0710 CST Well, here we go again. I'm in a brief morning trade prior to an 0730 report in this case 3 of them. I feel that we can continue to pop up, and I may even be missing out on a 16 tick spike move which would be great with a 4 lot, but staying in the trade with a 4 lot violates a soft rule. I may drop down to a 1 lot. We just hit 111 05 by the way. 0713 CST We just past the 08 Feb 2007 high in the ZN. 0714 CST Closed 3 ZB's at 111 06. Only a fool would stay short with an above normal size for their method prior to three 0730 CST reports. 1 to 2 lot is my lower size entry for testing the waters. I'll concede that holding this 1 lot is a gamble trade. It is nice to be up 15 ticks (5*3) with no effort or stress other than the brief moment of considering holding a 4 lot through 0730. 0720 CST Out at 111 04. Why give up the ticks? Money is money, and don't forget the rule of never letting price come back to your entry. With price only a few ticks away, the reports may make it next to impossible to get a fill at 111 02, i.e. 1 tick profit from my 111 01 entry. 0725 CST My spidey sense is telling me that today may be a minimum 4 lot to 10 lot day for the ZB's. If things don't look good at 0730 we can get slammed pretty hard to the downside. If the Fed chairman's speech is confirmed, we can pop up big. Either way, money to be made. Get ready!
0732 Bought 5 ZB 111 08. 0734 Still a lot of danger here. Careful. 0740 Wow, a 2755 lot just traded on the ZN. Positive. 0741 CST We are at 111 09. No break above = GET OUT! 0744 CST We kissed 111 10. Targets are: 111 14 - 111 18 0747 CST Here comes the spike. Get ready to exit. 107 190 tentative target in the ZN. I have quite a few there as well purchased at the same time as the ZB's, but no time to post. 0751 CST My 30 min volume NN doesn't look good considering the market activity. I'm now cautious. 0755 CST Out of the ZB's at 111 10. I still feel we will head higher but the bonds may need to breathe a bit. If my volume NN had been positive the way it was yesterday I would have stayed in. I'm out of the ZN's as well. Unfortunately the second trade of the day wasn't as cushy as the first. I really was expecting the previously mentioned profit targets to be met. 0759 CST Industrial Production coming out at 0815. This one may be interesting. 0801 CST OK, the 30 min vol NN just gave a powerful up signal. I'm not buying yet, but it does give me confidence now to go long on a dip. I'm waiting for the 0815 report.
Hey, john, why do u prefer the 30yr instead of the 10yr?. I started trading 30yr but after a couple of months i moved on to the TY as the volume is a little bit bigger. Anyway both are good products..
I trade both and have no preference now, this past year or so. In the past I've always been partial to the 30 year. Now, if the 10 year gets me a fill, and the 30 year won't pull back to my limit order, I'll take the 10 year and cancel the 30 year.
0805 CST Back in 10 minutes for the report. It is important for your sanity and to minimize stress to walk away periodically.
0819 CST Bought 20 ZN 107 180. Missed the report by a couple of minutes, by then the nice entry was gone. Only looking for a few ticks. 0823 CST First target is 107 215 at a minimum. 0835 CST Out of everything at 107 185. Yeah, what can I say? I should have taken 107 195 when it was offered. That is 3 in a row for today. I'm done. Good Trading!
Yea, this is something that I have been working on doing myself. I find it difficult to get back when/if the market finally goes one direction if I was just in the trade, so I have been taking half off and working the rest at my next target. I dont mean to hijack your journal thread, just wanted to talk to someone about "exit" strategy in the notes. Have a good one
0306 CST Bought 4 ZB at 111 13. This will be the third time with this pattern this week. Each time was successful. Let's see what happens now. I will definitely exit these prior to 0730. Reports today: Housing Starts 0730 CST Producer Price Index 0730 CST Consumer Sentiment 0900 CST The plan is as stated yesterday as well as Wednesday. Good Trading!
0657 CST Consider any ticks above yesterday's high bonus ticks prior to the 0730 reports and exit position. I'm waiting a bit longer, looking for 111 18 or better. ZN is at yesterday's high. ZB is a couple of ticks away. 111 07 and 110 29 are important pivot numbers to the downside. 111 17 and 111 20 on the upside.