#FuturesTrades November 12th 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. 

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: Wed Nov 12 09:26:19 2008Session Ident: #futurestrades
* Now	talking in #futurestrades	09:26
<@X>	[NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm
<futurible>	gm all	09:27
<ItalianSharp>	morning all
<drt>	gm
<PapaJon>	gm all
<rickf>	gm
<trader0101>	gm	09:29
<T-stop>	gm all	09:31
<@NihabaAshi>	Shorts ES @ 877.50 -> medium size	09:32
	4 only
	trade error
	Covered all ES Short @ 876.50 --> + 1	09:33
<werner>	gm all	09:35
<+PapaJon>	nice escape niha
<+rickf>	hi werner, szu	09:36
<TraderG>	Good morning every 1	09:37
<szubaark>	hi rick
<@NihabaAshi>	Long ES @ 881.75 -> medium size
	5 only
<stick2it>	gm all	09:39
<+szubaark>	Buys ES @ 882.50 «« paper »»	09:40
<@NihabaAshi>	Exited all ES Long @ 881.50 --> - 0.25
<+rickf>	short es 879.25	09:41
<+trader0101>	Shorts ES @ 879
<+szubaark>	Exited all Long ES at 878.50 --> - 4 «« paper »»
<+werner>	hi rickf	09:42
<@NihabaAshi>	Shorts ES @ 878.50 -> medium size
	5 only
<+trader0101>	Covered all ES Short @ 877 --> + 2
<@NihabaAshi>	sneaky little booger
<+rickf>	exit 877.25 +2
	oops early	09:43
<+trader0101>	Long ES @ 878
<@NihabaAshi>	Covered all ES Short @ 877.50 --> + 1	09:45
	Shorts ES @ 876.75 -> medium size
	4 only
<+trader0101>	Exited all ES Long @ 876.75 --> - 1.25
<+rickf>	one thing i'm going to focus on is not re-entering a trend unless it's part of my plan	09:46
<+szubaark>	Shorts ES @ 875.50 «« paper »»
<+rickf>	no seat-of-the-pants instinctive trades - i tend to get burned in the heat of the moment
<+szubaark>	instinctive, i call them Impulsive trades
<+trader0101>	rick - thats is my plan too - but keep diverting all too often	09:47
<+rickf>	even if it means i miss a nice trendy trade - i dont trust myself enough yet
<@NihabaAshi>	Covered all ES Short @ 877.75 --> - 1
<+rickf>	only taking "my" setup 99% of the time from now on -- no impulsive :)	09:48
<@NihabaAshi>	Long ES @ 880.00 -> medium size	09:49
	4 only
<+trader0101>	Shorts ES @ 880
	Trailing Stop Hit ES @ 876.75 --> + 3.25	09:50
<+szubaark>	Covered all Short ES at 881 --> - 5.5 «« paper »»
<+trader0101>	what?
<+szubaark>	CHOPPPPP
<+trader0101>	stop hit - 880
<+szubaark>	Buys ES @ 883 «« paper »»	09:51
<+trader0101>	Long ES @ 883.75	09:52
<@NihabaAshi>	Exited all ES Long @ 884.00 --> + 4
<Nesi>	Paulson speaks in 35 min	09:55
<+rickf>	queue your shorts	09:56
<+trader0101>	Exited all ES Long @ 884 --> + 0.25	09:57
	sweating for a tick!
<+rickf>	szu had a good term for it the other day - "tickf--king"	09:58
<+trader0101>	nice	09:59
	its like someone holding a gun to yr head but not pulling the trigger
<+rickf>	heh	10:01
<+trader0101>	Long ES @ 884	10:03
<+szubaark>	exit stop set ES @ 880 «« paper »»
<+trader0101>	Exited all ES Long @ 882.5 --> - 1.5	10:05
	pa not making sense
<+rickf>	waiting for paulson	10:06
	?
<+trader0101>	lurking for paulson
<+rickf>	yah
<+szubaark>	yea these BARBWIRE Opening Ranges are Brutal, i usually dont realize it until 3-4 Stop outs
<+rickf>	btw aside from the gym i may drop out for a while today ... expecting a delivery sometime midday	10:07
<+trader0101>	i am being led to the slaughter house by this pa
<+rickf>	< - sitting on sideline
<+szubaark>	Exited all Long ES at 880 --> - 3 «« paper »»
<+rickf>	4pt range on ES ... sheesh
<+szubaark>	Shorts ES @ 879.75 «« paper »»
<+trader0101>	Shorts ES @ 879.75	10:08
<+rickf>	and 12pt range thus far -- 876 to 884
<+trader0101>	stop hit 879.25	10:09
	not going to give much
<+rickf>	lol it will when we least expect it	10:10
	or are on the wrong side of it
	"give" but "give" to who?
	:)
<+trader0101>	the monster!!!!!!
	pa very deceptive today - its like playing a chess game, being led into a trap	10:11
	but i am diverting from my original plan - again	10:12
<+Nesi>	Long ES @ 881.50 «« paper »»
<+rickf>	c'mon trader.....we can stick to our plan and show discipline!
	< - sings "we shall overcome"
<+trader0101>	trader flushing out emotions
<nqcruiser>	gm all	10:15
<+rickf>	gm	10:16
<+szubaark>	exit stop set ES @ 883 «« paper »»	10:20
<+rickf>	below 875 lookout below?	10:21
<+ItalianSharp>	ES must hold 860-870 range or else we might be in trouble	10:22
<+szubaark>	Covered all Short ES at 879 --> + 0.75 «« paper »»	10:26
<+ItalianSharp>	pretty boring day so far...apart from the usual up-and-down open, feels like a FOMC day	10:27
	time for an early break and hopefully something will show up
<+szubaark>	Shorts ES @ 875.50 «« paper »»	10:28
* +rickf	agreed
<+szubaark>	Volatility Increasing
<+rickf>	....and there's the short i am not taking, so you know it's going to drop in a minute or two	10:29
<+szubaark>	its going down, BUT its not pretty
<gator>	t	10:30
<+rickf>	bingo
	owell - there's always another next trade	10:31
<+trader0101>	Long ES @ 874.75
	Exited all ES Long @ 875 --> + 0.25
<+szubaark>	Tankonia	10:33
<+rickf>	good movie - but they couldn't get george c. scott to play patton :)	10:35
<+szubaark>	tightening stop	10:43
	exit stop set ES @ 870 «« paper »»
<+trader0101>	Long ES @ 869	10:44
<+szubaark>	Covered all Short ES at 870 --> + 5.5 «« paper »»	10:45
<+trader0101>	Exited all ES Long @ 869.25 --> + 0.25
	stopped ut
	Shorts ES @ 868.5	10:46
	Covered all ES Short @ 868.25 --> + 0.25	10:47
	uhh
<+rickf>	back in a bit -- gym	10:50
<+trader0101>	Long ES @ 872	10:53
	s/o 872
<+ItalianSharp>	man...is it dull today or what?
	doesnt even feel like a down day	10:54
<+szubaark>	when is Paulson speaking?	10:56
<climber>	now
<+climber>	Paulson speaks sins 20 min	10:57
<+szubaark>	Shorts ES @ 868.25 «« paper »»
	exit stop set ES @ 871 «« paper »»	11:08
<@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.	11:14
<+szubaark>	Covered all Short ES at 868.25 --> 0 «« paper »»	11:15
<+trader0101>	Shorts ES @ 869.5	11:22
<@NihabaAshi>	Shorts ES @ 869.50 -> small size	11:23
	2 only
	Covered ES Short @ 870.50 --> - 1	11:24
	Reverse and Enter Long ES @ 870.50
	added one to make it 3 contracts
<+trader0101>	Covered all ES Short @ 870.75 --> - 1.25
<@NihabaAshi>	Exited all ES Long @ 871.50 --> + 1	11:28
<+trader0101>	Shorts ES @ 871.5
<+szubaark>	Shorts ES @ 870.50 «« paper »»
<+trader0101>	Covered all ES Short @ 871.5 --> 0	11:30
<+szubaark>	Covered all Short ES at 873.25 --> - 2.75 «« paper »»
	Shorts ES @ 871.75 «« paper »»	11:31
	Too Early on the last one
<+trader0101>	Shorts ES @ 869.5	11:35
<+szubaark>	taking a break after this trade,losing my Patience watching this	11:38
<+trader0101>	Covered all ES Short @ 868 --> + 1.5	11:40
<+szubaark>	tightening stop
	exit stop set ES @ 871 «« paper »»
	Volatility still declining	11:43
	tightening stop	11:45
	exit stop set ES @ 869 «« paper »»
<+rickf>	back for a while	11:47
<+szubaark>	welcome back
<+rickf>	ty
<+trader0101>	Long ES @ 865.75	11:49
<+szubaark>	exit stop set ES @ 868 «« paper »»	11:50
<+trader0101>	Exited all ES Long @ 864 --> - 1.75	11:51
<+rickf>	hrmm my OEC data on the ES just died	11:53
<+szubaark>	rick, u seem to have a lot of problems with OEC..I would look for another broker
<+rickf>	not many problems	11:54
	far better than my previous one
<+szubaark>	Covered all Short ES at 867 --> + 4.75 «« paper »»	11:55
<+rickf>	vn
<+szubaark>	thanks
<nqcruiser>	hi	12:23
<silo>	that was a good short earlier	12:26
<+silo>	again, a perfect example of not to hold for too long in these sort of low volatility days	12:27
<nqlove>	hi	12:59
<+szubaark>	Shorts ES @ 871.75 «« paper »»	13:08
	Covered all Short ES at 872 --> - 0.25 «« paper »»	13:11
<palmer>	they shaked u out szu	13:14
<+palmer>	bummer	13:15
<+szubaark>	Shorts ES @ 968 «« paper »»
	back in.. of course Worst entry now
	Volatility still Dead	13:19
<@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.	13:20
<+szubaark>	Covered all Short ES at 968 --> 0 «« paper »»	13:21
	Bad entry..no room
	Shorts ES @ 866 «« paper »»	13:34
	Volatility increasing
	exit stop moved to breakeven ES @ 866 «« paper »»	13:35
	Covered all Short ES at 866 --> 0 «« paper »»	13:37
	feels like im trying to catch a mosquito	13:38
	its one step ahead of me
<+rickf>	grr figures i miss my entry for the deliveryman	13:52
<+szubaark>	Shorts ES @ 863.50 «« paper »»	13:54
	Volatility Increasing
* codehead_afk	is now known as codehead	13:55
<+szubaark>	Covered all Short ES at 982.25 --> - 118.75 «« paper »»
	Covered all Short ES at 862.25 --> + 1.25 «« paper »»	13:56
	frikin pulling right back to shake me out
	Shorts ES @ 862.50 «« paper »»	14:01
<@NihabaAshi>	Shorts ES @ 861.25 -> small size	14:03
	3 only
	tough trade	14:04
	trade error
	Covered all ES Short @ 861.00 --> + 0.25	14:06
<+szubaark>	Covered all Short ES at 861.25 --> + 1.25 «« paper »»
	taking a break, losing my patience again. Price jumping too much and only going lower by a TICK LOL
<@NihabaAshi>	Shorts ES @ 859.25 -> small size	14:15
	3 only
	Covered all ES Short @ 860.75 --> - 1.5	14:18
	Long ES @ 861.75 -> large size
	6 only
	This should run a little...	14:19
	If not, I'll be hugely surprised.
<+silo>	why do you think it will run ? just curious	14:22
<@NihabaAshi>	Exited 2/3 ES Long @ 865.00 --> + 3.25	14:24
	Holding 2 remainders	14:25
	silo...although I've been taking it easy these past few trading days...
	I haven't had a runner all day.
	Simply, I'm due for one :)
<+szubaark>	lol.. its just Personal	14:26
<@NihabaAshi>	Yep
	These are the things about what really is meant...
	"Trading can't be taught".
	Exited ES Long @ 860.00 --> - 1.75	14:27
	ooops
	Exited ES Long @ 866.00 --> + 4.25	14:28
	Holding 1 contract remainder
<+rickf>	vn niha
<+silo>	i wasn't asking to be taught or anything.... just inquiring you about your comment on why you thought this might turn out to be a runner vs the others... that's all. of coruse trading can't be taught
	was wondering if you spotted something that made you think why it would be a runner....	14:29
<@NihabaAshi>	Nor did I imply YOU were being taught.
	szu answered it best...
	Personal.
	Another way to look at it...	14:30
	It's based upon my trading habits.
	I usually catch a runner around this time of the day.
<+szubaark>	habits=Instincts to me
<@NihabaAshi>	One in the a.m. and one in the p.m.	14:31
	Exited Remainder ES Long @ 868.00 --> + 6.25	14:33
<@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>	Shorts ES @ 966.75 «« paper »»
	Shorts ES @ 866.75 «« paper »»
<+rickf>	still looking long	14:34
<@NihabaAshi>	Yeah
	However, if it starts to look bearish and then gives me something to bite on...
	I'll take it.
<+rickf>	but then again what do i know ... that's what reverses are for
	wow....Google at 294	14:35
	that almost makes it interesting
<+silo>	dryship at 8.88	14:36
	last year i made so much money on this stock swing trading it
	it was at 120
	:)
<futurible>	Niha, your entry is 866.75, i think
<@NihabaAshi>	I didn't short	14:37
<+futurible>	sorry, i mistake	14:38
<+szubaark>	exit stop moved to breakeven ES @ 866.75 «« paper »»
	Covered all Short ES at 862 --> + 4.75 «« paper »»	14:41
<@NihabaAshi>	Long ES @ 864.00 -> small size	14:44
	1 only
	Exited ES Long @ 866.00 --> + 2	14:45
<+rickf>	this tape looks like a textbook example of consolidate, breakout, consolidate, smaller breakout, consolidate, trend. lather, rinse, repeat	14:55
<+szubaark>	yea this is hard to trade if you experienced, just think what a newbie must go thru	14:56
	Last month we had RECORD Volatility, this month they drop it down Huge
	Shorts ES @ 860.50 «« paper »»	14:57
	exit stop moved to breakeven ES @ 860.50 «« paper »»	15:00
	Volatility Increasing	15:02
	Covered all Short ES at 959.25 --> - 98.75 «« paper »»	15:06
	Covered all Short ES at 859.25 --> + 1.25 «« paper »»
	each Volatility Spike is short lived :(
<+rickf>	still sitting on hands - missed some entries but let them go	15:10
	in this market you chase you get creamed	15:11
<+szubaark>	yes.. any classic setup is chasing, when u get the Final confirmation, you'll get stopped out Quickly
	Only way to make money today is Anticipate	15:12
<@NihabaAshi>	I had two chasers today...one intentional and the other as a trade error (didn't mean to do it)	15:18
<+rickf>	or sit on the sidelines
<@NihabaAshi>	Both resulted as my largest losing trades	15:19
<+rickf>	in this market preserving money = making money most days
<@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.	15:23
<+szubaark>	Shorts ES @ 852.50 «« paper »»	15:27
	Volatility Increasing
	Covered all Short ES at 855 --> - 2.5 «« paper »»	15:29
	Buys ES @ 854.25 «« paper »»	15:31
	3rd Long of the day
<+rickf>	nibbling on GE at 16	15:33
<+szubaark>	Exited all Long ES at 854.25 --> 0 «« paper »»
<codehead>	nice wave target at 8364	15:34
<+codehead>	on YM
<+szubaark>	Buys ES @ 855.75 «« paper »»
	:(	15:36
	floppin around and not going anywhere
	Exited all Long ES at 853 --> - 2.75 «« paper »»	15:37
<+rickf>	wonder if 851.50 holds
<+szubaark>	Buys ES @ 855.75 «« paper »»	15:38
	Exited all Long ES at 851.50 --> - 4.25 «« paper »»	15:40
	Shorts ES @ 851.50 «« paper »»
	TANK!!!!!!!
	crap. down for day now
	got whipsawed in last 2 trades big time :((((	15:41
<+rickf>	we go where the market takes us
<+codehead>	long 8257 YM <paper>	15:42
	this is a longer term trade, might not pan out today
	was a wave target on daily, testing....
<+szubaark>	gezzz..each new low we go into congestion..bastids	15:44
<+rickf>	i am keepign a copy of today's chart for reference
<+szubaark>	Covered all Short ES at 853.50 --> - 2 «« paper »»
	Buys ES @ 853.75 «« paper »»
<+codehead>	exit +68 YM <paper>	15:45
<+rickf>	nice little run into the close for ya maybe
<+silo>	damn szu :(
<+szubaark>	yea if they dont start Punding it down
	pounding it down again	15:47
<+rickf>	szu - what' your exit strategy on this one?	15:49
<+szubaark>	Exited all Long ES at 853.75 --> 0 «« paper »»	15:50
	Shorts ES @ 853.75 «« paper »»
	damn didnt realize its almost 4pm	15:51
	Covered all Short ES at 853.75 --> 0 «« paper »»	15:56
	Tough frikin Creeper downtrend.. lost my Discipline at the end trying to go Green more and ended up Negative for day	15:57
<+rickf>	the revenge trade :(	15:58
	been there done that hated myself afterwards	15:59
<+szubaark>	this market knows just where to pull my strings..
<+rickf>	dont let it !
	easier said than done i know
	booooy do i know	16:00
	ding ding
<+szubaark>	Wanted to end day more then +2 Points and frikin ended up down -10 hahahah
<+rickf>	ok guys see you tomorrow	16:01
	gotta go make room for the new tv
	later
<+werner>	gn all	16:20
<@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: Wed Nov 12 19:24:38 2008	17:26
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

 questions@thestrategylab.com

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