Schaefer's Journal of Nikkei 225 Mini.

Discussion in 'Journals' started by Schaefer, Mar 10, 2008.

  1. Schaefer

    Schaefer


    Hi, PointOne,

    You're more than welcome here :) Thank you for your charts, is that SCT, you're using?

    Schaefer
     
    #31     Mar 12, 2008
  2. Well the T is correct, I've yet to master the S and C part. :D

    You mention 08:35 bar, this was a point 3 short after the FTT at 08:25. (I didn't start monitoring until 08:30, otherwise I would have been looking to short the 08:25 bar extreme). This may seem nuts at first, but it is one of the safer places to enter - you know if you are wrong quickly and cheaply.

    However, the 08:45 bar trashed that channel and you had to consider change to Long there. It was a rough bar and it cost me because I was badly positioned with my late initial entry on the 08:40 bar. However, it turns out that this was a new point 3 (NP3) and so you should be short for sure (treat 12740 as your point 3). The next 2 bars confirm short. The next hurdle was the 09:00 bar which was a stall, but looked a lot like a reverse which would have shaken off many shorts in a mini-cascade. Note the TL held and after the low of 09:05 was breached you had continuation short on increasing volume - so you hold. I set a LMT target this time for fun to see if I was in tune and it was hit to the tick (before going lower 10 mins later).

    So I share this to show you that even though I make horrible mistakes, I know what they are and I am slowly eliminating them and profitably heading towards SCT.

    Keep up the great work.
     
    #32     Mar 12, 2008
  3. Hi Schaefer,

    Great journal and I wish you the best. I too am interested in trading in asia and will be watching your progress.

    Why did you pick the index and not a stock(s) and why the Nikkei and not the hong kong etc...?

    Thanks and again all the best
     
    #33     Mar 12, 2008
  4. Schaefer

    Schaefer


    Hi 1Reason,

    Thanks I'll need it. I only trade eminis, so picking the index was no brainer for me. The Nikkei Mini's volatility, and margin requirements meet my risk tolerance, and account size.

    Hope that helped,
    Schaefer
     
    #34     Mar 13, 2008
  5. Schaefer

    Schaefer

    Okay folks, I have a ton of work piled up for work tomorrow, so going to have to call it the night. Here's the afternoon session recap.

    [​IMG]


    3 more trades in the afternoon, 1 scratch, 2 winners.


    [​IMG]

    Won +6 ticks. Life sure is easier, when going with trend.


    [​IMG]

    Scratch trade


    [​IMG]

    Won +6 ticks

    Market gapped down after lunch, retraced with weak volume. It started another run down, and formed a double bottom 12:13am bar. Another fake out by breaking out of the neckline of the "W", then did another run down.

    I'm a bit more intune with the market in the afternoon session. I have to work on holding on to winners a little longer.

    Good Night everyone :)
    Schaefer

    PS: New contract starts tomorrow.
     
    #35     Mar 13, 2008
  6. Schaefer

    Schaefer

    Trading date of 03/13/08.

    Did not trade the morning session, as I was really beat at work today, and needed to catch a few zzzzs.... :D

    Traded the afternoon session on the new contract. I had thought that new contracts on the first day of the new quater usually ends up, "UP", but not this one folks. It tanked right from the open after break.

    I had 6 trades, 3 wins, 3 losses. I'm starting to hold 'em a bit longer now that I'm starting to get comfortable with it. Feeling still groggy, and made a few mistakes, there were no reasons to exit on those pullbacks, rather should have added more.

    [​IMG]

    First trade, I was trying to follow up on that engulfing long bar with good volume, but no follow through, that means weak market sentiment, so I switched to short bias after this stop out.
    -3 Ticks

    [​IMG]

    Second trade, reversed to short on that engulfing red bar with good volume. It was a good ride, but my trail was too tight, and got kicked out. It would have been a good add point.
    +11 Ticks

    [​IMG]

    Third, and Fourth trades were shorts with the trend, but bad entries resulted in stop outs. Eight ticks in a row, that hurt.
    -4, -4 Ticks

    [​IMG]
    [​IMG]

    Fifth trade, short was a so so entry, still with the trend. But again, my trail was too tight, and got kicked out, leaving more money on the table.
    +8 Ticks

    [​IMG]

    Sixth trade was the best risk/reward ratio of the night. Too bad it was on the last wave, and market decided to take a breather.
    +2 Ticks

    [​IMG]

    Net +10 Ticks before commissions.
     
    #36     Mar 14, 2008
  7. Schaefer

    Schaefer

    Learner, what is going on with the Mini? The last a couple of months, that I have watched this instrument, it was rather quite docile. Where's all this volatility coming from??? And most importantly, how long is this going to last?

    Schaefer

    PS: I'm going to call it the night here, long day tomorrow at work (Friday).
     
    #37     Mar 14, 2008
  8. lakeshow

    lakeshow

    Schaefer,

    Japanese stock markets are being dragged around by the yen right now.

    I do not trade JPY but many stock plays available as a proxy for currency plays. Increase in broker research being put out analyzing the effects of yen fluctuations on Japanese corporate earnings. If you believe the carry trade has a long way to go and yen heading toward 95, then won't be long before Nikkei is testing 12k.
     
    #38     Mar 14, 2008
  9.  
    #39     Mar 14, 2008
  10. Schaefer

    Schaefer

    Thanks lakeshow, I appreciate it.

    Schaefer
     
    #40     Mar 14, 2008