Profits - You Want Some Too!

Friday Log - Let the Trades Work

I missed the open and the down side slide so had to wait for the next opportunity. The only thing that was a bit irritating was the fact that I entered a long trade around 1030 in the 60's and 63's hoping to be done trading by lunch time. It was like the trade that would never end until EOD.

Was waiting for price to test the open and/or overnight highs at some point before 1500 and I planned to be out of the trade by the final hour of trading. I gradually peeled off my C's after taking some heat around 1200 as price dipped into 59's with stop in 58's.

The sequence of this trade took over four hours which was a bit frustrating but at least there was profit involved. Scaling out as price ran up from the lows and finally closed the final C of the trade in 64's. What a price game/battle zone in that area. I wasn't going to get trapped in the final hour so started the weekend at least in the last hour of the regular session. Result: +7.25

Again today I had a good feel for the market as I continue to use intuition and trade "what I see" not "what I think" to help drive my trade decisions. Also, I continue to see development in my ability to "let the trades work". This is a result of having a better handle on patience, intuition and being familiar with reading/interpreting my internal indicators that provide great clues.

Trade Well !

Thursday Log - Quadruple Witching Expiry

Today I again saw and felt the rhythm of the market pretty well. Used quick reverses when my bias was wrong a couple of times and managed good stops. Entered the day thinking down towards PP and even had a trade for that area that I took off too early.

Went into the day thinking mostly scalp trades so I put on several RT trades through the day. A bit too quick on exits but overall entry areas were generally sharp and low risk. I'm getting more and more comfortable with tighter stops and getting back into the same trade idea while limiting risk. Although the commish costs stack up, it's part of the business and learning process.

After several round trip trades (7) during the three sessions...Result: +5.25

Quadruple Witching expiration day is tomorrow, Friday. This scenario happens four times per year on the third Friday of each March, June, September and December. The "quadruple" expiration involves Index Futures, Index Options, Stock Option and Single Stock Futures. Could be a volatile day in the market, particularly during the late afternoon. This trader plans to get his trades in during the AM session and take the PM off. We'll see how it pans out.

Trade Well !

Wednesday Log – Steady as She Goes

Trader Tip – Trading is simple but what is difficult is getting to the point where simplicity is achieved, then recognized and finally practiced. We all start out in a similar manner, trading with multiple indicators, hunting for the “Holy Grail”, moving from indicator to indicator, system to system and strategy to strategy. Like a bee pollinating a field of flowers, we search for that “secret” that will bring home the honey pot. Like the bee, we need to concentrate on one “field” (strategy) and become proficient with one plan in order to become efficient. Finding simplicity is the goal, getting there requires an expedition.

Started the day trying to work the pre-market eco reports @ 0830. Went short at an edge thinking we might dip towards the overnight low or the PP. I was wrong and got out once a doji was formed. Not a real bright entry but, had an idea and a plan that did not work out…move on. Result: -4.0

Waited for the regular open and played the half gap which has been a good, high prob trade. Entry was short in 52’s and scaled out down to 48’s. Added an extra C due to the higher probability trade and what I perceived as a good entry price. Well planned trade, specific targets and good patience. Result: +10.25

Waited for a pullback to re-enter short for a scalp, although market seemed as though it wanted to climb higher. Went “back to the well” short in 52’s for a 1 point scalp in 51’s with a runner left of which ended B/E. result: +1.0

Went long in 53’s once market pierced intraday and overnight highs. Had specific targets based on EWS and pivots with a one point stop below the breakout. Played it somewhat conservative with 2 C’s. Could have added a third as a runner once the final target was hit but didn’t. Looked like trending day once 1058 area was taken out. Result: +5.0

Put on a couple short scalps from 63’s in the PM session. One was profitable, 2 were B/E only using one C. Playing the combo strategy and played out nicely. Only looking for a couple. Result: +2.0

Not trying to force my trades, taking what the market gives me, getting in touch with intuition and the market rhythm while better planning my trades is beginning to create more confidence and steady profits. Over trading used to be a problem but I seem to have that aspect under control. So it’s “steady as she goes” the last few days as I implement a better mapped out course of action as well as emotional neutrality.

Trade Well !

Tuesday Log - Pivots of Intuitive Opportunity

Started the day with a short about 10 minutes into the session with a fill in 46's. Set stop above 47.25 which was previous high. Stopped out to the tick before price fell to anticipated targets. A little frustrating but moved on and waited for next opportunity. Result: -2.0

Waited for the first hour range to set in while trying a couple short and long scalps in the 38-40 support area while looking at various timeframes and determine which chart was in play. Turned from scalps to more of a swing bias once price bounce off of PP. Result: +1.5

Bias was now long as I plotted my zones of entry and exit using pivots and combo theory. Got in long in 42's and out with all in 44's while waiting for test of previous regular session high. Result: +2.0

Went long again in 44's and 46's once price tested previous high area which was accompanied by STO and ADX divergence. Scaled out in 47's and 49's as my thinking was that overnight high would be tested and taken out by 1-2 points. Internals had a bias upward and provided the confidence to stick with the trade. Result: +7.0

Took a short off the high in 51's and moved the stop down as I looked for minimum of a couple points which was achieved. Had idea of 45's to be revisited but only put on 1 C for this short otherwise I would have scaled and capture a few more. Result: +2.0

This week I began focusing more on using the MM fractals and pivots to help define my trade ideas and trade management. In addition I find my intuition and "feel" for the market becoming more honed. Although my stops are at times maybe too narrow, the losses are much more under control, anxiety is low and confidence is strong.

Using the pivots, EWS combo system, intuition and getting a feel for market rhythm are becoming much more clear and recognizable for trade opportunities. Trading the edges is the key. I've realized ongoing improvement with my patience to wait for the set-ups while also controlling losses with better entries and stops. Also being able to turn my bias around continues to improve.

Trade Well !

Monday Log - Shoulder Day

Boring trading day today as I participated in the morning primary move and the afternoon small pop. Tried a few scalps mid-day but for the most part I'll call those a scratch with commish covered. Looking for only 1-2 points, I went long on both the morning move and afternoon move scaling out in the AM and taking it all off in PM as momentum was waned. Difficult day to watch and participate in as the moves were on the shoulders of the intraday chart. Result: +4.50

Looking forward to see how the market reacts in the 1050-1060 area as this was the drop off the shelf last October. There are some resistance areas as well as psyche levels to be aware of. Overnight session should provide so clues as well as the support levels and range today.

Trade Well !

To Be Well Armed is to Be Well Informed - Understand the Issues & Get Involved In What You Believe is Right. Voice an Informed Opinion!

Friday Log - Out For Tea

Pulled off a couple decent trades on Friday with the best one being the participation of the plunge out of the 40's and 38's. Shortened day. Result: +6.5

Had to leave early Friday (thus the late post) in order to get to Washington, DC ahead of possible traffic and to participate in the "tea party" protest on Saturday 9/12 against big government. Glad I went and was there to be counted.

The experience was incredible and hopefully the protests against a government that is out of control will continue to gain momentum, support and participation among all citizens who are beginning to take notice of sensing that "something just ain't right".

As trader's, we need to pay attention to the current discussion by congress to further tax investors/traders. If passed, H.R. 1068 could have a devastating effect on those of us making a living from day trading. The government will be looking for "creative" ways to increase taxes and we need to get informed be be active in voicing our opinion. Review the link provided as well as the petition link regarding the proposed "Trader's Tax".

Trade Well !