Friday Log - Not Ready for Prime Time

The overnight session set-up fairly well for the "Hot-Box" trade. In anticipation for an emotional spike at 0830 when the housing report was announced, price was near the middle of the globex session but closer to the PP than I would have liked. Once the numbers were released, the price action had virtually no significant reaction. No trade.

I did however try a couple trades in the first 60 minutes of the AM session. In my first attempt at trading some adaptation (Steve's rookie swing) of EWS, I found myself on the wrong side of two trades. EWS called for 928-932 support (Angel) and 937-939 resistance (Demon). I was in the middle...throw the dice and call in the auctioneer!

After going back and reviewing my two trades, I realized I was not yet ready for prime time trading of the EWS. My trades were poorly planned, too close to the middle of the predetermined range as well as having a tad bit of anxiousness thrown into the mix. Since I had not traded most of the week, I wanted to trade. I'm a trader, I want to trade. But in hindsight, my entries were made in low probability areas and not in keeping with EWS. I could have taken 1 - 1.5 pt. scalps off each trade but instead took loses as I expected the range to be tested with me onboard in the right direction. I did not trade well. Result: - 8.5

Still learning the controls of EWS. Lots to learn but happy with the progress I've made this week. During my observations over the past week, the system seems to have an uncanny way of identifying S & R levels, price targets, "magnets", etc. With good planning and anticipation of the "what if's" before getting into a trade, using the EWS road map will without a doubt improve my trading. But, in a similar way that I need to trade what TA is telling me and what my eyes are seeing, I need to rely on the "magic" numbers of the EWS road map to guide my journey. Trade what I see, not what I think! Combine that along with the first class tutelage that 'E' provides each trading day and I'll be ready for prime time before I know it.

Trade Well !

Thursday Blog - Expiration

Not only has my trading expired for this week, we have Friday expiry tommorrow. If I do trade anything tomorrow, it will be in the morning session between 0800-1100 only.
Housing starts eco report at 0830 might offer a "Hot-Box" set up for pre-market trade. I'll see how it sets-up overnight.

Continued to study EWS today. It's beginning to come together. I've learned the spreadsheet entries, now concentrating on the price relationships with the ss numbers. I continue to be impressed with E, his system and the growing cooperative dynamic within the EWS community. It's just what this trader needed...structure.

Trae Well !

Wednesday Log - Taking More Time on the Pine

Sat on the bench again today as I continued my studies. No trades made. It takes a lot of concentration to follow the system comments, following the ss and putting it all together while watching price action on the ES.

In the past, after trend days like this, I would always look back on the day and say to my self (while probably shaking my head) man, why didn't you make trades and improve the P/L? Well, yesterday and today, 'E' stated that these types of days can be very difficult to trade. Sure, more experienced traders find trades on these days. And if you are able to get in and be on the right side, then great.

So combined with allocating my time and concentration to learning the system and the day not necessarily being an easy day to trade, I remained on the pine bench.

As 'E' stated very wisely, "missed money is better than lost money". Well said!

Trade Well !

ps: NL drops another one! Hopefully it's only "wait 'till next year" for the NL All-Star team!

Tuesday Log - Not in the Line-up

Sorry, but I'm in a baseball analogy mode.

I stayed on the bench today and made no trades. More studying, observing and taking notes regarding EWS.

I'm planning to watch to All-Star game tonight. Glad to see NL/Prince F. win the Home Run Derby last night.

Now if Team NL can get the 'W' tonight and break the 12 game losing streak (counting the one tie), then the table will be set for October!

Trade Well !

In The Batting Cage and Watching Tape (EWS)

More than likely this week’s posts will be a bit thin of content. My trading might be minimal due to my involvement with learning / studying of the EMS (Emini Wizard System) during the day (and night). If you don’t see trades posted in my journal then you know where I’ve been concentrating my time…in the batting cage, working on my swing as well as watching the video tape (observing the system) in order to improve my game and further develop my edge.

The EWS is just what this trader needed to take his game to that next level in the trading journey. The methodology has amazing structure, support from ‘E’ is prompt, insightful and collaborative while the community developing among the members adds a supportive edge to our confidence as we share insights.

One reader of this blog asked me to comment about my thoughts of the EWS system and asked me to “be honest”. Well, that’s the only way I am or will be. You may not get the answer you’re looking for if you are shopping around the same question to others, but I will give it to you straight. It might have been a longer answer than he wanted, but I feel it needed to set up some personal background. Review the comment section of the July 10, 2009 blog for insights into my decision to get onboard with ‘E’. If you have additional questions, please post a comment.

I will write more about the system in future posts as I learn the system. It is a proprietary system so I will not be posting anything that will compromise ‘E’s’ system and the many years of hard work it took him to create it. I will however share general information about the system with others who are considering joining so they can make an informed decision on whether or not they want to participate. No arm twisting from me.

Monday Log – One AB Then Worked to Improve My Swing

Trader Tip – Always use various time frames when looking at the market. You will gain different perspectives and clues from each level. Remember, the higher the time frames are in control and trump the smaller time frames.

Yes, the baseball analogy. Being an avid fan of the game and seeing that trading and baseball have a lot in common, I’ll occasionally submit these parities into my blog.

I only took one trade today and it was in the first 30 minutes of the regular session. I went short on a CO once price penetrated last Friday’s close. I saw support in the 872 area so that was my target. I did not leave any runners on and for all intents and purposes got out very near to bottom of 871.25. I had considered pulling the short trigger earlier but was trying to get a feel for the early movement. Result: +3.0

That was it for me. I went back to the training room and worked on my swing by understanding the EWS. The day started out like it was going to be in a range between the 870 – 885-890 area. But, it turned out to be a trend day as observed on the 10 minute chart. I had a long in waiting at 887.75 which was the first pullback area after the big spike at 1130. Missed it by 2 ticks. I wasn’t going to chase and was content closing out the balance of the day in the training room while concentrating on my studies and various aspects of my swing.

Trade Well !