...And They Have a Plan. (Live.)

[Overnight]

So waited and waited for just over 2 weeks. ATHs every darned day. I didn't bite last Thursday because I wasn't convinced on the dip. It wasn't deep enough.

Wednesday evening I decided to give it a whirl, because I am convinced we will hit 4400 soon on ES, and above 35000 on YM. Well, this morning the YM went 200 points in profit, but my TP was 300 points. Ooops. Went from +$200 to -$180 today.

ES target is ~40 points. It went 2 points into profit this morning before collapsing. I was expecting a Friday rally, but forgot today was monthly option expiry day. *yawn* Here we go again.

Current open positions...

Flom

 

[Overnight]

Continuing from trade #54...

After the ES trade entry, we had that big dip on Monday. I let the Dow fester, but on ES I was convinced we would bounce higher, so I chose what I felt was a decent average in price 100 points down from original entry. I decided to close them all this morning because, could have been freaky Friday?. The reasoning was also because I did not want to be long at ATH over the weekend, and especially on the ES, the profit of the avg. price of 4302ish was fine with an exit at 4370. That was more than twice as much profit I was looking to make on the single entry at 4355 with a 50-point target. Left a little on the table today as it hit 4397 and I am fine with that.

As for the Dow? I really was hoping to get back to that 200-point profit, (which it did hit later today), but thought "Nah, take what the market is giving you."

That's what I like to see with an averaging-in technique. One that works in a short amount of time yet allows a lot of buffer if it goes bad so you don't have to get in and out all day long. Let the market come to me, rather than try to chase it.

 

[Overnight]

I guess I gotta' do this, since I called out someone else on posting the real, and track records, and all that jazz.

Sorry KC, I had to do it.

Here's what it looked like yesterday on the statement...

There's the average-in long on the ES. I thought it was 4302. Nah, it was 4304. Oops.

Here are the exits...

Damned AMP, lol! They were not shorts, they were LONGS!

CQG and AMP have a funky relationship.

As for the entry trade dates? Remember when I said they were on Wednesday the 14th? Go back and look at the timestamps. Wednesday night at 11PM ET 07/14 is trade date of 07/15 from the exchange POV. Remember, the next trading day begins at 6PM ET on the exchange.

That is why the entry dates look off by a day, because NT7 journal goes by calendar date, not exchange date.

The things you learn about the CME you will learn here. Keep on reading, and you will learn wisdom about those buggahs!

 

[Overnight]

Continuing from trade #57...

I finally decided to do something I never do, and that is scale into a winner.

So Tuesday afternoon I entered a single contract. Then, since it was winning around the close, I scaled into the winner with one more contract, and set my target of an overall profit of ~150 points on the average entry, and it hit that Wednesday morning.

Yesterday I entered some more.

Next I'm gonna try scaling out of winners. I almost achieved that yesterday on the current YM long but my profit target of ~200 ticks was too high. Missed it by 30 ticks. The ES long was an average-in as well. So we'll see how they go...

 

[Overnight]

Continuing from trade #59...

Caught a nasty cold on Tuesday, most likely RSV which has been running around like a madman in MA apparently. Focus has been a bit off, so may not explain this week well.

As you can see, the two open MES positions from Friday closed out on Monday morning. The MES average-in was not the best as I did not let it drop very far, but I'll take it.

Trade #62 was the trade I wanted to scale out on, but it failed. So I set a GTFO target 50 points lower, and it hit.

Trade 63 and 64 is where I employed what is apparently the winning system in stocks and futures which is scaling in-and-out of winners. I bought at price A. It went into to profit. So I bought another "scaling into a winner" at A+x.

Let it sit for a while, and as both positions are in profit, take some money off the table. So sold 1 contract, and when it all went up a little more, sold other contract.

Well, let me tell you guys something. For me, it was wholly unsatisfying. That could be because I have been all-or-nothing on the exits my entire career.

The AVG price on the position was 34,689. If I had sold both contracts at 34,849, that would have been $160, instead of $132. But I followed the plan. I told myself I was going to do it. Find the right opportunity and execute it. And it worked. The results may have been unsatisfying, but I stuck with it. I get a cookie.

Trade 65 was just a general all-in/out deal, nothing exciting there.

And no no no, I cannot keep thinking aboout the "I shoulda' stayed in, I could have had 300 extra bux on that last trade." NO, I can't hear me LALALALALALA!

Didn't trade today.

Flat for the weekend.

 

[Overnight]

Continuing from trade 65...

Pretty annoying week. After closing MES overnight trade on Tuesday morning, we lost internet for two days. Lost the groove and mojo of the market moves for the week. Took a run at a familiar pattern in the YM yesterday for 100 ticks. Today's action (especially in the ES) was like old times. 7 point range for the RTH? Wow! Good stuff (NOT!) Didn't bother trying to trade the sleepy action. Flat for the weekend.

 

[Overnight]

Continuing from #67...

A decent week, thanks to some familiar patterns. Monday's trade #68 was the classic pattern of drop in morning, and rise into the close. (I love those).

Tried an overnight trade on Tuesday. Didn't work out so well, so averaged down a bit. Took an overnight on the MES as well. Closed them all today for some bux.

Only one left open is the dog of the bunch, the Dow. Really thought 35100 was a good entry point. Alas, the market had other ideas. Was down 600 points during the week, but is coming back. (And for any traders here who do not know what that means in futures, 2 contracts and 600 points in the MYM = $600.)

 

[Overnight]

Continuing from trade #71...

Took a MES night trade Sunday, looking for some up action. Scaled into it by one later on that night, and took profits in morning session on Monday. Later in the day, took profits on last week's YM dog trade, so was happy about that.

Wasn't feeling it on Tuesday or Wednesday. Thursday I was reticent because of day one the Jackson Hole, but decided to slip on a couple to see how it felt. ES during day, and YM that night.

Got out this morning shortly before JPowell stopped moving his lips at the Hole. Was looking at action through the day, and decided to remain flat for the weekend what with these nose-bleed record highs. Left some money on table, but I am content. I have to be, or I will become like wabu27. And that is a bad place to be. I should know, I have been there before.

But you will notice that I am slowly scaling up in size. With increased size comes increased profits, but also increased loss potential. Just never over-lever. Slow and steady wins the race. Always.

 

[tiddlywinks]

you will notice that I am slowly scaling up in size. With increased size comes increased profits, but also increased loss potential. Just never over-lever. Slow and steady wins the race. Always.

I'm happy to see you found a groove of some sort for yourself. GOOD JOB!

A couple of expansions on your comments...

1) Only on a monetary basis is loss potential increased. Other than that, for retail, the size of a position has no affect on loss potential. What am I saying? Don't get stuck on the money value. Trade well and the money takes care of itself.

2) It is not a race, however, we all have an expiration date... Feel good. Be happy.


Again, good job!

 

[Overnight]

I'm happy to see you found a groove of some sort for yourself. GOOD JOB!

A couple of expansions on your comments...

1) Only on a monetary basis is loss potential increased. Other than that, for retail, the size of a position has no affect on loss potential...

In this regard I disagree. For the swing, there is that niggling bit of the overnight performance-bond requirement.

There comes a point where the difference between the NLV of the position itself, and the performance bond can come to loggerheads, and one or the other has to give. If levered too far, the bond requirements will exceed the NLV of the account, and one will be forced to liquidate one or more positions.

For example, if you are max levered on a position at $100,000, and your NLV+/-bond requirement of $110,000 exceeds the account value, you will be forced to reduce size by the close, and possibly take a loss. But it could be a gain, too!

But...By keeping size small enough to ride-out those concerns, all is golden.