That seems about right. Too bad it's not a full session today.
ES Journal Archive (2006 - 2008)
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That seems about right. Too bad it's not a full session today.
Iloveoptions,
I had to post about your mistake because it reminded me of a friend of mine. This is an absolutely true story.
I have a friend who trades futures one day a month.
At the time of this event he was trading 160 contracts on a trade.
It was the aftermath of an FOMC announcement (I'm pretty sure this was in the beginning of 2007).
This guy is so "frugal" that he insists on buying the bid and selling the offer at the time of his trades.
The market's reaction to the announcement was bullish bullish bullish.
He managed to get filled at a price which at the time of his order was the bid (come on, price moves around so much, he might be getting filled at his price, but his price was the offer at the time of the execution, why does he do this? because he's cheap and greedy)
his position went 2 and half points in his favor and he brought up an electronic ticket to sell the position. He designated a sell limit (trying to sell the offer, which to me is just ridiculous because how often does price just stand still), anyway...
I knew he was long and after the market moved 3pts in his favor (3 pts X 160c = $24K!), I called to find out whether he had gotten out.
He was in a panic. I could hear it in his voice. He had submitted his order to sell limit 160c, price had traded through his limit but hadn't received a confirm (usually occurs immediately).
He didn't know whether he had gotten filled or not. I got off the phone immediately so he could figure it out.
after 10 minutes I called back.
as it turned out, due to his desire to input the offer price into his sell limit, he had inadvertently stuck 1 too many zeroes in front of the decimal point and his order was rejected because it was not a realistic number (like your original 1300 post).
Once he figured it out by looking at the electronic trail, he sold at the market. Luckily, the market remained in his favor and he was out of the trade with 4.50 points profit (160 X 4.5 pts = $36K).
I told him that he had put a 14000 handle in for the limit price because subconsciously, his greed had taken over and he really did want to get a sale in the 14,000's even though price was in the 1400's
your post reminded me of this story. absolutely true story.
I had to post about your mistake because it reminded me of a friend of mine. This is an absolutely true story.
I have a friend who trades futures one day a month.
At the time of this event he was trading 160 contracts on a trade.
It was the aftermath of an FOMC announcement (I'm pretty sure this was in the beginning of 2007).
This guy is so "frugal" that he insists on buying the bid and selling the offer at the time of his trades.
The market's reaction to the announcement was bullish bullish bullish.
He managed to get filled at a price which at the time of his order was the bid (come on, price moves around so much, he might be getting filled at his price, but his price was the offer at the time of the execution, why does he do this? because he's cheap and greedy)
his position went 2 and half points in his favor and he brought up an electronic ticket to sell the position. He designated a sell limit (trying to sell the offer, which to me is just ridiculous because how often does price just stand still), anyway...
I knew he was long and after the market moved 3pts in his favor (3 pts X 160c = $24K!), I called to find out whether he had gotten out.
He was in a panic. I could hear it in his voice. He had submitted his order to sell limit 160c, price had traded through his limit but hadn't received a confirm (usually occurs immediately).
He didn't know whether he had gotten filled or not. I got off the phone immediately so he could figure it out.
after 10 minutes I called back.
as it turned out, due to his desire to input the offer price into his sell limit, he had inadvertently stuck 1 too many zeroes in front of the decimal point and his order was rejected because it was not a realistic number (like your original 1300 post).
Once he figured it out by looking at the electronic trail, he sold at the market. Luckily, the market remained in his favor and he was out of the trade with 4.50 points profit (160 X 4.5 pts = $36K).
I told him that he had put a 14000 handle in for the limit price because subconsciously, his greed had taken over and he really did want to get a sale in the 14,000's even though price was in the 1400's
your post reminded me of this story. absolutely true story.
Added one unit at 1261/Stop at 1244
Added one more at 1256.75/same stop
the liquidity providers need to break it... so they can cover with better liquidity at lower average price.
the largest money pools look at profit in terms of 100 point handles..
the largest money pools look at profit in terms of 100 point handles..
below 50 down to 38 is the target zone for daily.
Quote from gwac:
05-20-08 02:48 PM
goodluck with that!
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Quote from wave:
If you built your short position above 1420 just hold to 1200.
--------------------------------
gwac your guess is just that, a guess.
Last one out shut the lights, 1293 failed.
05-20-08 02:48 PM
goodluck with that!
--------------------------------------------------------------------------------
Quote from wave:
If you built your short position above 1420 just hold to 1200.
--------------------------------
gwac your guess is just that, a guess.
Last one out shut the lights, 1293 failed.
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