The Weekend Shmooze

Just wanted to add a few thoughts that popped into my head that I feel might find some use within this forum. A few quick hits of information FWIW...

• We don't know what we don't know
• 38 Steps to Becoming a Successful Trader...what stage are you at?
  
• For those who trade the ES and are not familiar with or follow "FuturesTrader71" on Twitter, I suggest you look into monitoring his tweets. FT71 recently started a blog which I've added to "My Blogosphere" list below.
• Towards the end of my blog you will find a list of trader resources. I should probably try to organize the information in an easier format. But for now, peck around and click on a subject title that might be of interest.
• Wait 'till next year Cub's Fans. As I've always said "you gotta love baseball before ya love the Cubs"
• Consider joining the Eminiwizard Community. Look around 'E's public site to get a feel for what his system has to offer. His system, daily tutelage and consistent presence in the live chat is second to none and has taken my trading to the next level. Check it out and if you have questions, drop 'E' an email or post here.
• The more we get into trading the more we realize how parallel trading is to life. "Does life mimic trading or does trading mimic life"?
• "Trading is a journey, not a destination"
• Why do I end each post with Trade Well? We want to always be in control and have a plan for each of our trades. All trades will not be winners. We will have losers and this reality is part of the biz. But even the losers can be a "good" trade. When we "Trade Well", we plan the trade and trade the plan, analyze the results and move on and wait for the next high probability set-up.
  

Peace and out, enjoy the weekend and remember...Trade Well !

Classics

Classics to get the blood flowing.

Friday Log - Scalps After Trend Day With Combo's

Began the day with pre-market longs after the employment eco report was announced and market settled down. Went long from 12's and 14's and looking to scalp 1-2 points on each sequence. Took all off at one level on each of the two trades: Result: +3.25

After the open, I was waiting to get a feel for the price action. Wanted to go long from 15-16's in anticipation of 1/2 gap but didn't get in as I waited with good patience. In hindsight I could have entered with stop just below the 15 open.

Forgot about the factory inventories report @ 1000 and was long just prior to the announcement in 18's, got lucky with stop not getting set as price action was quick. Scaled out in 20's and 21's. Result: +3.25

Tried short from 23's in anticipation of yesterday low not being taken out. Stop was 1 point and got stopped out. Result: -1.25

Failed to re-enter under next "natural" entry area of below yesterday close. But waited for pullback using combo theory, went long in 20's and scaled out in 21's and 22's. Result: +2.25

Used combo thinking on each trade. Looking at middles and key levels. Continues to amaze me how the combo's play out over and over again. EWS proves profitable again. So, since I had a good morning and it's a Friday after a strong trend day, I expect range and chop during remainder of session. For those reason's, I am starting the weekend early. Learning not to over trade and especially once profits are bagged. Have a good weekend.

Trade Well !

Thursday Log - Trend with Interruptions

I was not able to get a feel for the market once the bell rang and was on the wrong side looking for 1/2 gap try from 45's. Stop was below overnight low by 2 points which was knocked out quick. 1000 eco reports loomed and needed to be out by then regardless of trade position. Result: -6.50

That was the end of my day as household interruptions and pressing errands were attended to.

One observation regarding this trending day, there were pullback areas during the day which provided opportunity to go counter trend for a couple points once the price action "rested" as well as areas to re-enter short. The trend had nice interruptions in it in order to gain some trades. Internals supported the down move with steep angles.

Should be able to be in position to trade most of the day Friday although expecting range bound day which is usually the case the day after a trending session. Employment report comes out in pre-market which could influence the day.

Trade Well !

Wednesday Log - Wild Day

Began the day trying to trade the pre-market economic report announcements. Price did not get to my long or short "hot-box" trade levels which are usually very conservative. Missed the 0830 stab up by 2.0 points and came no where near my short side order. Jumped in for a quick scalp but that was all for pre-market. Result. +1.0

At the open I played the half gap from 59's. Out with 2/3's of position in 56's with remaining C in trade for gap or break even. The b/e won before market plunged without my trailer. Result: +5.50

Rest of day I was in and out of office. Tough day to trade with EOQ and EOM balancing of big boy accounts. They did not disappoint for orchestrating a wild day in the market. I am shutting down early and will wait for another try tomorrow. I'll post chart later.

Trade Well !

Tuesday Log - EOQ Means Earning Season Begins

Started the day trading near the open with a long from 61's. Just looking for some quick scalps. Scaled out at 62's and 63's with a runner remaining which broke even. Result: +4.25

Re-entered long from 56's near the 1000 hour. Again, looking for scalps as market was in a tight overnight range that never really broke. Result: +3.0

The rest of the day was stuck in a horrid range. Tried a couple scalps but unlike the AM session, I did not feel the market well, got a bit impatient as I wanted to trade and forced a couple. The decision to trade in such tight ranges today was not a good one and intuition told me to back off but I failed to "listen" to myself. 2 trades Result: -4.0

End of month and quarter on Wednesday. Earnings season begins in October which can be a volatile month. Be aware of major company earnings announcement schedules as well as protect against possible wild swings during the month.

Trade Well !

Monday Log - EOM & Eco reports Loom

During the weekend, I was able to catch up on some chart reading and EWS website review. I was in a position to watch the Globex open at 1800 and peeked back in around 2300 late that evening. Saw support in the 35-36 area so took a paper trade for overnight. Put on 4 C's (which I am beginning to gradually incorporate into my live trading) with pre-set exits.

After entering in 37's, I scaled out 50% in 40's, 25% out next morning around 0730 in 44's, added 1 C in 44's and took last C from original entry off in 46's. Ended up b/e on added position. Result: +22.0

Not as good results after the regular session began. Was expecting 1/2 gap to fill but missed by a couple ticks. Stop was a bit too high (at MP level) and modified my stop rule so my stops are set no more than angel/demon feet / head respectively and maximum 2 pts. Shorts were squeezed and so was I. result: -7.0

Tried another short in 51's but that too was squeezed. Result: -3.0

From there it was a matter of nibbling back my losses in a market that had lighter volume due to Yom Kippur. Price was range bound for most of the lunch and PM sessions so only scalps were appropriate. Came up short recovering loses but felt comfortable "getting back on the horse" and getting what I could and what the market wanted to give me. 5 trades - Result: +9.25

Today I continued to feel confident even though I had to dig out from a deep hole I had dug for myself. I am revisiting my rules and honing them in order to create a little more discipline with my losses and trade management. I felt the market fairly well today and was "playing" with Mr. Market by scalping for 1-2 points and one final mini-swing trade at EOD.

With end of month quickly approaching as well as major eco reports to be announced this week, I am expecting price games and volatility. I'm ready to go at it again tomorrow.

Trade Well !