Dow E-mini Scalpers Journal

Yeah, that's true. I was trading the 5min and decided I'd try something a little different. Hence this Journal. The posting is to keep me organised, and to think about the trades. The idea is based on improving lifestyle. In other words, can I trade in the first 1-2 hrs and make something and have the rest of the day free? Plus since I'm going for 5-15 pts, the 1 min is more appropriate for this idea. But please do post your next trade.

Take care.
 
Hi, just found the thread. Even though the ym is bit on the thin side, I think it's a nice market to trade and IMHO I think it's better behaved than the nq (if you compare 5 min charts you'll find nq stops are hit more often (those placed at other end of 5 min bar enrty). I use the 3 min though as I find the 1 min a bit too intense and I go for 10 - 20 pts per trade. Do you use stops, market or limits on a pullback to enter? Best of luck with the journal.

cap'n
 
Retail sales beating expectations just weren't enough at the open. Jitters in Europe and the Chinese hike were enough to start the dow down 1%. I entered short a little too early and in bad position. I should have waited for the technicals to become overbought. Anyway, I averaged into it by shorting a 2nd contract. I don't agree with averaging in but I had a strong conviction today but as my knees started to shake I took 5pts on each contact for +10 and called it quits.

This week: +10,+10,+11,+10 = 41 pts

Not bad. That is actually 41% of my monthly target of 100 pts.
 

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I'm can't think why you shorted where you did. Out of the previous 6 bars 3 had virtually tested the low. If you'd waited for the next bar at least you would have got in at the resistance of the previous range lows. You where luck by adding another contract. You broke your rules and this means you will more than likely break them again with substantial losses. Lastly, news is irrelevant in a technically driven market as the institutions just play the ranges.

Regards cap'ncod
 
Indeed, the first short was just wrong. Was blinded by the want to get short :) And second short was money.

While I agree that news is irrelevant, there are times where it provides background to the markets and helps the trader take the higher probability trade. Where did Asia close?, what has Europe been doing?, what theme is dominating the news?, is this theme or a news event a good excuse to push the market up or down?
 
Quote from Snowman75:

Indeed, the first short was just wrong. Was blinded by the want to get short :) And second short was money.

While I agree that news is irrelevant, there are times where it provides background to the markets and helps the trader take the higher probability trade. Where did Asia close?, what has Europe been doing?, what theme is dominating the news?, is this theme or a news event a good excuse to push the market up or down?
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Absolutely agree that previous session action should be aknowledged and highs/ low/ open etc should be identified. Often the best trade in the first couple of hours is a test/ break of yesterday's high/ low. Problem with news, IMO, is that the big players use it to help them get to the levels they want to go. It just becomes another tool for them. Also, news can often be very ambiguous and interpretted both ways (bullish and bearish).
 
Market opened up but just couldn't buy the pullback. Just didn't convince me. So at my first chance I shorted. I took +6 pts and called it quits. I didn't like the small push up that broke above the bar before my entry so I decided to take the small profit. There will be better oppties down the road :)
 

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Asia pushed up this morning, Europe followed and Housing Stats helped continue yty's good move which spilled into today. So after the open I looked for a place to enter long. Got in at 79 and took my profit at 89. +10!!!
 

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Wholesales prices up more than expected, more claims than expected, DJ Stoxx lost 0.5%. Nothing else going on (except Greece and that doesn't look too good either with EU not doing anything meaningful and IMF likely to pay the greeks a visit - only this time it will be IMF bearing gifts hehehe) so if I get a nice trend down will look to short.
 
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