ZN 10yr Update I have decided to lighten up on the position for now because of my time stop. Ideally I would have liked to lock in some more profits going into tomorrows employment numbers and I can always add to the trade after they come out, if the market reacts in my favor to the downside, whats left of the trade is risk free (working stop). Index Update: As expected the indexes have stayed in an ugly range most of the morning and I still have the NQ short working with b/e stop again this is the same situation as the 10 yr. trade. I would have liked to had a profit cushion going into tomorrow but it has failed to materialize yet. I will keep you posted on the status. The only thing good about trading days like today are days like tomorrow!
Well, well the YM broke down finally nice surprise ! I'm lightening up and locking in additional profits 1526. Now let's see if we can get to 1505 today (doubt it) but tomorrow maybe. I will look to buy 1505 area if conditions are right! Stay tuned
Stop moved to 1525.50 potential for a snap back here and I really don't want to hold overnight anyway. If I get stopped that will be it for today and I will look for another high probability entry short but ideally I want to Buy (NQ) not sell it, I just want to buy it right and 1505 is the right number according to my analysis. http://charts.dacharts.com/2005-06-08/Samfox33.png
Well that had to be the tamest reaction to an employment number that I have ever seen Any how the ZN short is working just fine current price 113-150 Of course the market sold off overnight ... right after I lightened up but at least I still have these last few working and I'm in big profits on them and the trade is a success overall. Now I can just trail structure and ride these as far as they will take me. Stay posted.
Hi can i ask what were you expecting from a weekly initial jobless claims data before Greenspan speaks ?? it always has little reaction to it.
The market surprised me on this trade with the HOW and WHEN not the IF. I didn't think we would drift down to this level last night I thought we needed more of a catalyst and even a small surprise in jobless claims would have done it and that error cost me 2 extra contracts for 24 ticks of potential profits. It's really just a personal thing and the problem is that I can't park a working stop order overnight on the ZN and have to use my platforms trade alerts and I just don't sleep well when I use them. o well I'm not going to complain about it if I'm right this trade has a lot of legs left in it south, we shall see.
ZN update That was a nice spike down at 10:00 I couldn't resist and took one of my last two contracts off @ 113-080. The trailing stop is now 113-185 and this is one is in the books for now. Volatility will remain high in the short term if the macro trend changes to Bearish and there will be a lot more opportunities to trade this to the downside and this trade is already a big winner even with the small errors I made and concidering the whole power outage thing!
Well I was stopped out of that ZN trade and currently FLAT all markets. I had some charting issues today with rollover and missed a nice long early on the YM but that's fairly typical with rollover days. Personally, I will be glad to see Monday as this week although profitable was difficult and kind of hectic with unrelated trading issues that caused me to miss some good opportunities. We have a couple of key numbers early in the AM and that may set up a nice trade but with the YM stuck in an ugly 10 day range and the NQ playing the volatility pullback dance, it's going to take something substantial to get this party started either direction. So for now it's convergence trading 101 and take what you can get.
Morning review I shorted the ZN again at 113-160 with a tight stop of 113-170. I like the NQ long and the YM long today if I get a high probability execution edge set up. I may not have time to post the entries till after the close but I will post a chart at that time. Good trading to you!