Signal versus Entry-Exit

Discussion in 'Journals' started by Luto, May 27, 2004.

  1. Luto

    Luto

    Hello,

    This journal is going to be short. 20 trades at most.

    The purpose is to generate discussion on entries and exits and drive a wedge bewteen the notion of a signal and the actual taking and manageing a position.

    I will provide the entry signal using a 60 minute chart on the QQQ. In pretty much realtime at the close of the bar. Starting 7:30 Pactific time until 1:15 (normal session hours)

    I personally will trade live 100 shares.

    Now here is the discussion part. Experienced traders can comment on where they would enter and exit. Please only serious folks. EOD comments are welcome.

    ====

    Please keep comments in the following form:

    TimeFrame
    Bar end time
    Price
    Target
    Reason
    ------------
    Example: 5 Min 1035 bar- 36.08 - Oversold, reasonable stops at 36.93 for -.15 Upside
    ----------

    ======Plan=========
    R:R Whatever the trade offers

    Protection: Mental Hard Stop @ -.50

    Allow entry exit discretion to develop skills

    ========chart key======
    The generating system is bi-modal wrt going long or short.

    Green arrows indicate Entry signal in direction of arrow
    Red arrows indicate Exit signal in direction of arrow.
     
  2. Luto

    Luto

    Well I said it was going to be less than 20.

    Trade 6 Entry Long at the close.

    My decision is to pass because the AM holds reports etc.

    If anything I could have held trade 5 overnight but since the move has happened I chose to close it out for +.25
     
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  3. Luto

    Luto

    This trade (long) is over. Exit signal has arrived. Obviously it was risky with the nature of the TL moving flat etc.

    BTW: If if did enter it , i'd be exiting now....

    Trade 7 will be here soon...:)
     
  4. Luto

    Luto

    Long QQQ at 8:30 (Pacific Time)

    Long 36.24 at LOD.

    LOL
    That was the LOD

    Clearly a better entry was the overshoot of the Prev LOD at 36.21...

    Oh well...:D
     
  5. Luto

    Luto

    Even tho no sell signal I took this off at 36.49 for +.25

    Then entry was certainly poor and off by .10.

    I will wait for the next signal even tho I should still be long at this point.

    PS: Reason to take off is pretty clear, Resistance at 36.5 and this is late in the run. Besides a new trade is around the corner.

    :p
     
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  6. Luto

    Luto

    It will be official at 7:30 the long will be terminated.

    Not time to go short yet as this just puts me in neutral.

    Cheers
     
  7. Luto

    Luto

    Although it has cannot confirm for another 30 minutes. Trade 8 is developing as a short.

    Gee what a suprise!!!!

    A reasonable entry is at HOD at 36.66 (heh heh) or at 36.50 or HOD Plus some to say 36.75

    Entry at 36.54 Short. Although this is early.... :cool:
     
  8. Luto

    Luto

    Out at 36.10. Exit Signal is developing. with 9 minutes to confirmation.

    An exit here seems like a good place. Near previous LODs and after econ report.
     
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  9. Luto

    Luto

    Long after 9:30 AM (was gone running :)

    Filled Long at 36.29.

    This is a reasonable place around the 20 EMA on a 5 min chart.
    Sure the EMA is not a wall but it will suffice for an entry at lunchtime.

    Cheers
     
  10. Luto

    Luto

    I exited at 36.24

    Reasoning being the ES and NQ are showing a tendency to break out of the lunch range to the downside.

    So Loss -.05

    Cheers

    PS: entry should have been lower at 26.25 area IMO....

    PPS: Trade 9 ends officially with an exit signal at 11:30 It was such a weak signal this is not a suprise.
     
    #10     Jun 3, 2004