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I did a paper trade shorting at double top breakdown with throwback at neckline. Short 1097 (stop 1097.75) original target 1093, covered at 1094.25. Second leg down could touch 1093. (1093.25 is down channel line). If it breaks 1093, it could expand the down channel. SPX touched 1096 center line...

1-26-2010 Total trades: 3 RT winner: 2 loser:1 net P/L: 1.25 pts Started 12pm ET SPX price broke the 50% center line of down channel drawn since the last broadening top swing high on 1/19. Price was moving down from top 50% channel until 1/21 when it broke the 50% retrace at 1120...

1-25-2010 Total trades: 1 RT winner: 1 Net p/L: 1 pt (ES) Trading time: 11:45 to 12:55 pm ET. My work schedule was quite busy today so I was not able to watch the market for most of the time. I was able to watch market from 11:45 to 1pm ET. I could draw a down channel since 6am ths...

This observation was quite interesting. A few bloggers devoted to market maker/"smart money" behavior study have also noticed such behavior pattern change first time since march 2008. Does it imply the beginning of new intermediate trend (reverse of current trend) or even the long term trend...

I want to make some comments on exit of a trade. Once I enter a trade, there are two possibilities most of time. The price goes at my original trade's direction or against it. Stop order is there to take care teh problem if price goes against the original entry. I would not wait (hope) for...

I am looking at today's chart again and try to see what I could have done differently to play such trend day. Some observations ( I use SPX chart to exclude the off hour trades) 1. On 5 min chart, it was a bear flag from 10:15 to 11:30 2. Since price broke the neckline at 1110 around 1pm...

1-22-2010 Traded YM today total trades: 3 RT winner:1 loser: 2 net P/L: 6 ticks of YM (-30USD) Started at 12pm ET, had to be away from 1-2pm ET. Went long at 12:30 as price broke the second less steep microsupply line drawn from 11:30 to 11:36. Took a quick 7 ticks profit at 10319...

It is breaking out upside. Inverted HS? Vol looked decent. The breakout looks good. I'll look for pullback to retest 1117.5 or a throwback to 1116.5 to go long. In retrospec, after first 2min pullback bar at 2:26, a buy with stop at 1117 or 1117.25 was a good scalp for quick 1.5-2pts. I'll be...

Price dropped below the micro-demand line since 1pm. It drifts flat while the dynamic resistance becomes lower over time. It might retest 1116.75 around 2pm. There might be some inverted HS forming with neckline 1117. If it breaks 1117 with strength, 1121 can be next resistance , 38% retrace. I...

I got some time at my desk. I'll do a paper trade since I am not very comfortable with the volatility now. I like the 1pm swing low with vol spike less than that at 11:45. Enter long at 1112.75 (stop 1110.50). I expect the price at least to retest 1115 then 1117 within next 60-90 minutes. I will...

I have several other commitments this morning at my work place until noon. So I might not be able to concentrate to trade today. Yesterday, I noticed a broadening top forming on SPX for the last several days. It broke the support decisively this morning (look at the contract vol on ES). 1115 is...

I was looking at the 60min SPX charts and the 5 min ES chart. Yesterday, I've noticed that SPX might be forming a broadening top since Jan 11 th. The price made slightly higher highs and lower lows. The broadening top should have 5 reversals and the last one usually breaks the lower support...

1-20-2010 Total trades: 3 RT winner: 2 loser: 1 net P/L: 1.5 pt The pullback from 1:30 breakout did hit 100 min EMA at 2:30. Went long at 1129.75 at 2:20. Out at 1131.75 The first resistance from the trendline since 1:15 second swing low. The equal distance from W neckline to the...

1-20-2010 Started at 12:30 ET. Price was in a narrow range since 11:10. Went long at 12:48 expecting the price to break micro supply line at 2nd attempt ( 3rd touch). Long 1128 and stopped out at 1127. Long 1:20 at 1127 as it broke the micro supply line. I was expecting a breakout this...

1-19-2010 Total trades: 4 RT winner: 3 loser: 1 net P/L: 1.75 pts Started at 11:20 ET. All 3 indices moved up nicely and retraced to close the gap from last Friday. Enter a short around 11:30 for a quick scalp. The price found support around 1140.5. I started looking for long entry...

An observation here. These days, market has been in very well controlled fasion. The volatility is relatively low. Apparently, there is no panic or any other kind of extreme sentiments in the equity market now. Market makers are doing great job maintaining the order of the market. I have...

1-15-2010 Total trades: 4RT winner: 3 loser: 1 net P/L: 1.25 pt Started at 11:45 ET. Today is good distribution day. After first 30 minutes steep down trend, price consolidated in a descending triangle, a continuation pattern.There were two vol spikes after price broke the horizontal...

1-14-2010 Total trades: 1 RT winner: 1 Net P/L: 1.5 pt Started at 12:30 ET SPX was approaching 1150 (some "magic" round number). I expected it to retest previous intraday high on 11th at least. At 11:30 ES retested open range low and rebounded. price broke supply line of down...

1-13-2010 Total trades: 8 RT winner: 3 loser: 5 net P/L: -4 pts Today is my largest loss day since I have traded live. I have made some typical mistakes that beginner suffers. In summary, I didn't cut loss quick enough and didn't let profit run when I was right. There are two trades...

I have been trading live for almost a month now. After all commissions, I am at slight net loss. I understand that it will definitely take more time and experience to be consistently profitable, but I do have noticed some changes of my trading since I started mini ES day trading from last Oct...