Wasn't me...
Definitely not me....
Ahh... totally ME!
Wednesday, April 22, 2009
Tuesday, April 21, 2009
ES Trades 4/21 & Infinity Futures
Recovered my losses (trades 1,2 and 4 were scratched trades mentioned in my earlier post), and took an extra 60 from the market. Ha ha.Lessons learned:
1) Greed doesn't pay
2) Scalping pays
3) Swinging pays too, just not yesterday and today
FRO is D's. He's starting to liquidate his positions in my account and buying them back via his own account.
Just wired funds to Infinity Futures and should be able to use my new account soon. Am keeping the IB account still. Will be trading from both accounts until I am perfectly comfortable with Infinity. So far, I am loving Infinity's service (big THANK YOU again, Emini Player! Your rep is superb!).
D just complained about IB's haughty attitude (he has been defending them before the incident). So now we are both happy to liquidate my IB account. I'M THRILLED!! I'll rather put my money in the bank and earn a 0.45% interest!
Now I can call it a day.
ES Trades 4/21 - A Complete Mess
My profit-taking mechanism is officially down. Didn't take a profit yesterday and ended up with a 700 loss. Didn't take a 112, 80, 60 profit today and ended up having to scratch all 3 trades. After that, I just couldn't think anymore.
Market's totally chaotic, and I wish I can blame it for my very BAD DAY. But I know too well that had I taken my profits and called it a day, I would have had a nice 200 plus profit day and not have to bother myself with a market that's simply gone untradable (for me) once the europe session began.
That's 2 days in a row. I'm forgetting how to be ME! Take the bloody scalp profits!!!!!!!!!!!!!!!!!!!!!!!!!
Am 150 in the red, and going in again if I see anything that I'm comfortable trading. I can't call it a day. And if D were to suggest that I do, I'm going to have to clobber him!
Market's totally chaotic, and I wish I can blame it for my very BAD DAY. But I know too well that had I taken my profits and called it a day, I would have had a nice 200 plus profit day and not have to bother myself with a market that's simply gone untradable (for me) once the europe session began.
That's 2 days in a row. I'm forgetting how to be ME! Take the bloody scalp profits!!!!!!!!!!!!!!!!!!!!!!!!!
Am 150 in the red, and going in again if I see anything that I'm comfortable trading. I can't call it a day. And if D were to suggest that I do, I'm going to have to clobber him!
ES 4/21
ES Hourly
Game plan for the day:
Whenever price closes above 833.75, I'll consider a long entry. Targeting for 842.
Will consider short positions below 830. Target: 820
After Action Review - I Need To Trust And Trade MY WAY
Yesterday (Apr 20) was a bad day for me, simply because I had lost it again. When I could have taken a net USD 100 gain, I ended the day with a USD 737 loss. The first trade messed up my psychology and things spiralled down from there.
My first trade - I was experimenting with an entry that I wasn't familiar with, and because of that, I had a hard time managing my trade, and exited at a place I usually wouldn't have. Took a 140 loss. Got back in again, using the alien method. While I could have taken a USD 120 gain on the 2nd trade (had I used my own familiar approach, I would have recognized the loss of momentum and gotten out), I ended up getting out at where I've placed my protective stop and took a USD 300 loss.
I could have stopped there. But unlike last week, I refused to accept a losing day. I went in again to fade the down move during the US lunchtime session. It started out fine - I caught the hammer and the move went at least 2 points in my direction promptly. On any other days, I would have taken my profit given that it was just a scalp. I didn't. When I had gone in with the intention of simply fading a trend, at some point during the trade, I had assumed that that was going to be a major 6 point retracement at least. After all, a hammer had formed on the hourly chart, and there were piercing patterns, hammerS, bullish engulfing patterns and all on the 5min. So I stayed. And let a 2 point profit turn into a 6 point loss.
All because I got emotional again. I had traded with a different appraoch (when will I ever learn to just TRUST my own method???), and because of that I couldn't own the loss.
Consecutive losing trades on any given day is an indication that the tone of the market has changed - and I could either take a loss while it's still small (yes, like last week), or deploy a different strategy (I scalp on trending days, and "swing" on other days). Last week was week of chops and range-bound moves, and I did ok with my "swing approach" from tuesday to friday. Yesterday was clearly a trend day, and I made the mistake of using a loose stop, and then of overstaying in a counter-trend move.
Mistake number 3: staying with ES on a trending day. I can't handle ES on trending days. I'm used to TF's nice 3 - 6 long-bodied bearish candles down with 38.2% retracement on a trend day. With ES, I love the choppy days, coz I just somehow grasp ES' choppy moves.
It's a day full of mistakes that I can either learn by heart and move on, or get grumpy and all and take a break for the next few days. The latter is clearly out - I don't remember having really taken a break even when I felt ,at my lowest point ,that I simply couldn't go on anymore. I don't know if that's a virtue or a vice - that I don't know when to STOP. What I do know is that I'm not easily defeated. And that's an understatement. Maybe things would have been better had I learnt to back off sometimes. But I don't stand down. I can't. I would have to be a different person to do that.
So I'm going back in today. Not doing any analysis of any sort. I'm not going to guess where the market's heading. It could move up higher than its previous high, or it could reverse to look for 660, it doesn't matter. What matters is the price action within the day - you can never know for sure if the bears or the bulls are going to win until the battle's over, so you take cover when your side is clearly no longer in the upper hand. Don't hang around and become a casualty. Know that something's NOT looking right, and bail before the ultimate worst happens. That's what I always aim to do.
I'm going to be scalping mostly - I seem to have lost touch and apparently need a lot of practice to learn how to RUN again - coz as soon as my application to Infinity Futures is approved and my funds wired, I'm going to be trading multiple contracts. I have to accept that every individual is different - with me, I can never trick my own brain into thinking that a 100 loss is a 1k loss. When I'm faced with a situation that I can easily lose my shirt, I WILL run. Otherwise, I won't. Just me.
My first trade - I was experimenting with an entry that I wasn't familiar with, and because of that, I had a hard time managing my trade, and exited at a place I usually wouldn't have. Took a 140 loss. Got back in again, using the alien method. While I could have taken a USD 120 gain on the 2nd trade (had I used my own familiar approach, I would have recognized the loss of momentum and gotten out), I ended up getting out at where I've placed my protective stop and took a USD 300 loss.
I could have stopped there. But unlike last week, I refused to accept a losing day. I went in again to fade the down move during the US lunchtime session. It started out fine - I caught the hammer and the move went at least 2 points in my direction promptly. On any other days, I would have taken my profit given that it was just a scalp. I didn't. When I had gone in with the intention of simply fading a trend, at some point during the trade, I had assumed that that was going to be a major 6 point retracement at least. After all, a hammer had formed on the hourly chart, and there were piercing patterns, hammerS, bullish engulfing patterns and all on the 5min. So I stayed. And let a 2 point profit turn into a 6 point loss.
All because I got emotional again. I had traded with a different appraoch (when will I ever learn to just TRUST my own method???), and because of that I couldn't own the loss.
Consecutive losing trades on any given day is an indication that the tone of the market has changed - and I could either take a loss while it's still small (yes, like last week), or deploy a different strategy (I scalp on trending days, and "swing" on other days). Last week was week of chops and range-bound moves, and I did ok with my "swing approach" from tuesday to friday. Yesterday was clearly a trend day, and I made the mistake of using a loose stop, and then of overstaying in a counter-trend move.
Mistake number 3: staying with ES on a trending day. I can't handle ES on trending days. I'm used to TF's nice 3 - 6 long-bodied bearish candles down with 38.2% retracement on a trend day. With ES, I love the choppy days, coz I just somehow grasp ES' choppy moves.
It's a day full of mistakes that I can either learn by heart and move on, or get grumpy and all and take a break for the next few days. The latter is clearly out - I don't remember having really taken a break even when I felt ,at my lowest point ,that I simply couldn't go on anymore. I don't know if that's a virtue or a vice - that I don't know when to STOP. What I do know is that I'm not easily defeated. And that's an understatement. Maybe things would have been better had I learnt to back off sometimes. But I don't stand down. I can't. I would have to be a different person to do that.
So I'm going back in today. Not doing any analysis of any sort. I'm not going to guess where the market's heading. It could move up higher than its previous high, or it could reverse to look for 660, it doesn't matter. What matters is the price action within the day - you can never know for sure if the bears or the bulls are going to win until the battle's over, so you take cover when your side is clearly no longer in the upper hand. Don't hang around and become a casualty. Know that something's NOT looking right, and bail before the ultimate worst happens. That's what I always aim to do.
I'm going to be scalping mostly - I seem to have lost touch and apparently need a lot of practice to learn how to RUN again - coz as soon as my application to Infinity Futures is approved and my funds wired, I'm going to be trading multiple contracts. I have to accept that every individual is different - with me, I can never trick my own brain into thinking that a 100 loss is a 1k loss. When I'm faced with a situation that I can easily lose my shirt, I WILL run. Otherwise, I won't. Just me.
Again, I won't post my P&L for yesterday until end of this week. All reds pisses me off. And I can't trade when I'm angry with myself.
Monday, April 20, 2009
ES Trades 4/20 - ????!!!
Covered my short position BEFORE it hit my protective stop. Then covered my long position AFTER it hit my protective stop. Sold when I was supposed to have bought. Then bought when I was supposed to have sold.
Not complaining. Can't think of a better way to start a new week.
Saturday, April 18, 2009
A Scalper's Diary
I can't help but love a scalper's blog that documents in detail each and every scalp that's taken. JE's blog's looking really interesting.
Seabloke, don't bother checking it out. You won't understand a word, and you'll bleed from your nose from trying too hard. LOL!
Seabloke, don't bother checking it out. You won't understand a word, and you'll bleed from your nose from trying too hard. LOL!
ES Trades - Week of 4/13
I'm seeing my "M" & "W"s. Am tempted to get in but instinct's telling me to stay out of trouble.For this week:
Mon: -USD 150 (P&L details at the end of this post)
Tues: +USD 253
Wed: +USD 283
Thurs: +USD 173
Fri: +USD 173
What I've done very different this week is that I've held my profits a little longer, gotten rid of all the clutters on my charts (anyway, the only time I looked at them was when I was DISTRACTED) and really focusing on just my candles. Gotten rid of my 10 and 15min charts too and trading with only the hourly and 5min. I've traded only the ES for the entire week and am contemplating sticking with just the ES for the time being. Will be studying the Euro futures over the weekend - I like it a lot but there's something about it that intimidates me.
I'm looking forward to trading on the Infinity platform - lots of form filling and I'm glad I'm not the one doing it. Sorry, D LOL!
Will continue to trade single contract for a while.
Still haven't quite figured out if I should continue to watch the market from 7am to 2am (local time). I guess I'll let my body decide.
Won't be capping the number of trades I take per day. Whenever I see a setup I like, I'll take it.
It's apparent that I don't have many rules. The thing about rules is that they invite me to break them.
I'm going to stop fretting over not having a system. I AM the system. It's not ultra sophisticated, and gets a little cranky a little too often, but it's the only thing I've got. So I'm going to make the best out of it.
Apr 13's trades (which I didn't want to post at the beginning of the week coz rows of REDs affect my psychology):
Friday, April 17, 2009
ES Trades 4/17 - Scratch, Salvage, Scalp
3 trades - all Longs.
Scratched the 1st, held the 2nd, and scalped the 3rd.
Reason for entering long:
Gathered ES could bounce at 857.5 after coming down from peak of 867.
The main reason is a tad difficult to explain. I watch the hourly chart, keep track of patterns, use Fib on upward and downward moves for the month to gauge how stretched the current move is, go over the past few days' charts to give me some clues as to who will be wanting out of their position today.
Protective stop:
852 - Peak is a bearish engulfing pattern with one of the candles' long upper shadow sticking out prominently. I trust S/R formed by bullish/bearish candlestick patterns to hold. As usual, I had removed it as price started coming down gradually in a downsloping channel. My stop is there to protect me from bull traps, not to be run by floor traders.
D's been asking me to keep him updated on Citi but I was too busy watching my charts. Ok, that's not true. I simply didn't take him seriously. I couldn't. He's just too hilarious.
Taking a break and will likely trade the US session.
Thursday, April 16, 2009
ES Trades 4/16 - Still A Scalper
This really tickles me: I took a scalp and earned in 6 minutes exactly what took me 12 hours to earn/scratch earlier.Traded the most primitive way - no indicators, no ticks, don't know what DOW's doing, don't know what companies have released or are releasing earnings (just know that a bunch of them are). I had my eyes on my 5min and 1hour. That's all.
Went in LONG after signal candle broke out of a consolidation of dojis. Signal candle had closed below resistance, but that break out of those doji's range would give it enough momentum to break resistance, I gathered, and the breaking of that resistance would give it even more momentum to go for the next resistance. On the hourly, price was so near to 848 resistance - candle was less than a point away from it, more than half way into it's previous candle (bearish candle)'s body, and 25 minutes away from closing. ES would at least attempt to close back above 848 resistance on the hourly. Stars were all aligned, and I waited for my signal candle to move just 1 tick above the high of the 3 dojis.
I can't help but prefer scalping to any other mode during US trading hours.
Lord Tedders:
To answer your question, what I mean by the "saner" way to trade is this: If I'm looking to buy, I find a place where I think price is low enough to get in, then find a place where I think price won't fall below and call that a "protective stop", and finally look for a major resistance (hopefully far enough to satisfy my appetite) and then I enter my trade, and then I get out of my chair and go play with my cats.
Well, that's just in theory of course. In practice, I watch my chart like a hawk for as long as I'm in position so that I can save it when market does something crazy. Today I stared at my chart for a straight 12 hours. I think it's something that only cavemen can understand. LOL!
ES Trades 4/16 - Narrow Escape
I have a vision that ES's breaking out of that no good range. It hadn't plunged on a triple top pattern, surely that must mean something. The market's just crazy noisy these days. We have those calling the bulls stupid and we have the bears calling the bulls naive. Whatever. I listen only to charts and candles.
So this was what I did with my vision:
So this was what I did with my vision:
I know, they look like really dumb trades. But they are not. The first one I've simply bet on a follow through on the bullish move. Didn't happen. Gave me a bearish engulfing at the peak! Scratched trade. Price nose-dived - 10 points in 10 mins. Was so proud of myself. Then came a piercing pattern that closed above support. No reason not to act on a piercing pattern (totally forgot that we are still at price peak, piercing pattern means NOTHING!), so I BOUGHT. Pattern failed, but my stop was at 840. Bad idea. I really have to stop condoning a choppy market. I was going to give it 10 points just to prove I was right. When will I learn, I wonder.Although I finally bailed (too tired fighting frightened bulls!!!), I'm still optimistic that ES will test high of 870. Piercing pattern on the hourly after price came down had kept me in the game (still wondering if that was actually a good thing), and I still think it's going to help propel price to 870.
I am SO going to scalp ES UP later.
Yup, I never learn.
DON'T BUY AT THE TOP!!! And RESPECT EVENING STARS, especially when they appear on your HOURLY chart!!!!
But I'm still a brave bull. D agreed. LOL!
Wednesday, April 15, 2009
ES Trades 4/15 Part 3 - Scalping With IB Sucks
Tricky session (Asia & Europe sessions are so much tamer!). Relied mainly on candlesticks and chart patterns and heaps of INTUITION.When scalping, I've always used IB's booktrader. Today's the first day in weeks perhaps that I've opened it.
It SUCKS.
It's slow, and freezes at times when I click on it.
Regarding the USD 17 bad trade - I had wanted to SELL, and my order was not filled (not supposed to happen coz I always sell BELOW market when I'm catching a momentum). Didn't notice that (my fault), and covered seconds later, only to realize I had just BOUGHT. Nice, just when ES was plunging. Bailed at once, taking a 1 tick loss. I have no problem with a 1 tick loss. What I hate is not being able to scalp in peace!
This is the last time I'm using IB's Booktrader. In fact, from next month on, I won't be using IB.
Just downloaded Infinity Futures' software, and will get in touch with a rep that Emini Player has introduced (Thanks EP!).
I am truly sick of IB.
Charlie, look, I do that too - blame my platform, my broker, etc etc! LOL!
ES Trades 4/15 Part 2 - Scalping With Hard Stop
Took a quick scalp (BUY) and used a tight hard stop. The moment I hit "transmit", I knew I was going to get stopped out. Talk about being intuitive and utterly imbecilic at the same time.Simply unbelievable how quickly I unlearn old skills!
Went in again, this time focusing on momentum instead of thinking about stops. Got out when candle was a tick away from the previous high. Waited for a retracement. Retracement became reversal, so no play.
Am looking for a long setup. Relying on hourly chart for a bullish pattern. No more scalping for now.
ES Trade 4/15
Trade #1:
Work up at 7am local time (7pm N.Y. time), and saw the gap down on ES 5min, and a long legged doji that clearly rejected 833. Also noticed a higher support at 833.5.
On the hourly, clusters of hammer and spinning top like candles have all closed above support at 834, the previous peak on the hourly. A support I trust enough to take a trade on the long side. The consolidation of prices after a series of strong bearish candles is telling of waning bearish momentum, at least for the time being.
Entered long after price has made a low higher than 833.5. Hadn't thought too much about entry price; focus was on where to put a protective stop.
My only rule for the trade was to get out on any unexpected movements on the 5min and 1hour. I expected price to test 833 support and to chop around until it breaks above 836.75. I also wanted to see very subtle higher lows. Was paying attention to candlestick patterns, and expected to see failure of bearish patterns (e.g. hanging men - which usually work only at extreme highs; the hammer on the other hand, is expected to work after any price decline).
ES indeed probed 833, went beneath it to touch 832.75 briefly and bounced back up, forming another long legged hammer that reinforced the 832-833 support. Didn't move my stop at 832. I figured if price were to get there, most sellers will see no reason to run.
Took profit at 840. It's a nice number.
What we have now is a very round bottom and the potential of it turning into a cup with handle is certainly high. But I'm no longer looking to buy. Will see how price react to 844.25. Should ES be stopped there, it could end up back at around 835.
On the hourly, clusters of hammer and spinning top like candles have all closed above support at 834, the previous peak on the hourly. A support I trust enough to take a trade on the long side. The consolidation of prices after a series of strong bearish candles is telling of waning bearish momentum, at least for the time being.
Entered long after price has made a low higher than 833.5. Hadn't thought too much about entry price; focus was on where to put a protective stop.
My only rule for the trade was to get out on any unexpected movements on the 5min and 1hour. I expected price to test 833 support and to chop around until it breaks above 836.75. I also wanted to see very subtle higher lows. Was paying attention to candlestick patterns, and expected to see failure of bearish patterns (e.g. hanging men - which usually work only at extreme highs; the hammer on the other hand, is expected to work after any price decline).
ES indeed probed 833, went beneath it to touch 832.75 briefly and bounced back up, forming another long legged hammer that reinforced the 832-833 support. Didn't move my stop at 832. I figured if price were to get there, most sellers will see no reason to run.
Took profit at 840. It's a nice number.
What we have now is a very round bottom and the potential of it turning into a cup with handle is certainly high. But I'm no longer looking to buy. Will see how price react to 844.25. Should ES be stopped there, it could end up back at around 835.
ES 4/14
There were really quite a number of warnings before the sell-off:1) Partial Rise on the hourly chart
2) A consolidation of candles and engulfing patterns that reinforce the 854 resistance before the death drop from 857
3) Uptrend has hit fib 211.8 - a little stretched
4) On daily chart, ES was rounding at the top
The irony is that despite seeing a triple top, and waiting the whole day for ES to break below hourly support, I had missed the setup. Didn't chase. Will see what develops tmrw.
D got home half an hour before market open, and after we've had dinner and done all the talking about our day, I was too distracted and tired to trade.
Am going to start a new routine: 2 trades in the morning (local time), and 2 trades in the evening (US trading session) and SLEEP in between.
My 2 trades today:
Tuesday, April 14, 2009
ES Trade 4/14 (Part 2)
2nd trade:On hourly, price went below a previous resistance and came up again in what appeared to be a bullish engulfing (but not quite) pattern. A second bullish candle closed above resistance and I wondered if I was looking at a 3 white soldier pattern in the making.
On 5 min, A Cup with Handle formation (I simply call that a "W") has become quite apparent and price has gone above the rim of the cup.
Went in long at the "handle" - a familiar "Resistance-Turn-Support" setup for me. This was a limit entry ie. not a precise entry as my decision to enter was really based on several reasons - none of which has anything to do with the 5 min except that it had conveniently given me a "W" pattern.
I actually had 2 targets in mind - 854 (a tad above fib 138.2) and 861.25 (a tad above Fib 211.8). Since I had entered on 1 contract, I had to take profit at 854. Besides, candle was getting too long too fast ie. my exit signal.
Will see what develops above 854. Right now, I'm looking at 2 hanging men and a candle with a long upper shadow right beneath 854. A throwback to around 852 (the top of the cup handle) will have me considering another long entry.
Hourly is forming what looks like a triple top to me. So my going long really has nothing to do with bullishness. I'm just buying to where I think ES will be stopped.
On 5 min, A Cup with Handle formation (I simply call that a "W") has become quite apparent and price has gone above the rim of the cup.
Went in long at the "handle" - a familiar "Resistance-Turn-Support" setup for me. This was a limit entry ie. not a precise entry as my decision to enter was really based on several reasons - none of which has anything to do with the 5 min except that it had conveniently given me a "W" pattern.
I actually had 2 targets in mind - 854 (a tad above fib 138.2) and 861.25 (a tad above Fib 211.8). Since I had entered on 1 contract, I had to take profit at 854. Besides, candle was getting too long too fast ie. my exit signal.
Will see what develops above 854. Right now, I'm looking at 2 hanging men and a candle with a long upper shadow right beneath 854. A throwback to around 852 (the top of the cup handle) will have me considering another long entry.
Hourly is forming what looks like a triple top to me. So my going long really has nothing to do with bullishness. I'm just buying to where I think ES will be stopped.
ES Trade 4/14
This is the earliest I've entered a trade - at about 9am local time. It was a setup (short below a previous support, after price has formed 3 lower peaks) I waited for til 3pm N.Y time - it didn't happen, so I turned in.As usual, I didn't want to sit through a retracement, took profit when candle got relatively long, and when price was very near to a minor support on the hourly chart.
The plan is to find another short entry if price were to pullback to the 849 to 854 area. Otherwise, I'll look for long entry near 840.
I'm neither bullish nor bearish. Anything can happen given all the earnings that are coming out this week.
Relying mainly on S & R and candlestick patterns for entry.
Exit is always based on momentum. When a move gets too fierce, I'll bail. So, yes, I'm always leaving some profits behind. Easier to get out when people are still wanting to get in.
Stop Loss (Hard stop - it's there as a safety net, I still scratch when I see price doing things I don't expect) :
When shorting, at previous peak on hourly chart; when buying, previous low.
Am giving this way of trading a last chance. If it doesn't improve my confidence, I'm switching back to scalping. Trial period: 1 month (if I don't get so depressed that I kill myself first).
Changing Broker
Am officially looking for a different broker. Tired of being restricted by IB's margin requirement during the pre-market hours.
I'm getting increasingly frustrated with the non-scalping style of trading. It isn't that I'm not giving time to test out the new method. It's just that it feels all wrong for me.
Scalping is intense and tiring - but it suits my personality.
To make scalping worthwhile for me, I need to put on bigger positions. I don't add to winning positions - if I'm trading 5 contracts, I'll put all 5 on at the same time, and get out with 5. It's worked for me.
Started screwing up only after I started scalping on single contract. It's always to do with overstaying - I don't scratch a trade that doesn't work immediately fast enough, and I don't take profit (too small!) fast enough before it becomes a loss.
So, no more IB for me. Its margin structure is ultra complicated, and gives me no peace when I trade.
Am exploring Global Futures. In the process of applying for a demo account.
I'm getting increasingly frustrated with the non-scalping style of trading. It isn't that I'm not giving time to test out the new method. It's just that it feels all wrong for me.
Scalping is intense and tiring - but it suits my personality.
To make scalping worthwhile for me, I need to put on bigger positions. I don't add to winning positions - if I'm trading 5 contracts, I'll put all 5 on at the same time, and get out with 5. It's worked for me.
Started screwing up only after I started scalping on single contract. It's always to do with overstaying - I don't scratch a trade that doesn't work immediately fast enough, and I don't take profit (too small!) fast enough before it becomes a loss.
So, no more IB for me. Its margin structure is ultra complicated, and gives me no peace when I trade.
Am exploring Global Futures. In the process of applying for a demo account.
ES Trades 4/13
Nothing much to talk about with regards to today's trades. Went in 4 times just to get a feel of market sentiment.
Total loss: USD 150.
Still working on focusing on weekly result.
Total loss: USD 150.
Still working on focusing on weekly result.
Monday, April 13, 2009
Reply To Samson
Thank you, Samson, for the comment you left on the post that I've deleted. I don't think I'm better than most (but thanks for saying I am) but I know I'm not worse than some self-righteous AH.
I've been going over the reasons that I wrote that post, and I conclude that they are valid.
So, I've put my Queen Merla rant back on, and I'm never removing it again.
I have almost 50 friends that I've removed from my life - and I won't have them guessing what they've done to warrant the treatment.
I never want to feel bad about being a bitch again. And I'm definitely not going to entertain any further emails concerning my bitchy posts.
I'm purging the episode from my system for good.
I've been going over the reasons that I wrote that post, and I conclude that they are valid.
So, I've put my Queen Merla rant back on, and I'm never removing it again.
I have almost 50 friends that I've removed from my life - and I won't have them guessing what they've done to warrant the treatment.
I never want to feel bad about being a bitch again. And I'm definitely not going to entertain any further emails concerning my bitchy posts.
I'm purging the episode from my system for good.
ES 4/13
ES Daily:Looks pretty straightforward to me. The expectation is that price should go up to 870, then 930. Along the way there would be some profit taking - in the absence of surprises (keeping my fingers crossed), we should see price hit 930, then retrace to form a higher significant low at 800, maybe even 740. In the event of a surprise, we're likely to see a reversal back to 662 low.
ES 15min: Looks like ES is attempting to close gap and test 854.5. If it succeeds in doing so, more buyers are likely to get on board.
Should the opposite happen - we'll have fib 161.8, fib 132.8 and fib 100 as support from where ES could bounce back up to test 854. Scenario 2 is likely to freak some buyers out. Lots of bear traps too.
Game plan:
Play by ear. Where ES is now is tricky for me.
Thursday, April 9, 2009
H*** Cow!!
Talk about bear traps!!What I've learnt about an Ascending broading wedge is that price doesn't stay below it even after breaking out. It will want to test the ceiling for at least the 3rd time first. If it's a broadening top, price will come down from the top only after the previous high has been tested (840 -850 in this case).
This is the reason that I only scalp a counter trend. When I trade (holding for more than a candle) against trend, it's usually coz I've jumped into the trade without first determining the general trend - or more aptly, the general sentiment - for the day.
Now is about the time that our friends in US would have gotten out of bed. Those who held their shorts from yesterday would see the uptrend (fresh eyes, unlike mine after having stared at the chart for 12 hours) and would want to cover before the holiday. I'm just guessing. Or maybe people are not so pessimistic about the many data that are going to be reported in less than half an hour after all. Who knows.
Hard stops - to use or not to use? Always a dilemma.
Was just telling D that on second thoughts, I'm staying away when US market opens. Charts get crazy pre-events - like a holiday!
ES Trades 4/9 - Resistance-Turned-Support With Inside Bar Setup
Above shows the 2 trades I've taken today on one of my favorite setups.Am not pleased with the entry for the 1st trade. The best longs are the ones taken when price has taken an "M" shape (personally, when I want to sell, I like to see "M"s) right at support, with a bearish candle closing below the support, followed immediately by a bullish one that closes above it (if I were selling, I'd know I'm busted - which I was, just yesterday. I learn.). The bullish candle here happened to be an inside bar - great for low risk entry.
I'm not so convinced that we're going to break 840 anymore, although we seem to be on an uptrend for now.
ES punched through floor of Ascending Broadening Wedge in a Partial Rise pattern but quickly went back up in a typical "w" formation, catching some bears by surprise I guess. Bulls should be next. Resistance at 832.25 formed by a Hanging Man is probably going to hold. A break above that level will have me looking out for a SHORTING opportunity.
I don't read volume, so I'm just going to rely on candle stick patterns and how and where candles open and close.
Then, I lay my bet.
It's a game of probability - I get it, D.
P&L for my trades for now (am posting it since today's the last trading day of the week):
ES Trades 4/8 & 4/9
Chart above shows my last 2 trades. Closed the last just 30 minutes ago.If ES is able to stay above 830, I'll be officially bullish for the day. I'm neutral for now. Given that ES has hit 423.6% with a 5-point seed, I usually would expect it to start coming back down. That said, it's done a fairly decent retracement to 812 near to market close yesterday - that, plus the bear trap, are reasons I am leaning more to the bull's side for now.
Plan for today is still to trade familiar setup, and will use indicators to identify main trend. My indicators are giving extremely bullish read. But I'm going to be sticking with price actions - simple S & R, Fib and such. I'm watching 828.75 very closely. It could turn out to be the level that stops ES. We have a breakout that's not quite confirmed yet. Could become a bull trap.
Wednesday, April 8, 2009
ME, ME, ME, AGAIN
I've not stopped trading. Traded the ES and Euro using a more systematic approach. The system was ok. But I suck at following it, and ended up losing a couple of hundred instead of winning a thousand had I stuck with the entry and exit signals.
I'm going to use some time to test out both - my usual discretionary way, and the one that relies mainly on signals given by my system. I have 10k left in my TF trading account. D asked if I want him to top it up to 20. I turned it down. I'll make my money back. I much prefer the 40k he's going to transfer to my account after I've figured out how I'm going to trade. 40 is not an arbitrary number. It's for me to trade TF without leverage. This is the only time I like being a woman! Muahahahaha!
Still looking for a job though. At my level, I'm not going to find it via the conventional way. I've approached an old friend, and will see how it goes. Worst case scenario: I give up my rank and settle for anything that's available.
The modelling job is a disaster. It all started sometime before Xmas - I was approached by an agent when I was out to grab a book. I didn't stop for him, so he followed me to the mall. When he was done talking, he asked for my age. I asked him what he was looking at. He said mid twenties. I said,"Close. Add 10 to it and that's mine." What followed was complete silence. Deafening. I had to help the poor chap end the conversation in a way that wasn't awkward for the both of us. Anyway, he gave me his namecard, and got my contact number. 2 weeks later, they had my portfolio done up. Sea couldn't recognize me in the ultra heavy makeup, power suits and glittering evening dresses. She particularly hated the way they bunned my hair. I suppose they had to make me look my age.
Then I started getting called up for castings -for all the wrong commercials. A couple of them involved babies and mother-in-laws. Whenever I appeared for casting, I would get funny looks and asked really strange questions to verify my age. I'm glad they didn't have to verify my gender. My nieces said I'm a boy. D said I'm a boy. Wherever I go, folks call me "kiddo". The agency finally started turning down "working mum" assignments for me.
Then I started getting called up for lingerie ads, which I had to turn down. There's only 1 place that I'll wear my lingerie, and that's my cave. The funniest were the anti smoking ads. For ethical reason, I had to turn them down. TWICE. Really classic.
The last one was a beauty commercial. I didn't make it for casting coz I got cold feet. I can't pose. I remember vividly still a casting from a couple of weeks back where I was told to pose like a "SUPER model". I burst out laughing. Reflex. It was too darn FUNNY. I didn't get the job of course. Really pissed those professionals off.
For unknown reasons, the client postponed the beauty commercial casting to accomodate me. I couldn't make it a second time, coz I was stuck in my 2.5k losing trades! And they postponed it again for me. Really odd. Anyway, I'm convinced that I'm not model material. The posing issue aside, my age is always going to be a problem. If a company's looking for twenty-year-olds, they have many authentic twenty-year olds to choose from. If they're looking for a woman in her mid-thirties, they'll expect her to at least NOT look like a kid. The mum ads were just too funny.
So, I'm officially free as a bird again. Until I REALLY start job hunting, that is. D says that whenever I wanted something bad enough, I had always found a way to get it.
True.
Perhaps I'm simply afraid of being turned down should I really start looking.
I'll continue to post trading setups that I like. I'll post analysis whenever I find anything that catches my eyes. I'll post charts on trades that I take whenever I find a tradable setup. But I'll be posting the P&L for each trade only at the end of each week. That's just to get my brain to focus on weekly results instead of daily ones.
I'm going to use some time to test out both - my usual discretionary way, and the one that relies mainly on signals given by my system. I have 10k left in my TF trading account. D asked if I want him to top it up to 20. I turned it down. I'll make my money back. I much prefer the 40k he's going to transfer to my account after I've figured out how I'm going to trade. 40 is not an arbitrary number. It's for me to trade TF without leverage. This is the only time I like being a woman! Muahahahaha!
Still looking for a job though. At my level, I'm not going to find it via the conventional way. I've approached an old friend, and will see how it goes. Worst case scenario: I give up my rank and settle for anything that's available.
The modelling job is a disaster. It all started sometime before Xmas - I was approached by an agent when I was out to grab a book. I didn't stop for him, so he followed me to the mall. When he was done talking, he asked for my age. I asked him what he was looking at. He said mid twenties. I said,"Close. Add 10 to it and that's mine." What followed was complete silence. Deafening. I had to help the poor chap end the conversation in a way that wasn't awkward for the both of us. Anyway, he gave me his namecard, and got my contact number. 2 weeks later, they had my portfolio done up. Sea couldn't recognize me in the ultra heavy makeup, power suits and glittering evening dresses. She particularly hated the way they bunned my hair. I suppose they had to make me look my age.
Then I started getting called up for castings -for all the wrong commercials. A couple of them involved babies and mother-in-laws. Whenever I appeared for casting, I would get funny looks and asked really strange questions to verify my age. I'm glad they didn't have to verify my gender. My nieces said I'm a boy. D said I'm a boy. Wherever I go, folks call me "kiddo". The agency finally started turning down "working mum" assignments for me.
Then I started getting called up for lingerie ads, which I had to turn down. There's only 1 place that I'll wear my lingerie, and that's my cave. The funniest were the anti smoking ads. For ethical reason, I had to turn them down. TWICE. Really classic.
The last one was a beauty commercial. I didn't make it for casting coz I got cold feet. I can't pose. I remember vividly still a casting from a couple of weeks back where I was told to pose like a "SUPER model". I burst out laughing. Reflex. It was too darn FUNNY. I didn't get the job of course. Really pissed those professionals off.
For unknown reasons, the client postponed the beauty commercial casting to accomodate me. I couldn't make it a second time, coz I was stuck in my 2.5k losing trades! And they postponed it again for me. Really odd. Anyway, I'm convinced that I'm not model material. The posing issue aside, my age is always going to be a problem. If a company's looking for twenty-year-olds, they have many authentic twenty-year olds to choose from. If they're looking for a woman in her mid-thirties, they'll expect her to at least NOT look like a kid. The mum ads were just too funny.
So, I'm officially free as a bird again. Until I REALLY start job hunting, that is. D says that whenever I wanted something bad enough, I had always found a way to get it.
True.
Perhaps I'm simply afraid of being turned down should I really start looking.
I'll continue to post trading setups that I like. I'll post analysis whenever I find anything that catches my eyes. I'll post charts on trades that I take whenever I find a tradable setup. But I'll be posting the P&L for each trade only at the end of each week. That's just to get my brain to focus on weekly results instead of daily ones.
Tuesday, April 7, 2009
Silence & Solitude
Am taking time off from the market. Since mid 2007, I've been lost, and in search of interesting things/human beings to keep my mind occupied. I'm an all-or-none person, and life doesn't treat someone like me well.
But I can't change me.
So, I'm still going to go ahead and quit trading for a while.
I'm not even going to look for a job. And I've been rejecting castings. I have no idea what I want to do. But I definitely know what I don't want to BE - an OBJECT.
I need to clean up my messy life and start doing my quiet time again. The last time I had my daily quiet time was in 2007. No wonder I was lost after that.
When I'm back writing again, I hope I've at least found myself...and, preferably, a full-time job too.
But I can't change me.
So, I'm still going to go ahead and quit trading for a while.
I'm not even going to look for a job. And I've been rejecting castings. I have no idea what I want to do. But I definitely know what I don't want to BE - an OBJECT.
I need to clean up my messy life and start doing my quiet time again. The last time I had my daily quiet time was in 2007. No wonder I was lost after that.
When I'm back writing again, I hope I've at least found myself...and, preferably, a full-time job too.
Eur Futures (6E) Trades 4/7 - Clobbered But Still Alive & Kicking
Trading is the hardest thing I've ever done.
Was trading the Euro futures today.
1st trade was a scratch. Broke even. Well, made 6 bucks actually. Ha Ha.
2nd trade went ok - I was making a little more than 20 bucks, so I held it. Without warning, price went south (I had gone in long). I followed my rule, and covered when it fell through support. I usually would have taken a smoke break after closing a position. But that was a strong support that price went through, so, I sold right away. In less than 1 second, price shot back up and closed above support and the next candle opened above its close. Again, I followed my rule, and went out at a loss that was bigger than the first one.
I was then in the red by 467 bucks.
Thought I saw a signal to go in long again, so I went in. At one point, I was up 300 bucks. I'm so used to seeing big numbers that I have become numb to them. I held on, and believed in the pattern that I was seeing.
As fate would have it, price went plummeting after forming mountains after mountains that had higher peaks and higher valleys giving you the illusion that we were on an uptrend. Had I stepped away from my screen, and looked at my charts from a distance, I would have seen we were trading in range and it's only a matter of time that price would break out of range to start a trend.
I lost 1200 in that single trade.
All in all, I was about 1700 in the red.
When price fell to one of the major supports and started forming hammers after hammers, I went in long again.
I kept watching price plunge through one support after another, but it had its way of making me believe that indeed had wanted to go up. All the hammers and dojis failed miserably.
My morning star never came. I wouldn't blame it. I realized then that price can continue to fall through supports as long as bears don't see the need to run. What is 2 days of sell-off, compared to days of rallies before that? Absolutely nothing.
None of today's trades was about revenge trading. I wasn't angry with anything, I just didn't feel defeated enough to call it quits.
Was trading the Euro futures today.
1st trade was a scratch. Broke even. Well, made 6 bucks actually. Ha Ha.
2nd trade went ok - I was making a little more than 20 bucks, so I held it. Without warning, price went south (I had gone in long). I followed my rule, and covered when it fell through support. I usually would have taken a smoke break after closing a position. But that was a strong support that price went through, so, I sold right away. In less than 1 second, price shot back up and closed above support and the next candle opened above its close. Again, I followed my rule, and went out at a loss that was bigger than the first one.
I was then in the red by 467 bucks.
Thought I saw a signal to go in long again, so I went in. At one point, I was up 300 bucks. I'm so used to seeing big numbers that I have become numb to them. I held on, and believed in the pattern that I was seeing.
As fate would have it, price went plummeting after forming mountains after mountains that had higher peaks and higher valleys giving you the illusion that we were on an uptrend. Had I stepped away from my screen, and looked at my charts from a distance, I would have seen we were trading in range and it's only a matter of time that price would break out of range to start a trend.
I lost 1200 in that single trade.
All in all, I was about 1700 in the red.
When price fell to one of the major supports and started forming hammers after hammers, I went in long again.
I kept watching price plunge through one support after another, but it had its way of making me believe that indeed had wanted to go up. All the hammers and dojis failed miserably.
My morning star never came. I wouldn't blame it. I realized then that price can continue to fall through supports as long as bears don't see the need to run. What is 2 days of sell-off, compared to days of rallies before that? Absolutely nothing.
None of today's trades was about revenge trading. I wasn't angry with anything, I just didn't feel defeated enough to call it quits.
What I learnt about myself today:
- I can let profits run ONLY when trading FAMILIAR patterns
- I over-analyze
- I should have kept running - if I choose to continue to trade, I'll have to be prepared to run whenever price is not doing what I expect it to do. The only time I can put running behind me is when I have NIL position.
- There's only so much that knowledge can do for me
Am staying with the eur today. Once I see the pattern I had wanted to see all day today, I'll still take a trade. But this time, I'll run when I have to.
I'm down USD2400 for the day.
I'm down USD2400 for the day.
Monday, April 6, 2009
ES 4/6
I'm actually bullish (short-term) on the ES (when price is so low, all you can see on the charts tend to be hammers and morning stars and such...the hanging men and evening stars are all far, far away on top...given that you can't really trust a bearish pattern at price low, the choice is rather obvious..) ...provided 800 support holds. If it does, I can see it going up to 950.I'm not selling the ES. And I'm not buying before a decent correction (something between 825 and 800). If I'm better off staying on the sideline during the US session, I will. After all, I've done my job today, and I'm not going to let market take away my money trading signals I can't trust.
Update: ES stopped at 848 and coming down. A Fib retracment of 38.2 will bring it to around 823. If price were to move back up from there, I'll probably buy.
Eur Futures (6E) Trades 4/6 & Pissed With IB
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!
Sunday, April 5, 2009
Saturday, April 4, 2009
Proprietary Trading Firms
I'm sending out a request.
Those of you who have been reading my blog, if you know of any banks/ trading firms that are hiring, will you drop me a note please?
Yes, full-time trading with a prop trading firm is one of the routes I'm exploring.
Those of you who have been reading my blog, if you know of any banks/ trading firms that are hiring, will you drop me a note please?
Yes, full-time trading with a prop trading firm is one of the routes I'm exploring.
Futures Trades 4/3
Calling a day before I start doing something foolish. I will no longer stare at the screen for 5 hours. It's bad for my eyes and REALLY bad for my brain.
Friday, April 3, 2009
ES 4/3
Not selling until ES has tested 830. Not buying until it's done a decent retracement.Yes, am totally confused. Must be non-farm and all the bad memories.
Euro Futures (6E) Trade 4/3 - Resistance-Turned-Support With Inside Bar Setup
Bought a "W" formation (in the form of an Inverted Head & Shoulder). Trigger was an Inside Bar (see chart above - inside bar's highlighted in yellow). The Outside Bar is highlighted in grey. I went in long at the candle following the Inside Bar, at slightly above its high.This is also a Resistance-Turned-Support (1.3434 - indicated in chart) with Inside Bar setup. 2 bullish candles closing above support validated the setup.
I've used a Fib ext 138.2 (instead of 161.8) as target given the many resistance above. Seed for drawing the Fib ext levels is highlighted in blue.
This is a very familiar pattern to me, and I've chosen to enter before the confirmation of the Inverted Head & Shoulder (confirmation level is indicated in chart). It's a risk that I have to take. With futures, you don't get rewarded for seeing the obvious. My mental stop was 2 ticks below the low of my entry candle.
I've covered before price hit 138.2 target coz candle was getting exceedingly long. Had it been a series of average body candles, I would have covered on the 5th bullish candle, which would probably be the one that hit 138.2.
This is my first trade of the day, and I started watching my charts only an hour before entry, instead of the usual 8 hours. Sure says a lot about the hazard of sitting in front of your screen for too long.
I might take another trade only after US market opens. That's 4.5 hours from now. It's a busy day for me, but I'm glad I had something to occupy my time and take me away from the charts that I've gotten too addicted to.
Update:
Chart above shows what would have happened had I pushed my luck by chasing. A very long bullish candle that hit a fib target is usually a warning of a change in trend. The mistaking of the non-inside-bar indicated in the chart as a valid inside bar wouldn't have caused any harm though, since price never went anywhere near its high, so there wouldn't have been an entry.Next step would be to draw a fib retracement from the "head" part of the inverted head & shoulder pattern to the high. A retracement of 38.2%, or to support at 1.3450 (the confirmation level for IHS pattern) are good signs. If price falls below both, I would WAIT to see what happens. If price finds support at the "head", that will be a double bottom pattern.
Anyway, I'm really not going to enter another position until much later today.
Thursday, April 2, 2009
Resistance-Turned-Support With Inside Bar
Re my earlier post on the 6E trade, the above shows a much better entry (highlighted in blue).It's a typical Resistance-Turned-Support plus INSIDE BAR setup. Though the inside bar had closed below resistance, the candle following it had opened above and went up strongly. A stop could have been placed a tick below the low of the inside bar, and the trade can be allowed to run for at least 4 candles. 5 is a magic number - it's a fib number and 5th is often a reversal candle. So even if I were to hold the trade, I'll most probably run by the 4th...or more likely the 3rd candle.
Along an extended wave 5 (that ride up to the start of the "handle") is NOT a place I would add contracts though, if I were scaling in. It's actually where I would scale OUT.
A throwback after a move beyond the the top of the handle, one that finds support at the top of the handle - that's where I would add contracts.
It's all about the handle and what forms after it. A handle that retraces more than 61.8% is a bad sign. 38.2 is good. The move up from the end of the handle - if it doesn't exceed the top of the handle, I'll wait to see if a double top is in the making instead.
6E & ES Trades 4/2 - W4 Inside Bar (ES) & Full Target "W" (6E)
"M" shape (Wave 4) followed by an Inside Bar (Also a Resistance-Turned-Support plus Inside Bar setup - a valid one since the inside bar closed above support and the next bar opened above). Both on ES & TFI bought the ES. Gave TF a miss coz I was watching 6E as well and 6E seemed ready to break out of downtrend line...anyway, I have only 1 brain, and I'm not greedy.
I didn't hold the trade for a point...holding's just not in my blood...YET. I need a blood transfusion.
Both are forming wave 5 now, and given that both had hit their respective full target (161.8 for ES and 261.8 for TF), and both had pierced yesterday's high, it's better to sit and watch where an ABC correction would bring them. TF seems to be leading ES for now. Anyway, they take turns.
Euro Futures (6E)
Highlighted in yellow was where I entered long. I didn't hold the trade, as usual. And as fate would have it, price hit a full 423.6% target before it did a decent throwback (the "handle" part of the Cup with Handle pattern).I NEED NEW BLOOD.
For today:
Spending just a total of 1 hour watching charts is indeed much more productive. Thank you, Lord Tedders!!I'm going to call it a day. Physically tired. I really need to start getting more than 3 hours of sleep per day.
ES 4/2
ES 30min
Appears to me that price is going straight for 840. A retracement to 800-808 after that looks probable. If it doesn't punch through 800 support, there's a good chance it'll take off from there to look for 880 - 900?
I have 1 6E (Euro futures) trade so far. Haven't done a lot of chart watching today. Struggling with form filling. *$%()#$@!
Sending Al and Keish to the vet. Should be trading the after lunch session.
Things I Want To Do With My Money
We finally achieved our monthly savings target in March. For a whole year now, we've gradually cut down our expenses towards 50% of income. For a family of 2 plus 2 cats, we have very high expenses - though almost half of which has nothing to do with us. So if we can't be stingy with others, we will have to give up our wants. It's a lifestyle change for D. Not so much for me, coz the only things I spent on are books and very costly medication. We have no mortgage or credit card debts to service. And that makes adjustment much easier.
Our yearly savings by end of this year should be 120k. 5 years later, that will be 600k. Pensions not included. That will be for investment in properties.
And I'll take the 5 years to unlearn all my bad trading habits and cultivate good ones. Building a good foundation is what I'm aiming for now, and comes before generating a daily profit.
For the first time yesterday, I prayed before I started trading. I had prayed for focus and protection from MYSELF. I prayed for my money to be protected coz the bulk of which is not meant for my own consumption. I told the Lord about what I want to do with the money that I've earned. And by telling Him, I have someone to hold me accountable for the way I use it.
I have no special desires and dreams. Living in a huge mansion and being able to go places will not make me a happy person, and I already knew that. I get up every day wanting to keep everything I love safe and happy. And the only way that D can be happy is if he could offer his parents the same standard of living that they've been used to. I want to be able to contribute to that reserve he is setting aside for that purpose. Next, I want to have enough for my own family - Seabloke, Pilot and my nieces. I want to be able to help in case they need it one day. Families with kids tend to get surprises - and I want to be there for them should that happen.
Then I want to be able to afford to go on missionary trips. I can't do that now coz it would be very selfish. But once I've taken care of that "reserve", I will have the peace of mind to go to places where people are not as fortunate as me, render my service and pay for what they need. I'm not going to give money to organizations coz I really don't believe that the money will be spent on the needy. I believe that the bulk goes to people who have become rich by exploiting kind folks and robbing the poor.
The only material want I have, is a Maserati Gran Turismo!!!
We'll be selling our 5-year old love (It's the safest car - which I need given my love for speed - and it has a TURBO!). New cars are really cheap (going by local standard - cars in Singapore are horrendously expensive) here now and we think it's a good time to buy. I love my tank, but D prefers the more glamorous make. He has been complaining about the handling, and the LOOK. But it's the brand that my family has been driving, and my Dad loved no other brand. I suppose I have an emotional attachment to it. I surely don't think it's pretty compared to the one that D is looking at trading it for.
To sell our car for a new one will not result in additional monetary commitment. In fact, it should help save on maintenance and perhaps even gas (my car is a THIRSTY car).
Now, I'm motivated to start sending out my resume online. Market can wait. I hadn't traded last night, but something interesting happened that called for me to stay with the market til 2am local time (2pm New York time). Lots of learning points for D, which I will document in a separate post later.
Our yearly savings by end of this year should be 120k. 5 years later, that will be 600k. Pensions not included. That will be for investment in properties.
And I'll take the 5 years to unlearn all my bad trading habits and cultivate good ones. Building a good foundation is what I'm aiming for now, and comes before generating a daily profit.
For the first time yesterday, I prayed before I started trading. I had prayed for focus and protection from MYSELF. I prayed for my money to be protected coz the bulk of which is not meant for my own consumption. I told the Lord about what I want to do with the money that I've earned. And by telling Him, I have someone to hold me accountable for the way I use it.
I have no special desires and dreams. Living in a huge mansion and being able to go places will not make me a happy person, and I already knew that. I get up every day wanting to keep everything I love safe and happy. And the only way that D can be happy is if he could offer his parents the same standard of living that they've been used to. I want to be able to contribute to that reserve he is setting aside for that purpose. Next, I want to have enough for my own family - Seabloke, Pilot and my nieces. I want to be able to help in case they need it one day. Families with kids tend to get surprises - and I want to be there for them should that happen.
Then I want to be able to afford to go on missionary trips. I can't do that now coz it would be very selfish. But once I've taken care of that "reserve", I will have the peace of mind to go to places where people are not as fortunate as me, render my service and pay for what they need. I'm not going to give money to organizations coz I really don't believe that the money will be spent on the needy. I believe that the bulk goes to people who have become rich by exploiting kind folks and robbing the poor.
The only material want I have, is a Maserati Gran Turismo!!!
We'll be selling our 5-year old love (It's the safest car - which I need given my love for speed - and it has a TURBO!). New cars are really cheap (going by local standard - cars in Singapore are horrendously expensive) here now and we think it's a good time to buy. I love my tank, but D prefers the more glamorous make. He has been complaining about the handling, and the LOOK. But it's the brand that my family has been driving, and my Dad loved no other brand. I suppose I have an emotional attachment to it. I surely don't think it's pretty compared to the one that D is looking at trading it for.
To sell our car for a new one will not result in additional monetary commitment. In fact, it should help save on maintenance and perhaps even gas (my car is a THIRSTY car).
Now, I'm motivated to start sending out my resume online. Market can wait. I hadn't traded last night, but something interesting happened that called for me to stay with the market til 2am local time (2pm New York time). Lots of learning points for D, which I will document in a separate post later.
Wednesday, April 1, 2009
"M" & "W" With INSIDE BAR
I absolutely should have taken the trade. Inside Bar stop loss (1 tick below the low) would have totally kept me in trade for the ride up.
The "M" shape with an Inside Bar attached to it is frequently found in "W" formations (which includes double bottom, 3 rising valleys, cup with handle patterns). I've had so many captured and stored in my files it was really unwise to not trade it.
And I totally ignored the bullish crossover of my shifted MA and my EMA. Something I just told D last night that I wouldn't do. A crossover that follows a consolidation is almost always promising.
I so want to kick myself. I'm sure price is going to hit Fib ext 211.8 at least (it's now at 161.8). Common for a "W" shape formation that has done a decent retracement (the "M" part of the formation).
The "M" shape with an Inside Bar attached to it is frequently found in "W" formations (which includes double bottom, 3 rising valleys, cup with handle patterns). I've had so many captured and stored in my files it was really unwise to not trade it.
And I totally ignored the bullish crossover of my shifted MA and my EMA. Something I just told D last night that I wouldn't do. A crossover that follows a consolidation is almost always promising.
I so want to kick myself. I'm sure price is going to hit Fib ext 211.8 at least (it's now at 161.8). Common for a "W" shape formation that has done a decent retracement (the "M" part of the formation).
6E (Euro) Trades 4/1 & About Trading For A Living
Am waiting IMPATIENTLY for another setup. Totally abandoning my sniper style trading and giving up my USD100 -300 daily gains to cultivate new trading habits. I feel like a bamboo tree, except that I'll probably take more than 5 years to emerge from underground to see sunlight.
I need to adopt a different style of trading so that I can still continue to trade while working a 9 to 6 job (ok, D, I'm REALLY going to start filling those painful online application...). I need a job to keep me sane, and to keep me in the trading game. I have an emotional and practical need for an income!
After an 18-month trial, I'm as sure as I can get (I'm confused by default) about my verdict that a full-time job is good for me. I'm 101% certain that it will make me a much better trader than I was before - not that I was a good one then, but I did have a positive year...one that could have seen my account wiped out had lady luck not been on my side...
I will definitely consider trading for a living when I retire. For now, I'm just too happy (and too depressed) a person to be trading full time.
If I don't send out at least 3 job applications today, D is allowed to spank and starve me for 2 days (the starving, NOT the spanking).
I really would rather serve burgers than to have to fill in an application for a job in the public sector!!!
I HATE FORM FILLING!!!
My EURO trades for now:
I was a dumb ass for going short on my 1st trade (entry is highlighted in yellow). Realized after 2 minutes that this was the very swing that I had waited for to see if price was going to make a higher low (the floor of the downsloping channel was getting less steep, and I was prepared to see a major retracement up), and I was trading it - DOWN!
I'm a retard.
Got out within the same candle. I don't need the market to tell me that I'm wrong. NOT ANYMORE.
2nd entry (highlighted in blue) was a little better - though I was takinga chance (wasn't expecting price to break on the upside given the bearish sentiment). No hard stop was put in (price hit 1 tick above my mental stop momentarily though, before springing back up, a sign that price is being rejected at that level). The small bodied bearish candles dragged price down to near support didn't intimidate me. This is a pattern I'm familiar with. I said I would trade a 3 Rising Valley one day - today's the day, and I refused to be shaken out.
On the 3rd bullish candle up, I put in a hard stop at HH (see chart above). And, I would have been taken out at a small loss had I not taken profit when price hit resistance. I'm not ready for home-runs yet. That will be phase 2 of the exercise.
I need to adopt a different style of trading so that I can still continue to trade while working a 9 to 6 job (ok, D, I'm REALLY going to start filling those painful online application...). I need a job to keep me sane, and to keep me in the trading game. I have an emotional and practical need for an income!
After an 18-month trial, I'm as sure as I can get (I'm confused by default) about my verdict that a full-time job is good for me. I'm 101% certain that it will make me a much better trader than I was before - not that I was a good one then, but I did have a positive year...one that could have seen my account wiped out had lady luck not been on my side...
I will definitely consider trading for a living when I retire. For now, I'm just too happy (and too depressed) a person to be trading full time.
If I don't send out at least 3 job applications today, D is allowed to spank and starve me for 2 days (the starving, NOT the spanking).
I really would rather serve burgers than to have to fill in an application for a job in the public sector!!!
I HATE FORM FILLING!!!
My EURO trades for now:
I was a dumb ass for going short on my 1st trade (entry is highlighted in yellow). Realized after 2 minutes that this was the very swing that I had waited for to see if price was going to make a higher low (the floor of the downsloping channel was getting less steep, and I was prepared to see a major retracement up), and I was trading it - DOWN!I'm a retard.
Got out within the same candle. I don't need the market to tell me that I'm wrong. NOT ANYMORE.
2nd entry (highlighted in blue) was a little better - though I was takinga chance (wasn't expecting price to break on the upside given the bearish sentiment). No hard stop was put in (price hit 1 tick above my mental stop momentarily though, before springing back up, a sign that price is being rejected at that level). The small bodied bearish candles dragged price down to near support didn't intimidate me. This is a pattern I'm familiar with. I said I would trade a 3 Rising Valley one day - today's the day, and I refused to be shaken out.
On the 3rd bullish candle up, I put in a hard stop at HH (see chart above). And, I would have been taken out at a small loss had I not taken profit when price hit resistance. I'm not ready for home-runs yet. That will be phase 2 of the exercise.
ES, TF & 6E 4/1
ES
We should get a bounce off 770. 800 has been breached yesterday, clearing the way for ES - it's likely heading for 830 and beyond.
Volatility Stop: 4 - 5 points
TF
Bouncing off at 405 to test 430, I think.Volatility Stop: 2.5 - 3.5 points
Euro (6E)
Seems possible for 6E to hit Fib ext 138.2 (1.2930) today.
Game Plan: Trading down mostly
Volatility Stop: 2 points
A Grouchy Singaporean
Little wonder that I'm a depressed Singaporean...
When I first came home, I greeted my colleagues "good morning", and asked how they were whenever I stepped into the office, and would get enough dirty looks to spoil my day.
I hold doors for strangers who either think they are automatic doors or give me strange looks. I give up my seats on the train to those who needed them more, and people would stare so hard that the offers would be turned down almost everytime.
When FAMILIES with children gathered around to watch someone being bashed up, without doing anything to intervene (they actually cleared up enough space for the assault to continue!!), all I needed to do was YELL at the attackers and all scrammed.
I don't know what my people are made of. They can be so inconsiderate, callous, agonizingly selfish and territorial it makes daily living here a dread (that's why I get out of my shell only once a month). And they can't seem to stop the cycle of frustrating one another to death!
When I first came home, I greeted my colleagues "good morning", and asked how they were whenever I stepped into the office, and would get enough dirty looks to spoil my day.
I hold doors for strangers who either think they are automatic doors or give me strange looks. I give up my seats on the train to those who needed them more, and people would stare so hard that the offers would be turned down almost everytime.
When FAMILIES with children gathered around to watch someone being bashed up, without doing anything to intervene (they actually cleared up enough space for the assault to continue!!), all I needed to do was YELL at the attackers and all scrammed.
I don't know what my people are made of. They can be so inconsiderate, callous, agonizingly selfish and territorial it makes daily living here a dread (that's why I get out of my shell only once a month). And they can't seem to stop the cycle of frustrating one another to death!
SINGAPORE: The Singapore Kindness Month is kicking off on April 4 and organisers want to bring their message into homes and offices.
Even though the idea of showing kindness is a simple one, organisers said it takes more than a catchy jingle to change the social habits of people.A survey was conducted last December to find out how much weight Singaporeans gave to being kind and gracious, and how well they fared in each of these areas. The overall result was a mere 58 out of 100.
The survey also found that six in ten people, out of 500 respondents, were not too impressed with the level of social graces around them.
"As drivers, Singaporeans are rude — they take advantage, break the rules when they can, it’s a me—first attitude," one man said.
But surprisingly, most Singaporeans were not too upset over the behaviours of others in the food court. These include failing to return food trays and leaving tissue paper packets or umbrellas on seats to indicate that they have been taken.
One lady said: "’Choping’ seats with tissue paper is fine, especially in Raffles Place because everybody else is doing it — it’s like the culture here. Of course at times, it can be quite embarrassing to do that, but we really have no choice. We’re only given one hour for lunch!"
The Singapore Kindness Movement wants to get the young started on the courtesy drive.
Koh Poh Tiong, chairman, Singapore Kindness Movement, said: "We’re not perfect, but I’m an optimist. I’ve got full faith in Singaporeans. I think, generally, Singaporeans are a bit shy to be expressive.
"I noticed that when my son opened a door for a lady, some of his friends said, ’Why are you doing this?’. But if we can teach children at a very young age, it’ll become second nature to them."
The organisers hope that through celebrity ambassadors and public outreach initiatives this year, they can encourage more people to show kindness.
A Talented Musician With Rain Man's Disorder
When I was younger, I had taken electric organ lessons at Yamaha. For 10 years, I spent almost 5 hours there every Saturday (I had to wait for Seabloke and Pilot whose classes were in different slots), until I left for Canada at 16.
There was this teenager - probably 17 to 18 years old then - who played at the show room almost every week. Very talented guy who suffered from an illness I didn't understand then - he had this constant muscle spasms and he would yell at anyone and anything that got close. I've never seen him interact with anyone the normal way. He just played the organ, and he played it beautifully, even when he was playing furiously.
Just got word from Seabloke that he's been caught trafficking 1.3kg of heroine. In Singapore, if you're found with that much heroine, you're a dead man. But he was caught in Taiwan.
I actually hope he's going to be ok. Life has dealt him really bad cards. I don't know what happened to him in that 20 years that I haven't seen him - I would like to think that some evil people have been using him, and that they would leave him alone now that he's been caught.
Seabloke just messaged to say that he's going to be extradited back here - our cops had followed him to Taiwan and arrested him there. He's likely to face the death penalty.
Life...can it get any more cruel?
There was this teenager - probably 17 to 18 years old then - who played at the show room almost every week. Very talented guy who suffered from an illness I didn't understand then - he had this constant muscle spasms and he would yell at anyone and anything that got close. I've never seen him interact with anyone the normal way. He just played the organ, and he played it beautifully, even when he was playing furiously.
Just got word from Seabloke that he's been caught trafficking 1.3kg of heroine. In Singapore, if you're found with that much heroine, you're a dead man. But he was caught in Taiwan.
I actually hope he's going to be ok. Life has dealt him really bad cards. I don't know what happened to him in that 20 years that I haven't seen him - I would like to think that some evil people have been using him, and that they would leave him alone now that he's been caught.
Seabloke just messaged to say that he's going to be extradited back here - our cops had followed him to Taiwan and arrested him there. He's likely to face the death penalty.
Life...can it get any more cruel?
INSIDE BARS Below Resistance Line
On the Euro Futures 5min chart (Mar 31), 2 more inside bars found during US trading hours:
Support-Turned-Resistance Setups
1 hour into US trading session, 6E bounced off the floor of an Ascending Broadening Wedge, hit resistance and turned down, forming a typical Partial Rise. The outside bar is the 2nd candle in a Market Structure High, and the Inside Bar is the Trigger Candle.
An hour later, price did a typical pull back to the uptrendline of the ABW, piercing a resistance on its way up, but closing only once above the resistance. We have a MSH, and the Trigger candle is an Inside bar again.
In both cases, we have more than 2 bearish candles that closed BELOW what used to be a support line before price pulled back to hit that line again. A MINIMUM of 2 closes below is needed if we're looking for high probability trades - it's an indication that that line is no longer good as support, and that price is likely to stay below.
Inside bars should only be used as a trigger when it's found in significant and market structure lows and highs. They are seen everywhere, but only the ones that are at swings and MS highs and lows should be traded.
Support-Turned-Resistance Setups1 hour into US trading session, 6E bounced off the floor of an Ascending Broadening Wedge, hit resistance and turned down, forming a typical Partial Rise. The outside bar is the 2nd candle in a Market Structure High, and the Inside Bar is the Trigger Candle.
An hour later, price did a typical pull back to the uptrendline of the ABW, piercing a resistance on its way up, but closing only once above the resistance. We have a MSH, and the Trigger candle is an Inside bar again.
In both cases, we have more than 2 bearish candles that closed BELOW what used to be a support line before price pulled back to hit that line again. A MINIMUM of 2 closes below is needed if we're looking for high probability trades - it's an indication that that line is no longer good as support, and that price is likely to stay below.
Inside bars should only be used as a trigger when it's found in significant and market structure lows and highs. They are seen everywhere, but only the ones that are at swings and MS highs and lows should be traded.
TF Trade 3/31
Lost 2.5 points in a single TF trade. Just one of those days that I shouldn't trade. Couldn't read my chart.
I'm going to have to make a decision as to when I want to trade. Can't do 16 hours a day. Burnt out. Sat on my hands almost the entire session, while fighting the urge to just leave my screen and turn in. If I don't trade, I feel guilty (about being LAZY). When I force a trade, I feel HORRIBLE. Catch 22 situation.
Leon: Thanks for your note and suggestion. Unfortunately, I'm really bad with the whole scaling in and scaling out thing. I'm a simple single-or-multiple contracts in and out person. I'm also a control freak - I can't let anything run on its own. So I'll end up micro-managing the remaining contracts anyway :-)
Cory: Thanks for the link. My cats are not eating coz they reacting to the antibiotics after surgery. I'm worried about Al's throwing up coz he has other problems and bacteria could get into the major organs. Whenever he's sick, my world becomes a really dark place.
I'm going to have to make a decision as to when I want to trade. Can't do 16 hours a day. Burnt out. Sat on my hands almost the entire session, while fighting the urge to just leave my screen and turn in. If I don't trade, I feel guilty (about being LAZY). When I force a trade, I feel HORRIBLE. Catch 22 situation.
Leon: Thanks for your note and suggestion. Unfortunately, I'm really bad with the whole scaling in and scaling out thing. I'm a simple single-or-multiple contracts in and out person. I'm also a control freak - I can't let anything run on its own. So I'll end up micro-managing the remaining contracts anyway :-)
Cory: Thanks for the link. My cats are not eating coz they reacting to the antibiotics after surgery. I'm worried about Al's throwing up coz he has other problems and bacteria could get into the major organs. Whenever he's sick, my world becomes a really dark place.
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