No trades today. Probably no trades tomorrow either as I plan on starting the labor day holiday a little early (family comming into town). Attached are results for week 11. I hope everyone has a nice long weekend!
Hi PT, Your results are great and looking very deserving of your chosen handle, persistent trader. I didn't quite understand your post here in that you say risk per trade is 1% of equity. Looks like you are using a 10 pt stop on 2 contracts which translates to a $50 risk per trade. The lowest your account has been was 15k, thus the greatest risk per trade was in the 0.33% area and is considerably less now that your account has grown by 1/3rd. Could you please elaborate on how you view it as a 1% risk using 2 contracts? I'm not trying to encourage you to alter any risk parameters, risk is a personal thing. Just trying to peer into your thinking. Thanks in advance. Best regards, MK
*Edit to post above. Please excuse my error above, 10 pt stop with 2 contracts = $100. Greatest risk so far has been roughly 0.66% Best regards, MK
Grabbed 10pts in the am. Missed the pm action. Both kids went back to school today and it was my daughter's first day of kindergarten. They grow up so fast!!! We have head-and-shoulders patterns developing on the daily charts for Nasdaq, Dow, and S&P. Monthly is still in a healthy uptrend; Weekly doesn't look so bullish at the moment. It will be interesting to see if we go up and test the highs or just chop around until the FOMC mtg. Your guess is as good as mine ;-) Hope everyone had a great holiday weekend!
Big gap down and economic news around 10am. Today I didn't do a pivot play (sorry). Instead, I did a box play. With such a wide gap and a narrow trading range pre-news, I thought this was the better play. ie Market would either attempt to fill the gap on positive/benign news or plunge to the downside on negative news. The key to this play (for me) is waiting for the "damn" bar to close above/below the box. Then I enter a market order and hope slippage doesn't kill me. It is truly a difficult trade for me to execute. Today, there was about 5-6 pt slippage so it wasn't too bad. My initial stop was the previous two bar high. Exit 1 contract at +10 and then trailed the stop at the previous swing highs (+50). A pivot play would have also worked today. I could have played the retracement to S1 after the first hour of trading then short on a trendline break.
9:30 Looks like the market is opening above the daily pivot. 30m, 60m, and 120m rising trendlines were broke yesterday. With the employment data coming out tomorrow, we may see choppy action. Who knows... I'll pay close attention to price action around the pivot and try to catch 10pts on a move away from it.
No trades this am. Missed the down move through the pivot. I had an order in to short on a retracement, but, didn't happen. Oh well... Internals look neutral. We'll see what develops later on. Ciao!
Sorry folks, I'm having computer hardware issues. My PC freezes up sporatically and I can't quite figure what the problem is. I tried using my laptop last week, but, I'm finding it more difficult to trade on that computer. I'm scrambling to reimage my file server as an interim solution. I hope to be back online tonight or tomorrow. Attached are the results up to week 12
Ok folks, we're off to the races this a.m. I have 13614 as a previous swing high on the daily and weekly chart. I'll be looking to buy on some sort of retracement today--assuming the A/D and vol stay bullish.