6E 5min
Plan for the day was to short any failed "W" patterns.
1st short entry was at 1.3565 (with a mental stop at 1.3572 should failed "w" fail...). Price pierced 1.3572 resistance just a minute later (totally not what I expected for a failed pattern). Bailed at 1.3573 before candle even closed. Can't sit and watch a "W" take off!
Went in short again at 1.3568 on candle that opened below 1.3572 support and below the close of the inside bar before it. Target was support at 1.3524 or Fib ext 161.8. I took the latter. Simply coz price was springing back up from candle's low, threatening to close above 161.8. A hammer at the low of a short-term downtrend, especially one with its body sitting on a fib target is not what I want to see when I'm selling. Covered at 1.3536, right about where fib ext 161.8 is.
Will either enter short again on a decent pullback on the 5min, or take a break and come back 2 hours later to see what's developed then.
1st short entry was at 1.3565 (with a mental stop at 1.3572 should failed "w" fail...). Price pierced 1.3572 resistance just a minute later (totally not what I expected for a failed pattern). Bailed at 1.3573 before candle even closed. Can't sit and watch a "W" take off!
Went in short again at 1.3568 on candle that opened below 1.3572 support and below the close of the inside bar before it. Target was support at 1.3524 or Fib ext 161.8. I took the latter. Simply coz price was springing back up from candle's low, threatening to close above 161.8. A hammer at the low of a short-term downtrend, especially one with its body sitting on a fib target is not what I want to see when I'm selling. Covered at 1.3536, right about where fib ext 161.8 is.
Will either enter short again on a decent pullback on the 5min, or take a break and come back 2 hours later to see what's developed then.
6E 15min
I need the 15min predominantly to monitor candlestick patterns and S & R levels. I don't base my entry or exit on it. I ignore the MACD. But it's good to see it continuing to go down in bearish crossover when I'm in a short position.I'm pissed with IB (right, just after I sang its praises hours ago). Had entered 2 contracts for the above trades, but was warned that it exceeded my margin (I always keep only 12k in my futures trading account, most of the funds were transferred to D's TOXIC ASSETS swing/investment account (D swing-trades/invests in non-leveraged instruments) - which is finally making money - and the revised margin requirement for pre/post market hours for 6E is now slightly above 6k, while that for the active trading hours remains at 3k). Totally jeopardized my strategy of entering and exiting on 2 contracts at the beginning of a trend, and reducing to entering and exiting on 1 contract when trading a pull/throw back.
What that means is that I can only trade a fresh trend. PISSED!!
I'm not topping up my daytrading account. I'd rather look for a less paranoid broker!
What that means is that I can only trade a fresh trend. PISSED!!
I'm not topping up my daytrading account. I'd rather look for a less paranoid broker!
5 comments:
Jules,
Yep IB is a great broker in many ways, however, they are really fussy with margin :P
LT
They can be fussy coz they are good, LT.
Hostage situation...
In my opinion, a 12k futures account is not sufficient. I would recommend a minimum of 25k.
Sage,
I want to be able to do well trading 1 to 2 contracts and with a smaller capital. If I can do that, I'll know I can trade bigger positions. Right now, I'm learning to run quickly even if it's just 1 contract (i have no problem running quick with 5 contracts). And I have to learn to hold my winners, starting with 1 to 2 contracts.
You know, we had started with 50k before. I traded much better when it went down to 25k. :-)
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