Im starting a journal on trading the YM .Calls will be live in a chat room. Everyday I have a plan I adopt different perspectives based on market conditions before the opening of the Dow cash. I think are we in a bull or bear cycle, how did the Dow close the previous day and will we get more follow through today. Or how did the Dow close the last 45 mins of trade.
Maybe we get a big down day or up .i,e .. if we get a big up day and the following day we get a weak open or a lower open. I will zoom in and look for strenth beofre I place a trade. I like the market to tip it's hand for me to be a buyer. The odds are in your favour for more follow through as long as we are above the 10exp ma on a daily chart. So basically I look at a few things before I decide a trade.
After taking all this in to account. I scale in, till I have my full position on and try to ride for as long as I can, But if Im wrong I will double up and even buy more on a third attempt to average buy buying price. The market will usually give you a chance to get out at even. If im wrong on the first trade of the day, I don't look to make money on it. I then start fresh...I know what you guys are going to say, all the good books say don't average down. But I tell you this. My first trade of the day is only 30% of my position so if I am wrong on the first move of the day, I got buying power to buy more...The same if im write on the move I will scale in on the way up...I am open to a wide range of signals such as the Trans Nas Tick IBM and sometimes Oil. so I can adjust my position if I see the other market breaking down. That's a little history how I trade.
But for this journal I will be showing my short term trades looking up to 10 trades a day. Looking for moves of 5 to 30 points on the YM. I will post all the results on this threads. All trades will be shown live in my chat room called Buzz YM Calls. the room will be open from around 8.00am EST time.
Buzz
Maybe we get a big down day or up .i,e .. if we get a big up day and the following day we get a weak open or a lower open. I will zoom in and look for strenth beofre I place a trade. I like the market to tip it's hand for me to be a buyer. The odds are in your favour for more follow through as long as we are above the 10exp ma on a daily chart. So basically I look at a few things before I decide a trade.
After taking all this in to account. I scale in, till I have my full position on and try to ride for as long as I can, But if Im wrong I will double up and even buy more on a third attempt to average buy buying price. The market will usually give you a chance to get out at even. If im wrong on the first trade of the day, I don't look to make money on it. I then start fresh...I know what you guys are going to say, all the good books say don't average down. But I tell you this. My first trade of the day is only 30% of my position so if I am wrong on the first move of the day, I got buying power to buy more...The same if im write on the move I will scale in on the way up...I am open to a wide range of signals such as the Trans Nas Tick IBM and sometimes Oil. so I can adjust my position if I see the other market breaking down. That's a little history how I trade.
But for this journal I will be showing my short term trades looking up to 10 trades a day. Looking for moves of 5 to 30 points on the YM. I will post all the results on this threads. All trades will be shown live in my chat room called Buzz YM Calls. the room will be open from around 8.00am EST time.
Buzz
