Out at 117 210. Ouch. A little too much strength. I did try to get out with a tick profit but wasn't filled.
Bond Trader 2009
- Thread starter johnpinochet
- Start date
Out at 117 210. Ouch. A little too much strength. I did try to get out with a tick profit but wasn't filled.
1111 EST
Whew! I really had to fight for today. I'm done. The update is net 212 USD. Trading small size because of Bernanke. First trade was +60 or so. Got up to +160 or so, then had a setback, finally with two trades ended at +212.
You have to know when you are off and stop. Also, ever since Bernanke's 5 point plus move in the 10 year, I've been very nervous about any speech. Hence the 1 - 2 lot trades. It has been awhile since I've don't 6 lots, let alone 8 - 12.
Whew! I really had to fight for today. I'm done. The update is net 212 USD. Trading small size because of Bernanke. First trade was +60 or so. Got up to +160 or so, then had a setback, finally with two trades ended at +212.
You have to know when you are off and stop. Also, ever since Bernanke's 5 point plus move in the 10 year, I've been very nervous about any speech. Hence the 1 - 2 lot trades. It has been awhile since I've don't 6 lots, let alone 8 - 12.
Quote from johnpinochet:
0852 EST
The trade of the day was the buy at 117 140, without a doubt.
Well, no sense dwelling on it.
My hourly bias is long.
My 5 minute bias is long.
For now I will sell a first time approach only to the following levels:
117 290
I will buy a first time approach to the following levels:
117 075
Key time range between 1115 and 1200 EST.
I may have more to come later if possible. Keep in mind that I take other trades. I think the above are the best. Usual rules apply, i.e. stay away during market moving reports. Most obvious rule is to use some common sense and not let a 3 - 6 tick profit trade go against you 18 ticks. Nobody would ever do that, right?
I don't know that I would have taken this trade so late in the day but it does demonstrate the power of my posted levels.
Selling at 117 180 was a really bad trade for two reasons. If you look, earlier in the chart, we kissed 117 175 and came back for my 3 tick net profit target. My order wasn't filled. Then we spiked up through 117 180.
I should have known that the "for first approach only" had already occurred even if off by 1/2 tick.
Here is what I mean. When I post those levels, it is for a first approach only. Look at the approach just prior to my fill at 117 180.
The trade was over at that point.
The trade was over at that point.
Final observation:
The two follow on trades were executed in a text-book fashion. You have to continue and trade what you see and not be gun-shy after a mistake.
The only possible criticism is that I could have milked the two follow on trades for a little bit more. I really like the short entry at 117 205 (previously mentioned POC), and the exit on half at 117 180 which was 1/2 tick off of the low print. Text-book perfect.
Also, on that 1 min chart, price did nothing for a series of 5 bars after that. That is an eternity on a 1 min chart. How did I know to exit 1/2 tick from the low print? It is all about S/R and a little help from my WGSR.
The two follow on trades were executed in a text-book fashion. You have to continue and trade what you see and not be gun-shy after a mistake.
The only possible criticism is that I could have milked the two follow on trades for a little bit more. I really like the short entry at 117 205 (previously mentioned POC), and the exit on half at 117 180 which was 1/2 tick off of the low print. Text-book perfect.
Also, on that 1 min chart, price did nothing for a series of 5 bars after that. That is an eternity on a 1 min chart. How did I know to exit 1/2 tick from the low print? It is all about S/R and a little help from my WGSR.
I trade the 30 year bond, symbol ZB. I would appreciate it if you would give us your comments as to why you have decided to trade the 10 year bond.
I for 1 prefer the 10 year because it has more volume and respects s&r a little better (at least the first time touched).
The 30 year moves are much more exaggerated.
The 30 year moves are much more exaggerated.
Thank you for your reply, Enoch. I understand your comment regarding s&r. However, is it not a good thing that the 30 year moves are more exaggerated? Do we not want bigger moves?
Most want bigger moves, and while I don't mind them if they are predictable, I am a bricklayer and I prefer to take the same trade day in and day out -- between ranges.
I always seem to lose money on breakouts and strong trending days. I always make money when price just bounces from support to resistance and back.
So for my style, ZN works better.
I always seem to lose money on breakouts and strong trending days. I always make money when price just bounces from support to resistance and back.
So for my style, ZN works better.