Wednesday, May 03, 2006
Wednesday, 5/3...More Chop Suey!!!
My head hurts thinking about the day in the the trading toom today. As has happened over the past week, the big move comes early and the rest of the day seems to chop, chop chop. We were really keying into this action though, & I had a plan (although I did not get a chance to explain it to my good trading buddy, Red Beard, aka teq) to allow us to scalp at least 1 point per move. But the cagy es was just not co-operative & we ended up floundering some (at least I did). Anyway, here are the highlights.
Fooser had a fine trade going when I first peeked through my half opened eyes at the computer at about 5:10. He was short from 1318.50 and the mkt had then sold off to around 16.50, so it had moved too far for me to jump in. I was able to enter a globex long as triggered by the phase & macd at 1315. The market moved in my direction & was able to get 1.5 points before being taken out at 16.50.
Next trade was a globex short that turned out to be a scratch just before the open as it had not moved in my favor more than a tick or 2. Turns out if I had of led it ride it would have been a nice 3-4 point winner.
next was a holp long @ 1313.25 at around 10:20. Went as high as 14.50 befor reversing & stopping me out for -2 points. Note here....a doji formed on the candle that I entered on and then the next candle closed below it. Probably should eject when I see that next time.
Unfortunately the rest of the day was so choppy, we were doing paper trades, reversing, exiting, you name it and I must confess, I had a problem focusing on it cause I was stuck in a bond trade with my runner in limbo land. Oh yes, the bond trade....
Stood aside for the first 15 minutes or so of the bond trade as Berrnanke was supposed to make some speech somewhere. Turns out it was a very bland speech, not on the economy or Fed issues, & had no affect on the market. Of course, the bonds were right at 105.31 at noon & soon moved lower, right to the exit point of 17 before I could get an entry. Was able to get a fill on a bounce up, & watched as the bonds continued up to 106 03. It did reverse finally & I was able to pp @ 27. No luck on the runner tho and, well, guess what, I broke the rules & left it in cause I coulnd't take a 3 tick loss @ 3 pm. So now I am here at 9:15 with a b/e order in @ 105 31 STILL! Bad, very bad!
As I said the rest of the afternoon was a blur and will have to revert to red beard's dilligent recording for the rest of the day. I do know that the 5 min sq signals were good for a few points today when they fired off.
My last trade was the 3:52 reversal. Another b/e trade on that one.
Totals: paper trades ??? Real $$ -.5 es & +2 bonds ( with 1 runnner hoping to be a b/e)
OK, back to the books.
etr
Fooser had a fine trade going when I first peeked through my half opened eyes at the computer at about 5:10. He was short from 1318.50 and the mkt had then sold off to around 16.50, so it had moved too far for me to jump in. I was able to enter a globex long as triggered by the phase & macd at 1315. The market moved in my direction & was able to get 1.5 points before being taken out at 16.50.
Next trade was a globex short that turned out to be a scratch just before the open as it had not moved in my favor more than a tick or 2. Turns out if I had of led it ride it would have been a nice 3-4 point winner.
next was a holp long @ 1313.25 at around 10:20. Went as high as 14.50 befor reversing & stopping me out for -2 points. Note here....a doji formed on the candle that I entered on and then the next candle closed below it. Probably should eject when I see that next time.
Unfortunately the rest of the day was so choppy, we were doing paper trades, reversing, exiting, you name it and I must confess, I had a problem focusing on it cause I was stuck in a bond trade with my runner in limbo land. Oh yes, the bond trade....
Stood aside for the first 15 minutes or so of the bond trade as Berrnanke was supposed to make some speech somewhere. Turns out it was a very bland speech, not on the economy or Fed issues, & had no affect on the market. Of course, the bonds were right at 105.31 at noon & soon moved lower, right to the exit point of 17 before I could get an entry. Was able to get a fill on a bounce up, & watched as the bonds continued up to 106 03. It did reverse finally & I was able to pp @ 27. No luck on the runner tho and, well, guess what, I broke the rules & left it in cause I coulnd't take a 3 tick loss @ 3 pm. So now I am here at 9:15 with a b/e order in @ 105 31 STILL! Bad, very bad!
As I said the rest of the afternoon was a blur and will have to revert to red beard's dilligent recording for the rest of the day. I do know that the 5 min sq signals were good for a few points today when they fired off.
My last trade was the 3:52 reversal. Another b/e trade on that one.
Totals: paper trades ??? Real $$ -.5 es & +2 bonds ( with 1 runnner hoping to be a b/e)
OK, back to the books.
etr
# posted by Trader X @ 5:59 PM 
