#FuturesTrades November 7th Friday 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. 

Last of all, if you want the instructions for gaining access to our free #FuturesTrades chat room...click here.

	#FuturesTrades purpose, benefits and access info for day traders, swing traders and position traders...click here.
Time Zone Info	Chat Log below is eastern standard time (est.) - New York City, U.S.A and/or Montréal, Canada time zone.
<@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: Fri Nov 07 09:23:36 2008Session Ident: #futurestrades
* Now	talking in #futurestrades	09:23
<@X>	[NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm
<@NihabaAshi>	Good morning all	09:24
<rickf>	.	09:25
<palmer>	gm niha	09:26
<futurible>	gm all	09:28
<TraderG>	gm every 1	09:30
<drt>	gm
<T-stop>	gm all
<fcb98292>	Long ES @ 913.75 -> small size	09:31
<ripsboy>	gm all...	09:36
<szubaark>	Shorts ES @ 911.25 «« paper »»	09:41
<+rickf>	nice one szu	09:42
	perfect entry
<@NihabaAshi>	Shorts ES @ 909.25 -> medium size
	5 only
<+szubaark>	exit stop set ES @ 913.25 «« paper »»	09:44
	exit stop set ES @ 913 «« paper »»	09:46
<@NihabaAshi>	Covered all ES Short @ 910.25 --> - 1	09:47
<+szubaark>	exit stop moved to breakeven ES @ 911.25 «« paper »»
<@NihabaAshi>	Shorts ES @ 908.00 -> medium size
	5 only
	mismanagement of my stop in prior trade	09:48
<+szubaark>	Pinball type Price Action	09:49
<+rickf>	new home sales at 10AM
<@NihabaAshi>	Covered all ES Short @ 907.25 --> + 0.75
<+szubaark>	tightening stop	09:50
	exit stop set ES @ 912.75 «« paper »»
	tightening stop	09:51
	exit stop set ES @ 909 «« paper »»
	exit stop set ES @ 908.50 «« paper »»	09:53
	Covered all Short ES at 908.50 --> + 2.75 «« paper »»
<pat255>	vn
<+szubaark>	thnx
<+rickf>	nice	09:54
	strange day so far- thought we'd have stayed down after jobs report	09:55
	wholesale inventories fell .1 pct on sliding sales	10:02
	no homesales # yet
<gabe>	my calendar shows home sales at 11:30	10:03
<+rickf>	oh duh ... 1030 ET
<@NihabaAshi>	Long ES @ 918.00 -> medium size	10:06
	4 only
	Exited all ES Long @ 918.50 --> + 0.5	10:08
<Kalle>	did you have a target for this trade, Niha?	10:09
<silo>	hehe ym, es actually had a gap up bar	10:10
<+silo>	interesting
	dont see too many of them
	:)
<+szubaark>	Buys ES @ 919.75 «« paper »»	10:13
<@NihabaAshi>	Shorts ES @ 919.00 -> medium size
<+szubaark>	Exited all Long ES at 919.50 --> - 0.25 «« paper »»	10:14
	weird Price Action
<@NihabaAshi>	Covered all ES Short @ 919.50 --> - 0.5
	Long ES @ 921.00 -> large size	10:15
<+szubaark>	too much Pinall
<@NihabaAshi>	6 only
	Exited all ES Long @ 922.75 --> + 1.75	10:16
<+fcb98292>	exit stop moved to breakeven ES @ 913.75	10:22
<@NihabaAshi>	creeper up movement since 10am est	10:23
<+szubaark>	yup,its FRIDAAYYY
	its not even lunchtime yet and this thing is already Dead	10:24
<Maximus>	hmm	10:25
<werner>	hi all
<@NihabaAshi>	szu...price action not dead...
	It's just creeping upwards.	10:26
<+pat255>	y ..but no S now
<+szubaark>	to me, thats Dead
<@NihabaAshi>	ES moved upwards +10 points since 10am est	10:27
	Long ES @ 928.00 -> small size	10:46
	2 only
	Exited all ES Long @ 927.00 --> - 1	10:47
<@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.
<@NihabaAshi>	Long ES @ 926.75 -> small size
<+rickf>	off to the gym - back later
<@NihabaAshi>	2 only
	Exited all ES Long @ 926.00 --> - 0.75	10:48
	Shorts ES @ 924.50 -> medium size	10:49
	4 only
<+fcb98292>	Exited all ES Long @ 923.75 --> + 10
<@NihabaAshi>	Covered all ES Short @ 922.75 --> + 1.75	10:52
<+szubaark>	Shorts ES @ 923 «« paper »»	10:54
	exit stop moved to breakeven ES @ 923 «« paper »»	10:59
<+Maximus>	pending home sales at :30
<+szubaark>	taking a break after this trade, just dont like this Price Action, and dont want to make up trades	11:00
	Covered all Short ES at 923 --> 0 «« paper »»	11:01
* szubaark	is now known as szubaark_away
<@NihabaAshi>	Shorts ES @ 920.50 -> small size	11:03
	2 only
	Covered all ES Short @ 920 --> + 0.5	11:06
	correcction
	Covered all ES Short @ 922.00 --> - 1.5	11:07
	Shorts ES @ 918.75 -> small size	11:08
	3 only
	Covered all ES Short @ 918.00 --> + 0.75	11:10
* codehead_afk	is now known as codehead	11:20
<@NihabaAshi>	Shorts ES @ 917.00 -> medium size	11:21
	4 only
	Covered all ES Short @ 915.00 --> + 2	11:22
<climber>	Shorts YM @ 8790 «« paper »»	11:41
<@NihabaAshi>	Long ES @ 916.75 -> small size	11:42
	2 only	11:43
	Exited all ES Long @ 918.00 --> + 1.25	11:44
<+climber>	Covered all YM Short @ 8821 --> - 31 «« paper »»	11:45
<+rickf>	bakc	12:13
<+codehead>	the YM bounce was at .618 fib retracement	12:42
	within a tick
	i have an 8929 target if we can make a higher high	12:46
	for upside
<futurible>	codehead,are you long now?	12:49
<+codehead>	no
<+futurible>	thx
<+codehead>	but by target i mean it's a potential target if you are long, and would be reverse/short scalp if it hits	12:50
<+silo>	2
<+futurible>	ok
<+codehead>	so far we're just building a nice triangle on the 5 min for the day	12:52
	the three tops are in a perfect line	12:53
<+futurible>	also in ES
<@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.
<+codehead>	bias is upward for now
<+silo>	freaking chop... was long	12:57
	reversed short
	bad timing :\	12:58
<+codehead>	fairly big triangle--not sure if i'd blindly short that 8929 is it hits, but normally that would be an exit
<+palmer>	we look higher though silo
	i think they buying time till obama speech
<+codehead>	yeah, right now signs are still up
	and we're denting the top of the upward-biased triangle
	near target is 8900	12:59
	short term
<+palmer>	m opinion 935 is we go higher
	if we go higher
<+codehead>	8888 was .382 fib, and we broke that	13:00
	next major is 8974 for .500
<szubaark>	Buys ES @ 924.25 «« paper »»
<+codehead>	wave targets at 8929, 8949, 8966, on increasing time frames	13:01
	wave targets are voided if we make lower low	13:02
	stalling at previous high	13:03
<+szubaark>	Volatility contracting, expecting spike soon	13:06
	geez, still wont break	13:09
	uhu huh	13:10
	not another 916 Test LOL	13:12
	its gonna be a long day if everyone waiting for triangle break with a Confirmation	13:14
	exit stop set ES @ 919 «« paper »»	13:15
	Exited all Long ES at 919.50 --> - 4.75 «« paper »»	13:17
	:((
<+codehead>	cci 3 min famir (down)	13:18
	but 5 min trying for zlr	13:19
	sheesh
	a little indecision
<@NihabaAshi>	Long ES @ 921.50 -> small size
	3 only
<+codehead>	need to break 8820 for bears
<+szubaark>	Buys ES @ 921.50 «« paper »»	13:24
	exit stop set ES @ 919.75 «« paper »»	13:25
<@NihabaAshi>	Exited all ES Long @ 920.75 --> - 0.75	13:26
<+silo>	2
<+szubaark>	exit stop set ES @ 920 «« paper »»	13:27
<@NihabaAshi>	Long ES @ 921.00 -> small size
	3 only
<+szubaark>	Volatility Spike	13:29
<+werner>	yep
<+szubaark>	exit stop moved to breakeven ES @ 921.50 «« paper »»
<@NihabaAshi>	Exited all ES Long @ 923.50 --> + 2.5
<+szubaark>	lets see if we get followthru without more Chop	13:30
<+silo>	1	13:32
<+palmer>	what is 1 silo?
	u shorting 1
<+silo>	one contract
	i either go in 2	13:33
	or 1
<+palmer>	your scrift didn't say short
	script
<+silo>	[13:31] -> ** Shorts @ 8865
	doesn't it?
	should show that and should show them in red colors	13:34
<+szubaark>	Exited all Long ES at 922 --> + 0.5 «« paper »»
<+silo>	i'm using the same one that everyone uses
<@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
<+palmer>	it only said 1
	nothing else
<+silo>	i did upgraded to a newer version of mIRC today though
	really.. weird
	i'll try to fix it
<+palmer>	that could be the problem
<+silo>	Shorts @ 8865
	Shorts @ 8860 -> Add
	i'll do it manually now	13:35
	somehow it's not showing them
	anyone using the newest version of mIRC have this problem?	13:36
	out 1 8835
	stop set to 8851 for remaining	13:37
<+szubaark>	Shorts ES @ 919.75 «« paper »»
	Volatility increasing	13:40
<+silo>	move stop to 8833	13:44
	have a feeling we'll keep goign down lower	13:45
	which is why i'm holding this half a bit longer than normal
	just hope it doesn't hit my stop
<+szubaark>	Covered all Short ES at 919.50 --> + 0.25 «« paper »»	13:47
	losing patience
<+silo>	out remaining 8833	13:49
	not a bad trade
	was hoping i could get more out of it
<+rickf>	7pt range since 1145 this morning. Bleh
	on the es	13:50
<+szubaark>	yea, did everyone go home?
<+silo>	anyone using hte newest mirc ?
<+rickf>	waiting for obama press conference on the economy at 230
<+silo>	my posting script seems to not work with the newest version
<+szubaark>	rick thanks for that info, didnt know
<+rickf>	2PM
	sorry not 230
	so comign up
<@NihabaAshi>	silo...have you uninstalled the trade posting script and then reinstalled it ?	13:51
<+szubaark>	i think Economy Calendars should include that info	13:52
<@NihabaAshi>	After reinstallation of the script...you need to close mIRC and then re-open it.
<+silo>	i reinstalled my computer actually	13:53
	and then i downloaded the newest mirc
	and got the script from your site
	it shows it like this when i shorted that last trade	13:54
	[13:31] -> ** Shorts @ 8865
	instead of showing something like
	<@NihabaAshi> Shorts ES @ 917.00 -> medium size
	it doesn't show my name.... but instead shows two **	13:55
	and that seems to be the reason why people can't see it
<@NihabaAshi>	The script is not installed properly because I do know a few that are using it without any problems with mIRC version 6.35 (latest version)
<+silo>	:\
<@NihabaAshi>	That ** means something is wrong.
<+silo>	let me try again
	hold on
	do you know if they are using hte v3.3 or v4.6 version for the new mirc?	13:57
<@NihabaAshi>	Don't know
	Long ES @ 922.25 -> small size	13:58
	2 only
<+rickf>	obama news conference 2:30 says cnbc	14:00
	sorry for the confusion
<+szubaark>	Buys ES @ 923.25 «« paper »»
<@NihabaAshi>	Exited all ES Long @ 923.50 --> + 1.25
<+silo>	still not working :(	14:01
<@NihabaAshi>	Shorts ES @ 922.00 -> small size
	3 only
<+werner>	rickf....http://www.forexfactory.com/
<+rickf>	:)	14:02
<+werner>	:)
* codehead	is now known as code
* code	is now known as codehead	14:07
<+szubaark>	Exited all Long ES at 921.25 --> - 2 «« paper »»	14:08
<@NihabaAshi>	Covered all ES Short @ 920.75 --> + 1.25	14:09
<+szubaark>	im gonna wait for something clear, otherwise Chop ahead	14:10
	Buys ES @ 922.50 «« paper »»	14:14
	Exited all Long ES at 922.50 --> 0 «« paper »»	14:15
	Buys ES @ 923.50 «« paper »»	14:16
	PUSHHHHH	14:21
	Exited all Long ES at 922.25 --> - 1.25 «« paper »»	14:23
	Shorts ES @ 922.25 «« paper »»	14:24
	exit stop moved to breakeven ES @ 922.25 «« paper »»	14:26
	exit stop set ES @ 921.25 «« paper »»	14:28
	Covered all Short ES at 921.25 --> + 1 «« paper »»	14:29
<+rickf>	the ES looks like a pre-fed announcement day	14:36
<+szubaark>	Fridays are starting to be No trade days for me, this chop crap is starting to repaet every friday	14:38
	Buys ES @ 925.50 «« paper »»	14:39
<@NihabaAshi>	szu...you need to listen to yourself...that's how your able to make use of #FuturesTrades as a self journal...	14:42
	If you know Friday is not good to trade...
	Stop trading.
	In contrast, if your venting (disgusted with the price action) and you continue trading...
<+szubaark>	exit stop moved to breakeven ES @ 925.50 «« paper »»
<@NihabaAshi>	You'll cause a "WORST PROBLEM.	14:43
<winmax60>	nihaba ... you mean...destructive type of trading habit kicking in ??
<@NihabaAshi>	That problem will involved losing the ability to recognize if it's "market experience" talking or lack of discipline (destructive habit).	14:44
<+winmax60>	i do have a similar problem as szu..i think...so i am asking you...when in tight range...tough to handle...
<+szubaark>	Exited all Long ES at 926 --> + 0.5 «« paper »»
<@NihabaAshi>	winmax60...yes
	I make a strong effort that when I see myself writing in my LOG that the price action sucks or I'm uncomfortable...	14:45
<+winmax60>	so...stay out if I starts recording a series of losses..??
<@NihabaAshi>	I take a break from trading and will try again later in the trading day.
<+winmax60>	ok...	14:46
<@NihabaAshi>	If I see my negative commentary continuing...
	I call it quits for the day.
<+winmax60>	ic...
<+T-stop>	Niha, good info
<+winmax60>	i also found that after a series of bad trades in tight range... i tend to lose many of good trading opportunities...	14:47
	just ..chicken hearted...i think...
	i guess too much mentally stressed to handle the good ones...
<@NihabaAshi>	Long ES @ 928.75 -> small size	14:48
	3 only
	Caling this the Obama speach rally...
<+winmax60>	:-)
<@NihabaAshi>	Market waiting for him to talk about his new economic team
	He was schedule to talk around 2:30pm est	14:49
<+climber>	im done, nice week end
<@NihabaAshi>	Exited all ES Long @ 928.00 --> - 0.75	14:50
	Long ES @ 928.00 -> small size	14:51
	3 only
<+T-stop>	obama on	14:52
<+szubaark>	Shorts ES @ 925.50 «« paper »»	14:53
<@NihabaAshi>	Exited all ES Long @ 925.25 --> - 2.75	14:54
<+szubaark>	everytime Bush would come on, market would Tank
	lets see if we get same reaction to Obama
<@NihabaAshi>	Shorts ES @ 921.75 -> large size	14:55
	6 only
	He's talking about the negative info from this morning	14:56
<+szubaark>	Covered all Short ES at 921.50 --> + 4 «« paper »»
	thanks you Obama
<+rickf>	at least he sounds presidential	14:58
	(not meaning to start a war here)	14:59
<@NihabaAshi>	Covered ES Short @ 917.00 --> + 4.75
<@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.
<+rickf>	vn niha
<+winmax60>	beautiful...Niha..
<@NihabaAshi>	Figure it'll take a few trades to catch a runner...
	However, that's not the runner I was looking for.
<codehead>	omg	15:02
<+codehead>	substation went down
	as you might recall, i said to reverse/short 8929	15:03
	arg
	i was without power for a while
<@NihabaAshi>	I'm calling it quits for the day...spending too much time now watching Obama's speech instead of watching the charts.	15:04
	Take care all and see all on Monday.	15:05
<+szubaark>	Shorts ES @ 914.25 «« paper »»
<+codehead>	somebody tell me they took 8929 short :-/
<+szubaark>	Covered all Short ES at 911.50 --> + 2.75 «« paper »»	15:06
<@NihabaAshi>	Hopefully you did or put in an order for such :)
<+silo>	care to long 8770 ?	15:07
	haha
	:)
	if you missed that short
<+codehead>	no, substation went down, was offline without power since about 9880
	was waiting all day for that trade sheesh, hadn't made a trade
<+T-stop>	obama done	15:12
<@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
<+rickf>	shutting down for the week - should be back to trading on monday	15:23
	good weekend, all
<+szubaark>	im done.. keeping my Profits	15:24
<+codehead>	that was a nice vegas on YM 3 min szu	15:56
	i saw it setting up, but after having power down and missing the trade i was waiting for, didn't want to take that as first trade late on a friday
	9810 wave target	15:57
	scalped it for 10 jsut ot get a trade in
	shoulda held it
	wow YM new high	15:59
	wild last hour
<+werner>	good wk all	16:00
<+codehead>	wow, getting close to that next target of 8966	16:03
	8959 hit
	wave target completed	16:06
	right now... (for monday)... 9060 is target and attempt to reverse short	16:09
	.618 retracement of the big slide, and a wave target at 9066
	wow, i covered my one trade 101 points ago--lol	16:15
	9002 close, rad	16:16
	szu--the last 3 min zlr on YM went for over 100 points
<@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. Session Close: Fri Nov 07 22:12:38 2008	21:11
Trading Edge:  Strategies	If your an independent trader looking for an edge to help you traverse around obstacles to profitable trading...a method that's well defined, gives you a better understanding of the markets, applicable for day trading, position trading, swing trading, market seasonal tendencies, position size management, intermarket analysis with a money back guaranteed policy...click here.
	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)

We are proud to say that our chat room members are from the following geographical areas in the world:

Argentina, Australia, Belgium, Brazil, Canada, Denmark, France, Germany, Greece, Hong Kong (China), Italy, Japan, Mexico, Portugal, Puerto Rico (U.S.), Saudi Arabia, Singapore, Spain, United States and Venezuela.

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 TF (formerly CME ER2)

CBOT mini-sized Dow Futures YM

Eurex Index Derivatives (futures) DAX and DJ Euro Stoxx50

Eurex Fixed Income Derivatives BUND, BOBL and Schatz

Euronext Futures FTSE-100 and CAC-40

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

Last of all, if you have any questions about any of the above commentary, specific trades et cetera...

Don't hesitate to ask your questions and we'll reply back as soon as possible.

Sincerely,

M.A. Perry and Associates

TheStrategyLab.com

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