Thanks Pachoo. I'm trying my best. Just added an additional ES U8 short, 5 contracts, at 1295.00, making the average 1289.00 10 contracts short. Also shorted 5 YM U8 at 11655. Target is 11600 on the YM and around 1280 on the ES.
Added another 10 short at 1300.00, making the average 1294.50, short 20 cars. Also still short the call spreads and 5 YM U8 at 11655. Interesting how bulls are trying to keep this up; with CPI and employment being horrible this morning. Irrational Exuberance at its best!
Got out of the 5 YM short at my target, 11600, for a profit of 55 points per contract, or $1,375 profit. Still holding the short 20 ESU8 at 1294.50 average and call spreads. $21,387.50 is current realized profit.
Took off the 20 ESU8 short at 1277.50 for a 17 point per contract profit, or $17,000 total. 1300/1310 call spreads also expired worthless, netting $7,500 as I sold them at $6.00. Net profit realized $45,887.50 since start. Just went long 5 ESU8 at 1277.75.
Sold the 5 ESU8 at 1282.00, not very confident in a move higher. Gained 4.25 points per contract, or $1,062.50 total. Realized profit since start of journal is $46,950.00. Flat, no trades, but looking to get long ES again at 1268.5 tomorrow and short at 1291.25 and then 1300.75.
Well, I originally wrote "nicely done", but then deleted it after paying more attention to the trades on the 14th. Can you go into your thought processes when you let your initial short go 12 points against you, at which time you shorted another 5 cars, which, as we know, then went an additional 5 points against you, for which you then doubled down. Granted the trade eventually worked out, and I intend no offense, but that looked like noobie trading to me (being lucky as opposed to being good).
Yes, my limit of 1268.50 was hit and currently long 5 contracts. wareco, as these are "technically" position trades I tend to use a wide mental stop which was triggered on that NQ short on the 8th. When I still see fundamentals and technicals still showing a bias to my original trade, I'll add more on (in this case averaging up my short) and if it continues that direction, I'll add one more time and then if it continues higher I'll stop myself out. While it does seem I get in a little early (one of my weaknesses), I am willing to average in, or step/scale, into positions to make it a reasonable position. I'll also try to add my thought of what my mental stop area is, and what might trigger an add to the position.
Just added 1266.00, 5 contracts, total 10 at average 1267.25. My target is basically 1275.00, which is the level from where we fell from PPI this morning. What I'm thinking is if it gets down to 58.50, I'll be adding more and then stop myself out at a close below 1250.0.
2 questions: 1. Since the indeces tend to move together most of the time, how do you decide which futures to play? 2. Once you were long one index and short the other. Wouldn't that be an almost flat position, because they move together? (or was that a particular time when they didn't?)