Tuesday, April 11, 2006
4/11/06.....Oh, The Pain!
Remember that nice little profit I managed to walk away with yesterday? Well, FORGET IT. Gone in two trades today.
The day started off with a bad omen as I hesitated on a long in the globex session around 1301.75. Had long signals in both the 3 & 5 min charts but did not act on it. es promptly went to 1307.75 in nearly a straight line. It then reversed so fast that there was no change of getting a confirmation of the reversal, at least with the indicators that I am using.
Trade 1 came at 10:13 with es sitting at the 1303 area. Got a holp signal buy where teq & I thought the mkt would reverse. But, nope ole' es rolled over & puked on us. Tarde was stopped out at 1301.75. -2 pts.
Trade 2 was a doldrums bond trade. Entered a short at 108 07 @1:41. This one looked good as it went up a tick or 2, then headed down, bounced off the 04 area back to 06, then dropped again. It touched the target of 03 twice but no fill. After wallowing around a bit, the bonds headed higher and I had to exit with a scratch back at 07 around 3pm. What a bummer! Hate to leave $$ on the table but I am trying to be diciplined and trade the plan. Just didn't work today.
Trade 3 was a very, very bad call on my part. ES had tanked to a low of 1289.25 and turned there with some high -1000 tick readings. Made the comment to teq regarding a possible capitulation at this point & the mkt may reverse here. Well we fast came upon the time for the 3:52 trade and didn't I foolishly go short (against the trend of the last 1/2 hour as is in the plan)? I had already forgotten the "capitulation" part & went ahead with the trade anyway; short at 1292.50. Well, it wasn't long before the mkt started to power higher (no more sellers left) & then it dawned on me that I had screwed up. Hit the eject button & got out at 1293.75. -1.25 points
So there you have it, sad but true. Wiped out Mondays gains almost to the dollar. Tomorrow brings another day & we will be ready for it. I will need to be on top of my game as I now have 2 days to make up for, as well as the daily goal for tomorrow.
The day started off with a bad omen as I hesitated on a long in the globex session around 1301.75. Had long signals in both the 3 & 5 min charts but did not act on it. es promptly went to 1307.75 in nearly a straight line. It then reversed so fast that there was no change of getting a confirmation of the reversal, at least with the indicators that I am using.
Trade 1 came at 10:13 with es sitting at the 1303 area. Got a holp signal buy where teq & I thought the mkt would reverse. But, nope ole' es rolled over & puked on us. Tarde was stopped out at 1301.75. -2 pts.
Trade 2 was a doldrums bond trade. Entered a short at 108 07 @1:41. This one looked good as it went up a tick or 2, then headed down, bounced off the 04 area back to 06, then dropped again. It touched the target of 03 twice but no fill. After wallowing around a bit, the bonds headed higher and I had to exit with a scratch back at 07 around 3pm. What a bummer! Hate to leave $$ on the table but I am trying to be diciplined and trade the plan. Just didn't work today.
Trade 3 was a very, very bad call on my part. ES had tanked to a low of 1289.25 and turned there with some high -1000 tick readings. Made the comment to teq regarding a possible capitulation at this point & the mkt may reverse here. Well we fast came upon the time for the 3:52 trade and didn't I foolishly go short (against the trend of the last 1/2 hour as is in the plan)? I had already forgotten the "capitulation" part & went ahead with the trade anyway; short at 1292.50. Well, it wasn't long before the mkt started to power higher (no more sellers left) & then it dawned on me that I had screwed up. Hit the eject button & got out at 1293.75. -1.25 points
So there you have it, sad but true. Wiped out Mondays gains almost to the dollar. Tomorrow brings another day & we will be ready for it. I will need to be on top of my game as I now have 2 days to make up for, as well as the daily goal for tomorrow.
# posted by Trader X @ 3:44 PM 
