This is a great laugh going in to the weekend! From the website: "Simply put...there is no better-performing investment fund in existence!" Strong bold words but untrue. Something is wrong I am sure Kingdom Capital would not bare false witness as it is the Eight Commandment.
Call post: STO 2 ES @ 871 STOP: 1 point Profit target: ? Was up $225 then STOPPED: ($150) (I had adjusted STOP 1/2 point) ? End of daythese days means stay out and Paulson and crew will no doubt have their tracks all over this thing. If it doesn't sell off, np. If they can't stop it I may jump in.
OK?!? an <i>instantaneous</i> 10 point jump in a blink of an eye has PPT all over it. Happy trails. . .
All in all a constructive week for my LONG (macro-trend) signal that is still trying to prove itself out. OK-yeah I suck at daytrades, but the bulk of my positions experienced minor drawdown wrt the market's shenanigans. It actually climbed ALL DAY the wall of worry! Although I wasn't encouraged enough to add at the lows to my LONG futures positions (or anywhere on the way up for that matter), but there are other reasons to feel good. My phase into covered call trades went well. This is setting up to be an excellent covered call market. I took profits on some prior to the tank - and even established more at the lows. So by day-end things aren't too bad. In a new account that trades 2X UltraPro shares, I did add at the open the second half of my LONG position, which of course went very well. So much for "scalping" though. It mostly only churns my accounts, but my calls were near dead on based on "pure" T.A.
If the market bottom and rally is for real, the coming week may produce the strong gains we are looking for. We shall "watch and see".
OP, I admire your determination to post every single detail of your trading activity. (I am not capable of anything as noble.) Do you find this enjoyable or tedious? As a reader--or ex-reader I should say--it is tough on the eyes. neke's journal is much more brief, satisfying and transparent as well.
I checked your time stamp on above post which was Dec. 11, at 3:33PM. You were really one of the guys I was talking about in my post on Bill's thread at 3:35PM on December 11. If you listened you could have made money! 5 minutes after you bought the market tanked, which is exactly what I warned you about! check this link folks: http://www.elitetrader.com/vb/showthread.php?s=&threadid=99143&perpage=6&pagenumber=550
I may not be one of the folks that check out RFT's link, but I am satisfied <i>at this juncture</i> that the market's prices on or around late-trading Thursday (time-stamp of 3:33 pm may or may not <i>exactly</i> coincide with my added "swing" positions), but if you pull up a chart you will see that we were indeed at a decent level. Of course, none if this will play out for me unless we see continued strength regarding my market "bottom" call. Translation: "Let the market come to you." Otherwise "stops" and hedges till have to suffice. But we all know that this is likely to be just another tactic to get people to click over to RFT's "blog". FWIW: I have seen Neke's thread and I am very impressed. I hope to be able to contribute as such with a bit more work. For now...this thread is not as exhaustive, but I hope it adds more value than the 90%+ of threads we see posted daily. It has been a long time coming - let's just see if the market can actually put in a "bottom" to provide a bit easier time for my strategies. If this plays out in the next 3-4 months, I will want to become a bit more direct with my postings.
You are right, I started with a bit too much detail and am going to make the effort to scale back considerably. As a "swing" trader/manager I do well enough - not to have to day-trade. Although this HIGE amount of market volatility keeps me more often than not at the computer screen. IOW I get bored and have been trying to analyze/gauge the intra-day moves base solely on PA. I pretty much almost "get it", but this is what I have been going a bit overboard on lately.<b>It is tedious as well.</b> It should get old soon. You see, I have already determined that successfully "scalping" will not help much in meeting my goals. That being said batting 50% is a wast, so I re-read what I done and came up with the following to improve upon: *JB's levels are pretty good - wait for BD and BO levels to be broken (before "scalp" trading). *My ADD to my LONG <i>was</i> at 864 level and I had made this same early analysis (see previous posts) from Joe's calculations. It turns out I entered other 1/3 of ETF position right there! *Use rolling stops when "going for the trend" (higher highs and higher lows and vice versa). *Do that at time and others. . .take profits! *Close out immediately with trend reversal. Hope this helps (me).
Some other random key notes I jotted down: (from past, still applicable) Memo: keep DD to a minimum. Going to use small LONG stake as a gauge. ==When do I take off hedge on small LONG?== (Remain patient as much volatility precedes bottom.) Now must watch to see if resistance is broken at 897-917 area. BE PATIENT: plenty of upside from here. BE PATIENT, there is resistance: 897-917 Remember...this market is not going to go straight up. Watch for vix to come back down. (not sure these are going to be any help, but what the hey) I am NOW going to remember this possibility: In the early part of the week we may see continued weakness or further "distribution" (professional selling) - followed by strong buying (heavy volume) in the latter part of the week. In this market you have to be prepared for <i>anything</i>!!!