tampa's "short skirt" trades...

...could you guys keep it down!

I'm trying to sleep!

 

...you really had me going there...for a minute I thought that you were talking about that PERVERT Subliminal...!

 

Four days onto this, so maybe it’s time to incorporate a little more structure.

Let’s start off with exactly what constitutes a “short skirt” – since there has been some disagreement and subsequent debate on this issue. A “short skirt” is what ever I say it is At the risk of sounding tyrannical, that’s the way it has to be. It would be different were this “journal” for educational purposes – but it ain’t. It is a selfish use of the forum to publicly force myself to hold on to these suckers – or suffer the humiliation that comes from not doing what I say I am going to do!

Next on the list comes the expected explanation for why an obvious trade was not taken. Well get over it – there won’t be one. Generally, all missed trades will fall into one of the following categories: I didn’t see it, I didn’t have the balls to take it. Or I was napping and never knew it was setting up! So it makes no real difference – insert your own reason whenever you think that I should have taken a trade, but did not.

And speaking of mid-session naps. They will continue, and at my discretion – no matter what you guys think about it!

Well, that covers it for now. A post-market wrap-up will follow.

 

tampa -

How are we supposed to know when to humiliate you when you don't do what you say you are going to do - when you say that whatever you decide to do it just the way it is?

 

For you Quah, anytime you feel the need...

(but that doesn't apply to just anyone!)

 

The Bottom Line: 3RT/-87.50

In my humble opinion (remember, it’s the only one that counts) it was a nearly untradeable day! Sharp run-ups, followed by sharp run-downs, followed by a lot of chop – YUCK!

My first trade had nothing to do with “skirts” what so ever. It was a simple, can’t miss fade of the morning’s explosive up move. I managed to bag a point, and got out quickly.

11:05 presented what appeared to be a good “short skirt” short @827.5 – and it was. Only I reverted to my old ways, chickened out, and bailed @827.25. Need I tell you that it then ran for 3+ points.

At 2:26 (after my nap) I went long @825.5. Determined to “do it right” I held the sucker through some of the more painful moments of my adult life. It resulted in a 3 point loss, but I am proud to say that I was there to collect the defeat.

There were other moments of temptation throughout the day, but “it just didn’t feel right”, and so there were no other trades.

In retrospect, looking at the three-minute chart, there were a few possible good trades. But this is about the one-minute chart – so that’s the ay it goes.

Basically, I felt calm and focused today. I did not look at any other method/systems. Nor did I lurk in the background here. While down 1 ¾ points on the day, I am better off for my efforts.

So that’s it, gang. Tomorrow is yet another day...

 

Gosh....that description of sharp moves followed by chop pretty much describes EVERY day, doesn't it? My opinion of course. Doesn't mean it's untradeable though.

Allow me to offer a suggestion. Why don't you put your trade on, put your stop in....then go take a nap? Problem solved....can't get out early if you're asleep now can you?

My view is that leaping out early is a function of lack of confidence in the method, together with lack of confidence in yourself. Now I can't pretend to know why you have that lack of confidence....unless it is a function of the money that you say you've lost in the past.

This short skirt trade strikes me as a flag like pattern. I presume you understand that a flag is a continuation pattern....a marker if you will for an established trend. In conventional chart theory they're even used as measuring devices....you can read alot about this in Edwards and McGee. Beyond this, basic Elliot Wave Theory might help you to understand a little about where and at what place flags might tend to appear.

Here's the bottom line though. You seem to analyze the market in virtually every time frame from 1 minute to 15 minutes. You know where the 10 day average is. Ok, so I'm assuming that after all this analysis you must know the direction of trend. So why not wait for a reaction against the trend, then put your position on and SIT there.

Jump in and out? Why? Trends persist longer than most of us ever dream....certainly longer than 3 points, or .25 or whatever. But in a strong trend reactions that exceed let's say 3-5 points are infrequent.

I thought today was a great trading day. Notice I said "great", not easy.

Personally I missed the first move up....I coulda kicked myself over that one but I didn't....I just watched in amazement.

I bought the hard break....about a 2/3 retracement....that lost me a little money.

I sold the ES 3 other times following that which made my loss back....and a healthy profit to boot. Tradeable? Yep. Easy? Nope.

Identify the trend. Get in on a retracement of the trend. Place a stop that makes sense. Then SIT there. That "chop" that you refer to that evidently bores you? That's just the market getting ready to make it's next move....these should interest you MORE than the subsequent trends....they are the way you identify the coming trend. That chop typically takes place at an important spot...today for example most of it took place in a range from just below the low of YESTERDAY up to the opening price of today. Can you think of any reason that would interest you?

There's some BIG moves that take place...particularly lately. Just position yourself and let the market do a little work for you while you take a nap.

OldTrader

 

Of course you are correct yet again. If and when I can accomplish sticking around for 3 points, what you speak of is my next goal.

You can lead a horse to water, but...

 

Old Trader,

I have cut and saved you post as yet another nugget I can benefit from.

There have been several lately. Now all I (and Tampa, Gordon G, et al ) have to do is apply the lessons.

Thanks for posting.

 

"tampa" wrote: "In my humble opinion (remember, it’s the only one that counts) it was a nearly untradeable day! Sharp run-ups, followed by sharp run-downs, followed by a lot of chop – YUCK!"

With all due respect, this is what I call a "trader's dream". Excellent day to trade!