Spyder, If not too much trouble, could you post your YM chart for today. I am interested to see how you navigated the 14:18 to 14:30 period. Thanks in advance. -guava
Yes it worked out ok. I got executed at 1540.75 and closed out at 1537. I didn't reverse however. I was tending to some option positions, which ironically I adjusted around 1:00 to increase my positive deltas, because I had prepared for the market to go up. So I'm happy!
Oh, I thought you'd have a sell stop at 4300? Im surprised it filled so low. Anyways, nice work! Also, I noticed the moment we hit 5100, price shot up 7 pts w/o looking back. That was a great spot for a buy stop. If you dont mind me asking, how did you come up with those #'s?
You are on the right track w/ this logic I believe. I too exit "early" in any PT3 trade where I find myself entering closer to the middle of the channel. I tend to exit near the LTL (+1-2 pts) in such cases. Sure, you miss out on the times when a random crazy volatility expansion shows up to the party, but you eliminate all the frustrating losses caused by your RTL being broken after the first traverse for a wash or -1 pts. Do it a few times and 1-2 pts becomes 5-10 pts for the day.
Crazy day, even if you are just monitoring . Was away from the action from 12:15 to 14:05. Pre-announcement was nuts. The YM around 14:30 was confusing to me. Generally I feel comfortable with the macro directions of the market, but calling the turns (using ES Price/Vol./PRV and the YM equivalent) is still murky to me. All in all I feel better about my growing abilities each day.
Posting a video of the time starting 1:55pm and goes until 2:40. I thought the 1:55 bar was an FBP, when it starts you will notice the bar is labeled that way. As the bar formed it became a lateral and I made the adjustment. A point three down forms at 2:05. The next bar opens at 2:10 and I begin to think this is a Sym.pennant. Started to annotate the bar that way when it just dropped. Although The channel was down at that time , the speed at which the bar broke down caught me a little by surprise. Knowing that I was in a down channel at the time it broke down fast , at least gave me a feeling of not being lost when it happened. This stuff really works ! video link : http://www.screencast.com/t/v2A6brf6t6l