hello folks, I am going to start a journal for your viewing pleasure. There are several markets I will trade. All of the index products are fair game, in addition to the currencies and some interest rate products. On occasion, some compelling stock plays will be added. The time frame for the trades will vary. Overnights will be common. Options will be used on occasion, but it will not be customary. There are no concrete goals monetarily, simply trading perceived overbought and oversold levels with targets back into support and resistance levels. Scaling will be allowed, but will not be employed counter to what is the dominant swing or trend direction as perceived either by me or what the indicators are telling me. I will add more concrete trading philosophy as I continue in the journal. For now, I just want to introduce the concepts. Without further adieu, the first trade for the journal is a short NQ position just taken. -5 NQ Dec at 1657.00 (STOP at 1666.50). Target 1643.50. If the target is not hit tomorrow, the position will either be stopped out via hard stop or closed by mid afternoon. EOM. dk
I'm looking at the NQ charts, well I trade it, don't think it'll come down to 1643 for testing. We'll see tomorrow
this trade no good. Although hard stop not triggered, I have adjusted exit to damage control mode. Now moved buy to cover to 1661.50 x 3 contracts. Will maintain remaining 2 short contracts with hard stop. EOM. dk
cxl repl at 1652.00, crazy go nowhere market. so now short -2 NQ still, -4.50 on 3 contracts. Also new trade: -2 ER2 dec 667.00 (STOP 669.40). Target morning lows at 664.50. target for remaining NQ short will be today pivot + 1.00 point. Dont look good now with no range. EOM. dk
order buy to cover ER2 dec at 664.70 on 1. trail 1 contract with stop at breakeven if target 1 hit. EOM. dk
bad luck there. Miss profit target by 1 tick. Now adjusting cover on 1/2 position. Just covered 1 contract at 665.70. +1.30 pts. Adjust other contract to 666.90 buy stop. Still short -2 NQ.
closing all positions now. sort of pre-emptive action now. covered last er2 short 666.60. covered last 2 nq shorts 1660.00. recap: -5 nq 1557.00 +3 nq 1662.00 (-5.00) ($300.00) +2 nq 1660.00 (-3.00) ($120.00) ($420.00) -2 er2 667.00 +1 er2 665.70 (+1.30) +$130.00 +1 er2 666.60 (+0.40) +$40.00 +$170.00 ($250.00) ($278.00) with commissions. EOM. dk
There were no trades yesterday as market did nothing much different from Friday. Something to notice from yesterday though were poor breadth and sell programs much of the day. We will have to see if the market maintains enough liquidity to keep things in this collared territory. Even if things look bad (internally), we all know that there is a different market at work nowadays, one which can be controlled more than in years past.