tampa's "short skirt" trades...

Pulling the trigger has not been a problem with me for a long time - the problem has been pulling it too quickly after entering!

I will be attempting to enter on the flag formations as they turn - nice work if you can get it

 

i have a funny feeling that's going to occur...

 

It’s Monday morning, and that means a new beginning. One full of the usual optimism and positive expectations. While at the same time, a touch of apprehension.

A possible short set up at 9:49 @832 – I let it pass, as it just doesn’t feel right. My instincts prove correct, and playing strictly by the rules, the trade would have lost a point.

The market appears sluggish, without any real conviction at this time. It’s best to sit on my hands, and wait it out.

At 10:12 a buy setup develops @836 ½. There are early signs of a possible up trend, but... I want more proof.

Batting two for two with my instincts. Had I taken the trade, I would have lost 1 ½ points. Something tells me that it could be like this all day. After the last two weeks, my standards are much higher this morning, and I refuse to trade anything that is not in a clear trend.

The mid-day doldrums are just around the corner. The action has been predictable for a session following two wide range days. For my money, it’s too treacherous out there.

But wait a second. We just took out resistance at the previous close, volume is picking up, and the TRIN shows promise.

Another buy setup at 10:43 at 839 ½. But it still just doesn’t “feel” right. I’ll let it pass.

Batting three for three. That one would have cost 2 full points. (Am I good at this, or what?)

For my style, this market is way too dangerous. Maybe the afternoon will bring opportunities – but for now, I’ll sit it out.

 

Hi Tampa,

My name is Chris Terry, I work with Linda Raschke in both her futures & stock rooms at the website you mentioned when you started your thread, lbrcapital.com.

Your defination of whats a "short skirt" based on what I have been watching you post , several times what you consider to be a trade is not actually what we consider to be a "short skirt".

I just want to point out a few things I seen that could possibly be helpful & offer you a suggestion or two to tweek your game plan for the better.

You have picked out some very good "short skirt" trades BUT you elected to not trade, my feeling is your confidence needs improvement first, here is a solution I used in the past to help others.

I notice you have no problem putting on 5 + contracts of the eminis, thats equal to 1 S&P contract so thats fine, start your first trades using 1 Emini contract , not that you will make a alot of money, but you will get in tune & in sync with the markets ebb & flow & how to execute properly & increase your confidence level in the pattern, your seeing them but lacking to pull the trigger, so, pull the trigger on 1 contract & on 2-3 SS trades , based on the setups you "seen" & did not take in the past, you would be able to profit & gain confidence from it. It would feel alot better to close out your day + 3- 5 pts or more than to have "seen" some setups & not taken them. I try to tell others to think in terms of points, not $ wins losses, if you make the points on small size, the money will follow on larger size, simple, This I feel will help boost your confidence, your 114 trade debacle was just VENTING on your part from being so wound up & fustrated during the last week of seeing & not taking the patterns & taking the last one in a trend & BOOM, you blew your cool, fine, that it happend, big deal, you will get past it, life goes on.

also , your view of time frame support & resistances need to be corrected a bit, your comment, you seen to want to SHORT at support on higher time frame & BUY at higher time frame resistance.......need to re evaluate this & adjust your sights on your 15 thru 120 min charts.

"A possible short set up at 9:49 @832 – I let it pass, as it just doesn’t feel right. My instincts prove correct, and playing strictly by the rules, the trade would have lost a point."

I disagree with this because of several things, the indexes had a incredible rally last week, momentum shifted to the upside, the first play and we looked at this in our chatrooms was the pullback down to the 15 min & 30 min supports at thier 20 ema's, there was actually grail buys down there on the pullback, so the retest this morning put in a higher low , that first pullback was not a short but a buy because your objective still was for markets to attempt to test fridays highs......TICKS where at 0 when you mentioned the short idea, thats support.

also.....your comment
"At 10:12 a buy setup develops @836 ½. There are early signs of a possible up trend, but... I want more proof"

I see what you where refering to, but the trend is still up , support was the prior high in the morning , would have had to work a 5 min chart so this did not qualify for your short skirt & you where smart not to take it........



My comments are meant to be helpful not a playing monday morning quarterback with you, anybpody that knows me, i do not do that, please understand that I could have elected to continue to watch you make mistakes & not comment OR put my hand out to help a fellow trader & take time show some support in your effort.

This is the comment i am intrested in .......

"Another buy setup at 10:43 at 839 ½. But it still just doesn’t “feel” right. I’ll let it pass."

I have noticed in the past that you do have done this often where as you let the good ones "pass" but taken the "failed" ones......this morning you said you will let it pass BUT did qualify it as a BUY, was FAR from a buy.............I will explain what your not seeing that will help you further along in your journey to success.

1st, you had a rally for a retest attempt on your 15 min chart from the "grail buy" patterm , could also see the overnight ES charts had a 120 min bullflag also, the high came in Friday at 844.00 & todays high on that rally came in at 841.75, grail buy target is 844.00, but, you had a + 954 TICK on Tradestation, Realtick shows 1020, thier data is different,, TIKIS where + 30 several times on that rally...... BUT the fact is you had a short term BUY climax into a retest area of a higher time frame AFTER a huge huge rally.......you where looking for a BUY , that wasnt a BUY.....not saying it was a short, but you where not looking for a "short skirt", you did this last week also after "spotting" 2-3 good ones, you elected to buy the last one at a short term buy climax after TICKS + 800 , 1000 whatever & into a retest of higher time frame patterns........

All in all you have the right intention & your doing your best, BUT......tweak your model to use 1 emini to start & gain a week or 2 of profits & conficence & take the trades, not just see them, and also try to stay away from the taking short skirts when your around higher time frame resistance , pivot high, low, gaps ect for buys & supports for shorts.......& watch the TICKS, if you had a few short skirts in a row & the last one is getting a + 700 reading, its not a BUY.......not saying its a short but not a BUY.......

For the time being, the Charts are in a UP trend on the 60 min time frame & 120 min time frame.........your thinking was good on today could be consolidation day, i agree with that......

I belive that if you adjust your game plan to target 3-5 S&P pts a day on 1 emini to start & eliminate buying on climaxes that you will be more successful.


Goodluck & I hope you took what I said positive only & the suggestions as helpful.

Chartwiz212

 

Oh my God – THIS IS A DISASTER!

Hear I am publicly perverting LBR’s “short skirt” method, and I get caught! (Gees, do you suppose Linda knows? This is embarrassing to the n’th degree.)

Oh, Hi Chris!

No, I am not the least bit insulted. In fact I am amazed at the time and effort spent in your post. However, it’s overwhelming in detail and content. It will take just a little bit of study and contemplation.

Please do not think for a moment that I mind your input. In fact I thank you for it.

(oh God, how will I ever live this down. It’s one thing to be lectured by “Old Timer”, it’s another to be “critiqued” by one of Linda’s people.)

So Chris, can we keep this little “journal” just to ourselves? I mean, you don’t really have to tell Linda about it – do you? Like if I catch on, and do real good, you could tell her, but in the mean time... She’s probably busy and stuff.

In all seriousness, I appreciate the “tips”, and will do what I can to make good use of them. Thanx again!


P.S. Feel free to comment in the future if the spirit moves you!

 

Hi Tampa,

I actually spoke to her yesterday, & she said it was cool to make some comments to help you, we wish you the best in your work.

I am happy you took the comments as positive, We know & understand that its one thing for a trader to understand the concepts & follow her calls in the room, its another to actually sit there on your own & make the trades with real money, having a game plan & strict rules is one thing, having confidence to pull the trigger is another & also being a good chart reader & tape read is another

Take your time & grow & dont force the issue if you dont feel it, its supposed to be fun. If its not fun, the game stops.

We appreciate that you did mention her website & also gave her credit for the "short skirt" trade when you started the thread, shows your sincere & its why i elected to pop in & hoepfully give you a few pointers.....anyway...... keep up your good work & wish you the best success in your trading.

Chris Terry

 

...so, you mentioned this little thing to Linda. That's nice. (oh crap)

(does anyone know how you go about changing your name on ET?)

Well, tell her I said hello, and when I get these "short pants" trades worked out, I'd be pleased to give her some tips.

Traders helping traders - that's my motto!

(don't you say a word, Subbie)

 

With the added pressure of knowing that the LBR people are looking over my shoulder, and that I might have to account to more than just my wife for any bad/questionable trades, (if you get my drift), the post-lunch period was tense to say the least.

(What ever possessed me to do this “journal”?)

I came into the day expecting a dull, narrow range market, and that’s what I got. After the past two days, I would have expected a pullback if anything. As we approach three o’clock, I see a little weakness in the shorter-term charts, but nearby support on the longer-term.

Therefore I will resist the temptation to test the waters for now, and will call it a day.

No trades were made.

One real shortcoming I have had without realizing it is not paying enough attention to longer-term charts. I look at them, but perhaps I have not really been “seeing” them. I need to work on that.

The major plus for the day? I broke the losing streak!

 

Sorry to ruin your day, but you do have to pay for your data feed don't you?.:eek:

 

Paying for a data feed is the least of the indignities I have suffered in the market.