

certain strategies work well with them

<@NihabaAshi> Long ES @ 1013.00 -> small size 14:50

<+rickf> i'm putzing around w/them now ... OEC just added to their charrt

<@NihabaAshi> 1 only

<+szubaark_away> Buys ES @ 1014.25 «« paper »»

<+ddoonie> MK dont get us wrong, just trying to advise you of our experiences

<+szubaark_away> tightening Stop

exit stop moved to breakeven ES @ 1014.25 «« paper »» 14:51

<@NihabaAshi> Exited ES Long @ 1017.00 --> + 4

<+T-stop> vn

<+MK> yes, thanks-i've blown several accounts myself-just trying to take the emotions out that will hopefully transition into live

<+Maximus> its generally bad form trading wise that it.. it can lead to frutition in the end of course.. but you'll be depeleted of funds long before that

<+szubaark_away> market becoming more tradable now after the morning schizo

<+ddoonie> when you see your pnl swaying, you will think differently 14:52

<+AustinJM> Short YM @ 9545 no stops or tp's just to see what it does --- Paper

<+MK> you mean heart beats faster? 14:53

<+szubaark_away> tightening Stop 14:55

exit stop set ES @ 1016 «« paper »»

<+MK> Exited all ES Long @ 1021 --> + 17 «« paper »»

<+ddoonie> how are you plus 17? 14:56

<@NihabaAshi> Long ES @ 1019.25 -> small size

2 only

<+ddoonie> not qustioning you, just trying to help you out if you are misunderstanding something

3/4 of your average ins were > 1019 14:57

<@NihabaAshi> geeesh

<+MK> it calculates automatically with the script-i don't touch anything 14:58

<@NihabaAshi> Exited all ES Long @ 1020.00 --> + 0.75 14:59

<+szubaark_away> Exited all Long ES at 1016 --> + 1.75 «« paper »» 15:00

<@NihabaAshi> Shorts ES @ 1017.75 -> small size

3 only

<+AustinJM> haha this naked position finally went positive. had reached -45 ticks at one point 15:01

<@NihabaAshi> Covered all ES Short @ 1013.75 --> + 4 15:02

<+rickf> vn niha 15:03

<+silo> hehe people realizing we're not going higher.... expect a big drop

<@NihabaAshi> Shorts ES @ 1009.50 -> small size 15:04

3 only

<+silo> i hoipe we break this support

<+AustinJM> currently floating at +70 short

<@NihabaAshi> Covered all ES Short @ 1011.50 --> - 2 15:05

<+szubaark_away> Shorts ES @ 1215.75 «« paper »» 15:06

<+MK> Long ES @ 1015 «« paper »» 15:07

<+szubaark_away> exit stop set ES @ 1217.75 «« paper »»

Covered all Short ES at 1217.75 --> - 2 «« paper »»

<+MK> Exited all ES Long @ 1017.5 --> + 2.5 «« paper »» 15:08

<+Nesi> Paulson on tv

* +Tintin ----[ buys tf @ 564.3 ]----

<+szubaark_away> Buys ES @ 1020 «« paper »»

<+MK> Long ES @ 1018.5 «« paper »» 15:09

<+szubaark_away> Exited all Long ES at 1017 --> - 3 «« paper »» 15:10

<+MK> Long ES @ 1017 -> Add «« paper »»

<+szubaark_away> Shorts ES @ 1017 «« paper »» 15:13

<@NihabaAshi> Shorts ES @ 1016.50 -> medium size

4 only

<+ddoonie> MK, just a tip, you should ensure you have a hard stop placed, even if way out

<+MK> Long ES @ 1015 -> Add «« paper »» 15:14

<+ddoonie> if there is a huge sell off, you will not be able to close your position

<+szubaark_away> tightening Stop

exit stop moved to breakeven ES @ 1017 «« paper »»

<+ddoonie> market orders will even get missed as they will be at the incorrect price

<+MK> Long ES @ 1013 -> Add «« paper »»

<@NihabaAshi> Covered all ES Short @ 1012.00 --> + 4.5 15:15

<+MK> Long ES @ 1011 -> Add «« paper »»

<+Maximus> feels like it just wants to roll over 15:16

<+szubaark_away> not til we go up get more Stops LOL

geezzz 15:17

Covered all Short ES at 1017 --> 0 «« paper »»

<+AustinJM> my floating position is still open 15:18

<+szubaark_away> Buys ES @ 1019.50 «« paper »»

<+MK> Exited all ES Long @ 1019 --> + 8.5 «« paper »»

Long ES @ 1021.5 «« paper »» 15:19

* +Tintin ----[ covers tf @ 566.3 +2 ]----

<+szubaark_away> tightening Stop

exit stop set ES @ 1020 «« paper »»

Exited all Long ES at 1022.50 --> + 3 «« paper »» 15:20

<+MK> Exited all ES Long @ 1023.5 --> + 2 «« paper »»

<+szubaark_away> dont "trust" this price action..too many violant pullbacks even when i had good entries

<+MK> Long ES @ 1019.5 «« paper »» 15:22

<+AustinJM> its choppy right now

I think its going to pull some direction before close 15:23

isntead of ranging

<+MK> Exited all ES Long @ 1023.5 --> + 4 «« paper »» 15:24

<stargazer> short 1022

<+Maximus> A/D lines coming in again 15:25

might crack up to the upside

<+stargazer> just 1

<+Maximus> if we break and hold throgh the 1025's

<+MK> Long ES @ 1025.5 «« paper »»

<+T-stop> Paulson Q & A 15:27

<+MK> Long ES @ 1020.5 «« paper »»

<+stargazer> out 1020.5

<+ItalianSharp> i think today might signal a short-term bottom 15:28

big boys have been accumulating at those lows

we are due for a big up day soon 15:29

<+Maximus> extremely oversold conditions.. but im not going to be the first to call any type of bottom whatsoever

<+ItalianSharp> we may test todays lows again tomorow

maximus, neither am i

however, the way volatility contracted around those lows...

<+Maximus> but it makes crystal clear sense the institutions would be accumlating at these levels

<+ItalianSharp> tells me lots of accumulation occured 15:30

<+Maximus> indeed

<+ItalianSharp> we surely saw lots of buyers today

<+Maximus> TRINs real low today

<+ItalianSharp> or else, we'd be trading down 800 pts again

<+Maximus> hovering around .50

definately buying going on under the hood

<+ItalianSharp> yes

i can tell by the reduced volatility around those lows

<+Maximus> breaks to the upside off the lows 15:31

<+ItalianSharp> usually...when we are dropping hard, volatility stays high

<+Maximus> were very volatile

good point

<+ItalianSharp> there are certain things that you can only sense if you trade the market

<+rickf> ok guys done for the day .... good luck and good trading, catcha tomorrow

<+Maximus> cya rick

<+MK> Exited all ES Long @ 1025 --> + 4.5 «« paper »»

<+T-stop> cya rick

<+ItalianSharp> today i was trading shorts around those lows...and although some paid off, it wasn't as good as the prior days

that was a first signal to stay alert for possible reversals 15:32

<+Maximus> for sure

first green day (we'll see) in several sessions 15:33

* +Tintin ----[ buys tf @ 562.5 ]---- 15:35

<+MK> Long ES @ 1018.75 «« paper »»

<+ItalianSharp> yes...CNBC mainstream crew must be cheering and Maria and Erin must be gettign wet

<+AustinJM> Told you it was going to close near open ;-)

<+ItalianSharp> :)

<+Maximus> LOL!

bubblevision cheerleading at its finest

<+ItalianSharp> lol 15:36

<+AustinJM> I often wonder if they even care at all

<+MK> Long ES @ 1016 -> Add «« paper »»

* +Tintin ----[ covers tf @ 563.5 +1 ]---- 15:37

<+Nesi> Paulson looks like he is going to have a heart attack 15:38

<+AustinJM> haha, he's stuttering like he is having one

<+MK> Long ES @ 1010 -> Add «« paper »» 15:40

<+szubaark_away> 1000.00 Close me thinks 15:41

crap..my charts froze

<+MK> Long ES @ 1008.25 -> Add «« paper »» 15:43

<+AustinJM> This market is obeying no S/R lines

<+MK> Long ES @ 1011.5 -> Add «« paper »» 15:44

<+estrader11> long 09 15:46

<+MK> Long ES @ 1005.5 -> Add «« paper »»

<+silo> MK what rare your positions averaged in at 15:49

lot of downside if we break this level here

which is underway hehe

nex support is 100 pts down

<+MK> Long ES @ 1000 -> Add «« paper »»

<+AustinJM> What the heck is going on? 15:50

<+MK> Long ES @ 1002.25 -> Add «« paper »» 15:51

<+AustinJM> What is your open PnL right now MK? 15:52

<+MK> -9 15:53

<+ddoonie> -9? doesnt add up

<+AustinJM> im really glad im not trading live right now 15:54

it dips low enough just to reach my price and than grabs my stop

almost intentionally haha

<+MK> 11 total open pos and -15 now

some adds were more than 1 contract 15:55

Long ES @ 997 -> Add «« paper »» 15:56

Long ES @ 994 -> Add «« paper »»

<@NihabaAshi> Gotta adapt to this type of volatility like what we saw today. 15:57

<+Tintin> yes niha 15:58

<+ItalianSharp> wow...eminis cant produce a green daily bar can they?

<+MK> Long ES @ 992 -> Add «« paper »»

<+ddoonie> MK you must be exponentially adding to expect any gains

<@NihabaAshi> I adjusted my emergency -4 point hard stop to a -2 point hard stop as soon as I notice how fast ES could travel 2 - 3 points.

<+MK> Long ES @ 988 «« paper »» 15:59

<+AustinJM> I'd be better off not even trading days like this

<+T-stop> Italian, those early buyers might be the fuel to get that final flush, imo

<+ddoonie> a great deal of your adds are over 20 points out

<@NihabaAshi> The price action was so fast that even when I wanted to exit ( -0.75 to -1.25) prior to my -2 point stop being hit...I still wasn't fast enough...ES would quickly take me out for -2 points. 16:00

<+MK> i'll hold till tomorr

<+ddoonie> so your strategy is to sell until its positive?

again, not presuming to tell you what to do, just trying to understand your setup 16:01

<+MK> basically yes-83% profitable so far 16:02

<+Maximus> heading out all 16:03

ciao

<+MK> see all tomorr

<+ddoonie> eek good luck to MK and all of you 16:05

<@NihabaAshi> Hope all documenting this type of price action for the past few trading weeks because it's schooling everybody about VOLATILITY and after the U.S. presidential elections or after early next year...

Volatility may drop back down to normal

<+ddoonie> i hope not, i need the volatlity

well not need, i just prefer it

<@NihabaAshi> As usual, I record everything on my screen via Camtasia Live Recording by Techsmith...got many years worth of trading recordings. 16:06

<+ddoonie> do you recap daily?

<@NihabaAshi> I only recap when I feel it's needed.

Simply, most of the time I just "archive" the info on DVD and then file it away. 16:07

<+ddoonie> have a good night all 16:09

<+LP> and when the kids are bad niha breaks out a down 700pt day and make them watch it ;)

<+ddoonie> :)

<+LP> hehehe :) take care all

<+AustinJM> Somedays you're the bug, somedays you're the windshield 16:19

haha

* +Tintin : bye all 16:21

<+AustinJM> bye tin tin

<+werner> gn all 16:47

<@X> #FuturesTrades Info -> Some members (including me) explain basic details about their trades posted in #FuturesTrades @ http://thestrategylab.com/forum/index.ph p?board=58.0 and there's a link there to take you to #FuturesTrades archived logs if you're interested in reviewing past trades or market commentary posted in #FuturesTrades. 16:52

* NihabaAshi is now known as NihabaAshi_away 16:57

Trading Edge:
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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)

Current Performance Record of M.A. Perry	click on image to view actual size
	Today	Month	Year
Emini ES points	+135.25	+538.75	+1477.50
U.S. Dollars	$6,762.50	$26,937.50	$73,875.00

Emini ER2 points	+0.00	+0.00	+2484.70
U.S. Dollars	$0	$0	$248,470.00

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In addition, below are the trading instruments our chat room members monitor closely to make trade decisions:

CME Emini Futures EMD, ES and NQ

ICE Emini ER2

CBOT mini-sized Dow Futures YM

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Eurex Fixed Income Derivatives BUND, BOBL and Schatz

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CME Futures EuroFX EC

Treasury Futures T-Notes ZN, ZF and T-Bonds ZB

Forex Currencies EurUsd, EurYen and UsdCdn

Exchange Traded Funds DIA, IWM, QQQQ, SPY, OIH, XLE and GLD

NYMEX Energies Light Crude Oil CL, e-miNY QM and Natural Gas NG

COMEX Metals Gold GC and ZG

Hang Seng Index Futures HSI

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