Major milestone achieved this week!! 1M+ TLNW (Total LIQUID net worth)! What are liquid assets? Liquid assets are cash and cash equivalents. Includes cash, as well as money in savings accounts, checking accounts, money market accounts, CDs, mutual funds, bonds, stocks, and other assets that are immediately marketable, not held inside a retirement account. What IS NOT a liquid asset? property you own (including a home, if that’s the case), retirement accounts, cars, jewelry and other valuables. Life. Carry On!
So earlier this week I posted in a different thread about what I'm doing about the Sierrachart changes now being imposed solely by Sierrachart. In a nutshell, SC is promoting their own data feed (named Denali), and where/when available through brokers/fcm, their own no fee order routing (named Teton). Data feeds like CQG, IB, and others are not usable in SC without the new fee structure. For the new "features", Sierrachart raised their software charge a minimum of $10/mo. ALL THIS CONFUSION AND TIME SPENT FOR $120/yr. OMFG!!! $120/yr!! I stated I am moving to Multicharts, which at this point in time is FREE via AMP. I used Multicharts exclusively this past week and I spoke too soon. However, I'm not doing a MultiCharts review here... this stuff is way too preference-based, based on the individual trader. What I found out though, by paying the new SierraChart fee structure, the CQG data feed (and other) can continue to be used!! Three reasons in particular I will continue using the CQG data feed with SC through AMP... 1) I can make one DISCOUNTED payment directly to SC for 6 months software usage. And the CQG data feed is automatically taken out of my AMP trading account monthly, directly via AMP. This is what I call simple and convenient. No need to have this expense rattling around in my head! When I turn the key the car starts. 2) The CQG data feed credentials are valid across several of AMP platform offerings that support CQG. So for instance, if not at home, I can access my trading account via Tradingview/CQG. Fwiw, mobile is for emergency only. That's just me. 3) At this time, the number of brokers/fcms that are supporting Denali is very few. The number of brokers/fcms that are supporting Teton is miniscule. Currently, AMP supports Denali, but does NOT support Teton. So at this time, choosing the Denali data feed (and when/where available, the Teton order route) not only locks you into the SC platform, but limits broker/fcm choice to a very small universe. When/if Teton becomes available through AMP, I can supposedly save the .10c per side charged for CQG order routing. Until then, I am eating the $120/yr, and sticking with SC/CQG/AMP. Memorial Day 2022 Remember and Honor.
One mans thoughts of the the current crypto rout. First, I have never bought into the conventional wisdom narrative of crypto. I have always stated crypto is an asset class, but crypto (as an asset class) is no different than trading cards or other collectibles. If someone (or some entity) agrees to accept crypto as a form of payment, than that's an agreement between those parties. No different than seashells, salt, pelts, crops, or whatever both parties deem valuable. But I am not a no-coiner... In 2021, I traded Enjin (ENJ): From a price of cents in the teens to the upper 2 and middle 3 dollar pricing. Nice! That said, I am in no way anything other than an average schlub in my understanding of crypto. I just don't care about it. And I don't trust government either. But I am dangerous regarding financial markets. I also believe history repeats. Anyway, there will be crypto upside trading opportunities over the summer. But I would caution that the kool-aid pitcher has fallen off the table and shattered. Plus, there is a shortage of kool-aid packets to make fresh. The security, stability, accessibility, and viability(of the cw narrative) has been definitively exposed. Rallys will be met with a new gang of folks looking to get out. And there are a lot more of them today than in the past. When will a rally begin? I don't know, and I don't care.
Maybe this is the start of a new series of posts within the journal. The BuzzKill Bar o' da day This is 3 minute NQ. The 12:15pm pst bar was an outside bar with a 97.5 point range, 390 ticks, $1950!! With volume!! The only "tool" I have for that situation is to wait until bar close. But that range is too crazy for that. What I did was cover the short on the first breach of the 12:09 bar high, and I called it a day. The trade was still nicely profitable, but the action of the bar, minimized the profit by about 40 points, or $800!! A real Buzzkill Bar!
Just posting a trade.... Last one for the week. Will see. Short 3 ES (not MES) @3893.00 Hard Stop @3909 ($800 per). No hard target. Will be flat by EOD in all cases. Reminder.... exit can occur BEFORE a hard stop is tripped. I've placed it so I can walk away for breaks, etc. Right now, market is @3890.5
Now a dump will commence. LOL done for the day, flat @ 3891.75.... 1.00 handles net x3 Nice weekend to all
What sux is that I was "distracted" with non-trading activity. Nonetheless, the trade netted $150+ when closed. Had I not been simultaneously doing other things, there were 2 more trades I would have made in the same period. The trade was closed based on volume and price, and relationship to geometry. My comment that a dump would now commence was me being sarcastic. I saw the reversal occurring, and I covered... my trade day was over. That is what sucked!! Here's my 3 minute chart with sell/buy marked, and some other annotations. Those that are familiar with Hershey methods will see the "why" of the sell and subsequent cover, and the reversal. The numeric under the bars is the size of the bar in TICKS. The dot on the bar is a simple 50% level... If Im selling I want to enter on the top half and vice versa for buying. This is not always possible, but remains a very useful visual execution tool for me. Have a nice weekend.