Jun 282013
 

End of the month volatility today is normal.
I made one trade resulting in a small loss.
Sometimes I’m wrong about being wrong.
It happens!!!

No one likes to admit they are wrong,
to admit you are wrong about being wrong sucks.

The trade I took was a SWAG (Super Wild Ass Guess).
My usual indicators were showing long and I took a short.
The trade was simply on ‘feeling’.  Never a good way to trade
(at least for me).
The rhythm of the action was short but Delta, Schaff were Long.
The short indications were Bid / Ask and Time and Sales both showed short action.

So I took the trade short.  I initially chased it 1 tick and then got filled.
The trade was fine and holding the level but then made what I saw as a significant Delta move up.  The Bid/Ask and Time and Sales turned to buying.

With a higher low and the change it rhythm to long, I took my exit with a 2 tick loss.  My stop was not hit and had two more ticks to be stopped out.  The exit was my decision.

As it turned out, I exited at the high point of that leg and the trade again turned to short.
The images are below.  It is still falling as I write this.

Sometimes being wrong about being wrong continues to suck.
But discipline is the best way to survive.

6/28/13 Trade Entry

6/28/13 Trade Entry

6/28/13 Trade Exit -2 Ticks

6/28/13 Trade Exit -2 Ticks

6/28/13 After Exit. Wrong about being Wrong!

6/28/13 After Exit. Wrong about being Wrong!

Jun 262013
 

I arrived at my trading desk at / near 7:20 just before the revised GDP report.
I watched the market rise (on mobile) all morning and noticed earlier that it was at an extreme but I was not confident it would drop because of the underlying volume pushing it up.

When the GDP report was released, I noticed an obvious top and I decided to take a stab at a short.  The results are below in the charts.  The only thing I should have done was trail my stop for a few more ticks.  That is easy to see in hindsight but in actual trading, the trailing stop would have gained maybe one or two ticks at the most.

Over all, I’m happy with the results of the trade and target selection.  A 10 contract trade on this trade would have been heaven but as they say, no balls, no glory…  :-)

Trade entry 6/26/2013

Trade entry 6/26/2013

Trade target placed 6/26/2013

Trade target placed 6/26/2013

Trade Exit 6/26/13

Trade Exit 6/26/13

After the Exit 6/26/13

After the Exit 6/26/13

 

 

 

Jun 192013
 

I’ve not posted lately but I have been watching / trading the market as usual.
My normal routine is to get up at 5 a.m. and check the charts.
I get ready for work (Shower, shave, etc) then do my pre-work duties such as tend the Aquabiotic Farm (hobby www.Aquabiotic.com) and feed all of my critters. (Wild Turkey, cats, earthworms, fish, ducks etc).

Then I leave for work (45 min drive under good conditions).  I arrive at my desk for trading about 7:00 – 7:20 a.m.and start my charts and data feeds.  Start Twitter, StockTwits, Econ News Feed and CNBC plays in the background.  Although these are running, I only check them initially to get a feel for the market sentiment and pending Econ Reports about to be released.

Today, the market was mostly flat and not moving well.  I took one stab at a trade and quickly decided to exit for a +1 tick on the ES.  This is almost like breaking even after commissions.  The charts for the day are below.  It is now 8:30 and I’m done for the day unless I decide to get on later during the FOMC report at 1:15.

Trade Entry

Trade Entry

Trade Exit

Trade Exit

After The Trade

After The Trade