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bakrob99
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Everything posted by bakrob99
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Sometimes you have to just bite the bullet and get in. Here are some entry choices using a consolidation that I worked with today. The think to remember is when the market takes off with lots of momentum then getting in even after a small retrace if usually productive. The smaller the retrace - the more bullish the mood of the market.
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MFE maximum favourable excursion ( I keep track of them in ticks) MAE maximum adverse excursion track these for every trade and setup you do. This provides a basis for determining the most efficient exit and stop loss
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I appreciate your comments and welcome more. But I think the main point should be that Individual Investors should not be put into the position of having to judge their FCM's credit worthiness. Rather - the industry should protect investors funds as sacrosanct... and the only way to manage this is with a credible insurance against loss. Without an insurance program, and relying strictly on balance sheet judgments, the natural tendency will be for larger FCM's to dominate the industry which will reduce competition and limit technical development as the smaller firms will be unlikely to attract traders.
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This just keeps getting better and better. Corzine of MF Global won't be having any charges laid against him. Unbelievable. No Criminal Case Is Likely in Loss at MF Global - NYTimes.com
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For me the consolidation pattern at the resistance point you are discussing is a short - so if I were long I would definitely take profit. But it is unlikely I'd be in a long at that point having exited on the prior exhaustion bar. In fact, I was in the trade which was entered with a 4 tick stop and got 14 ticks of MFE for a 12 tick exit giving a 3:1 RR.
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Perhaps everyone should read this before commenting Guest Post: The Sentinel Case - Another Nail In The Coffin Of 'Market Confidence' | ZeroHedge This is clearly absurd when funds can be stolen and then used as collateral with a bankthat can then claim they "acted in good faith". Give me a break.
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I am long based on the Settlement price which held, above the VWAP and BUYING comping in strong. This is what it looked like: http://www.traderslaboratory.com/forums/attachment.php?attachmentid=30589&stc=1&d=1345057798 Timing:
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I got long at 1402.25. Not really a low but it was a switch to positive volume. Now I am just trailing a stop. We'll see.
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Some big limit orders sitting at the settlement in ES. Not sure if they're going to stop the descent.
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Come back after my knitting lessons. In about an hour.
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Yeah ... Do something more exciting like ... Learn how to knit.
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Looking topped out to me. I show significant selling and fragile support. Looking for lower. If we can take out 1401.50 with some gusto then looking for 96 92 and possible lower. But not expecting a huge range. Just not that many contracts being traded.
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I don't see how it could be off topic. Seems good to me.
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Once again the NQ has been much friendlier to trade than ES IMO. Nice moves up with out the jarring up-down Algo crappola.
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Yes .. a good opportunity to get long the NQ and hold to yesterdays VPOC at 2434.
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Here is a chart that I drew what I call my WALL setups (as price action was unfolding, not just after the market had closed). I am looking for repeated tests and a pop above (or drop below) so you get the pop before drop, or drop before pop. After they have been tested and retested these provide very good entries with small stops. If you're not sure about them - then you can wait for confirmation but you'll miss the best price if you do. Confirmation for me comes in the form of a negative delta on volume at price (or positive for a long). Taking these entries in the direction of your trendline would have given you the opportunity for maximum profit on the short you missed. I have mentioned these price patterns before and the key is that you need to gain practice drawing them as they unfold and watching the result. Do it for a month and you will then have a basis for making trade choices.
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Knight BLOWS UP with Algo Trading Software
bakrob99 replied to bakrob99's topic in Automated Trading
more BS on top of a pile of BS ... check out Knight Blames Trading Fiasco On "Dormant Program" Glitch | ZeroHedge -
NQ continues towards gap (2728.00) NQ has been 10000 times better to trade than ES today IMO UPDATE 12:40 EDT filled nice !
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Selling highs and buying lows has been the key for me in the NQ today. ES had a nice short off the open and that was it. Gap filled and bounced. BUT the NQ didn't fill and in the absence of much volume to the upside i am thinking a fill is upcoming on the NQ
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1397 long back up to 1400.50 ... giveing it a shot. tight 5 tick stop Will adjust profit target based on price action and length of time in trade. Update: stopped, just a bit too early probably. Needed another test of IBL .
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So far the ES has paid more for the short side than the NQ which seems to be hanging in and hasn't even made it back to the VWAP. Perhaps higher is in store.
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Trading respoinsively involves evaluating the market at its extremes and determining the likelihood of it reverting back to prices which have been determined by the market to be fair. The 1392 was a prior low and I expected a reaction. My target was a gap fill up above and when the 1392 bounced I was waiting for a shift towards the buyers to get long. AT 11:10 there was a similar shift to upside momentum. I exited before my target because I had a SHORT signal at 1398.25 which I didn't take because I was still long - I should have just reversed but that is not something I do often.
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I won't be trading late today on a summer Friday afternoon. A scalp short off the open and a nice long confirmed off the bottom and I have more than made my daily goal. Most of this week it's been good early on and then chop... so just take the few good trades before 1030 and get on with your day. Thanks for you posts and charts. I find them useful.
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Long from PVP 1393.50 after Delta turned positive .. out 1/2 at 1397.75 and hanging in for possible gap.. The 1392 test fond no sellers at all and this market is rangebound which means to me .. trade responsively (and responsibly). Update 10:33 EDT Stop now at 1395.75. Rallying to target possibly. Update: 10:45 EDT Tightened stop to 97.25 Either up or out.
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1392 got hit as expected and a nice bounce. Possible gap or half gap fill in play.