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joshdance
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Everything posted by joshdance
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Bailed at 66, but back in at 65.75 ...
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plan was to scale one near ON high but could not get it filled fast enough. So, will hold one now for 71.50 or perhaps ON high again if it looks weak up there
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bought 66.75 .. one thing's for sure, activity high...
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Cash has closed down for 5 straight days -- this has not happened since before Thanksgiving last year. That should give you an idea of how strong this market has been.. Earlier this year, after 3 down closes, the market responded bullishly. Will be interesting to see if this is reasonable enough of a pullback to attract more buyers.
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To provide a different point of view to the original poster... I recommend exactly the opposite of this. If you are brand new to trading, do not waste your time developing a trading plan, and especially do not waste time back testing anything. Rather, open up the charts and a simulation trading account, and sit in the chair from 9 to 4 every day for a month or two. Look at different instruments and see what you like. Pick one, and play around on the simulator. It's risk free, it will get the "trading bug" out of your system a bit as you will feel like you are participating in the market, and you will see how easy it can be to both make and lose money. Developing a trading plan when you are one month into trading is like deciding what you want to be when you grow up when you are 5 years old. It's pointless. "Grow up" a little in trading, and then you'll be informed enough to have a place to start. Sure, you need a plan. But no need to rush to develop a plan that will be a bad plan. People talk about how they fail because they don't follow their plan. I disagree; rather, most plans just suck. Eventually you need to decide how you want to view the market, what its model looks like to you. But you don't know enough yet to really do that. I'm not advocating not having a direction; with no target or goal, you are sure to fail. Rather, I'm advocating opening your eyes to look at the road in front of you before you try to map the whole course. Lastly, I repeat my opinion that back testing is possibly the largest waste of time I can imagine. Spend that time instead learning about more useful things. I have recommendations if you are interested.
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These are all quite personal in nature; some traders find the personality of one instrument more appealing and easier to trade than others, and some will find intraday trading more to their liking. The important thing is for the poster to go through the process of finding what he personally likes, not trading something because someone else says it's good.
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I strongly dislike this volatility. I will never complain about a 10 point day again. After having so many 10 point days, it's hard for me to readjust to "the way it used to be." Largest range so far this year (26.00) Highest volume this year (2.4M or so by close) 5th or 6th highest range since bull run started on "turnaround tuesday" 10/4/11
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took 57.75 instead of 59, and holding last for 60, stop at 55.50 on remaining EDIT: out 55.50 on remaining.. all in all, a very average trade -- subpar entry location, good exit on the scale, but overall fortunate to be a winner.
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waiting... hopefully not in vain.
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Seems we are consolidating into a nice little pennant/triangle down here... ah joy.
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targets are 59 and 60.25, will stop out for a loss around 54 Even if I stop out, I may look to re-enter long.
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Hopefully this is not a repeat of stupidity, but I bought 55.25, 2/3 position.
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If you're a fib kind of person... feels like it's time to give the shorts some heat, but let's see.
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Bulls seem to have a bit of an aggressiveness I have not seen in the last couple of hours... weak delta indicates offers pulling more than before... not as many shorts wanting to get on board here..?
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Looks fishy, out flat 54 on final unit. All in all a decent trade.
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got 54.25, stop on final unit stays at 58, looking for low 50s, seems a bit optimistic but on a 25 handle range day so far, why not be optimistic?
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Scaled 1/3 at 55.00 Stop on rest at 58. Don't know if we have the juice for new lows, but if we do, I've got 1/3 to close at 53.50 and 49
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I will exit at 58.75 for a 2 tick loss, or will close 2/3 at the low and save 1/3 for 49. 61 is a LVN, and coincides with prior 60.75 S, then R, so I am concerned it may make a run for that. But I will just let it play out.
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Shorted 58.50, retest of VPOC ... too little too late perhaps?
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yikes ...
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Yes it's ugly today... 3 point max valley to peak rotation so far.. no profit potential on the long side really. I think fundamentally this is due to (1) being very overextended to begin with (2) NFP, and (3) Spanish and Italian bond yields going through the roof
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Thanks for being my friend, "officially"
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Actually it says "Guru" under your name Tom ;-) A good trader does not have any utterly crappy days IMO, as I'm having now.. bad days, losing days, sure, but just downright stupidity, should not be in the playbook. There are those who WANT to be gurus, you know, those who never mention losing trades because they apparently never have them ;-) I certainly am not one of them nor do I care to be.
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By the way, at the bottom of the screen I see you guys have a '+' after your name -- N, what does that mean? That you're positive for the day and I'm not??
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I have my toughest days on days like this, where the market is trending. I hate trending days. For some people I'm sure they're heaven, but for me they are difficult. I should have scaled at the 73.25 which is yesterday's low, when it failed to break it twice, and I would have closed that long for a small profit or wash (been stopped out on 2nd unit). On my way to having my first losing day since March 28. Bad feeling.
