Review of last night's trades. Talk about being in the right place, at the wrong time. After the 1st hour of trading, the ES simply got stuck in a 2 point range. The SHORTs I had in place were definitely in the right direction, but the time frame caught me out last night. All the target levels mentioned last night were all met...albeit a little too late for me to be around (awake, perhaps).
We are approaching PRIME on the TREND Chart, and we still quite a distance away (PRICE wise) from the last PRIME Support of 1426.50. This PRICE movement currently is more consolidative in nature, giving us 2 PRIME PPFs in a row on the TREND Chart. Currently, SHORTs are still valid, even though we are consolidation - and as long as there is ample PRICE levels between Support & Resistance levels.
Pre-Market Observation. As stated in my summary this morning, SHORTs were still valid, until the Globex session. PRICE managed a PRIME BREACH of last PRIME Resistance of 1437.75, making it a PRIME Higher High at Globex Session high of 1439.50 - If we get a PPF of Support, we will reverse to LONGs, as the TREND Chart has also turned up.
09:58pm LONG 1436.50 / STOP 1435.50
10:25pm Trading Globex Sessions can sometimes give you heart attacks.
10:30pm Out at 1436.25 / -0.25pts - Chance was given, I took it! That's why, I try as much as I can to avoid trading during Globex. But there were times when certain signals were present, and I didn't take them, and it resulted in huge moves...
10:33pm Will let PRICE settle down first, before taking the next trade.
10:49pm LONG 1437.75 / STOP 1436.75
10:54pm Oops...Oscillation change, at my entry point - Will get out first.
10:55pm Out at 1437.50 / -0.25pts
10:57pm That's the reason why I got out (would have STOPPED me out). This Oscillation has to go back down to challenge last Oscillation Support at 1435.00
11:01pm 1435.00, here we come...Are we gonna Fail, or Breach?
11:05pm We Failed. Let's look for a good entry to go LONG - Do remember, so far we are still consolidation since the open. 3 Oscillation PPFs in a row - But TREND Chart pointing up.
11:15pm My, My...another Oscillation PPF. Will wait for a clearer signal.
11:18pm SHORT 1435.50 / STOP 1436.50
11:21pm Out 1434.50 / +1.00pt - Took profit because it's in PRIME, and we still need a Oscillation challenge of Resistance (a pullback).
11:26pm Here it comes...the pullback, I mean.
11:28pm Be right back.
12:48am Stepped away to watch Prison Break, which I taped earlier. No more trading & watching TV at the same time. LOL. I've learnt my lesson well, from the last time this happened.
01:01am Attempting an Aggressive LONG here.
01:05am LONG 1433.50 / STOP 1432.00 - Counter-Trend trade.
01:11am Out at 1433.00 / -0.50pts - So much for my Aggressive Trade. After all, it's the lunch time PRICE movement, where anything goes.
01:17am Will stay for one last trade, if the signals appear.
01:20am ES escalating to the downside.
01:22am Crucial level to look out for is 1426.50, which was last PRIME Support on the Trend Chart.
01:26am LONG 1431.00 / STOP 1430.00 - Last Trade for the night.
01:32am Out at 1430.50 / -0.50pts. I'm done for the night. 5 Trades - 1 Winner / 4 Losers
Thursday, December 21, 2006
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6 comments:
hi geri, i follow your blog every day.. very interesting blog indeed, congrats!.. btw, did you find out abt etf? How does it compare to futures? just curious as i'm not familiar with futures at all..
Hi Sage,
hey, thx for popping by...And thx for your kind comments. Perhaps we should exchange links?
I tried going to the website you suggested but I got lost trying to read up the details on ETFs...As I use TA to trade, I think using TA on ETFs would be out of the question...???
At the moment, it does seem to me that futures is a little clearer for me to understand. No interest is charged, whether you are LONG or SHORT. You just need a specific amount/margin (about US$500) if you "daytrade" 1 contract of the E-minis - ie. open & close the position within the normal trading session. If you like to know more about futures, just click on "Understanding Futures 101" on one of my links. Cheers!
hi, thks. Ok, i'll do some research this weekend. From your writings, it looks like you run a very tight ship, churning a few trades in a day.. hmm.. not my type of trading as i'd prefer to hold a little longer..
Sure, i'll have your link in my blog..
Hi Sage,
actually, I don't really "run a tight ship" (unless you are talking more of "overnight trades")...the trades are very much subjective to the trading session. Some days, it can be very trending, and getting 2-5pts can be easily achieved within minutes...
But some days, the "chop" is really bad, so one has to take whatever the market gives.
One thing I've learnt about trading is that being stubborn in one's view can be very detrimental to one's trading account balance...LOL
Do you trade base metal futures? Good opportunity to buy zinc and tin now.
http://basemetal-trading.blogspot.com/
No, I don't...I am more into daytrading the ES
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