t_a, I'm new to watching T&S (just added it to my setup today). What, exactly, am I looking for on T&S? If shorting, do I want to see decent size going at the Bid? By the same token, do I want some good size hitting the Ask to go Long?
-Fast
FastTrader Futures-Trading Journal
- Thread starter EMini-Player
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-Fast
I use T&S mainly at S/R levels. If the the NQ is trending up just under a resistance level and the T&S starts getting quick and also i'm seeing some of my highlighted ask's going off, i'll start thinking that a break up through resistance might happen. Opposite for shorting through support.
October 16th (Thursday)
Followed Trading Plan:
Total trades: 5 (2 Longs, 3 Shorts) 1 Winner, 4 Losers
9:31 AM - Long 1 NQ 1415.00
9:36 AM - Exit 1 NQ 1414.00
Result: -1
9:39 AM - Long 1 NQ 1414.50
9:43 AM - Exit 1 NQ 1416.50
Result: +2
9:58 AM - Short 1 NQ 1414.00
10:02 AM - Cover 1 NQ 1416.50 (Stop-loss hit)
Result: -2.5
Notes: I watch both ES and NQ, and at times if one drops quickly, I will short the other anticipating the same move since they both move together. ES had dropped about 1.5 pts while NQ hadn't so I took a short in NQ anticipating the same, but this never happened.
10:06 AM - Short 1 ES 1046.00
10:15 AM - Cover 1 ES 1047.25 (Stop-loss hit)
Result: -1.25
Notes: I had a chance to bail with a 1-2 tick profit on this one but I was pretty sure ES was gonna fall more than just a few ticks seeing how the DOW was down over 50 pts. Stop-loss was too tight. One more tick on the Stop would have kept me this trade.
10:22 AM - Short 1 NQ 1421.00
10:28 AM - Cover 1 NQ 1423.50
Result: -2.5
Notes: Again, one extra tick on the stop would have kept me in.
Overall:
ES: -1.25
NQ: -4
Was the market totally messed up this morning or what? The indices were completely out of sync. Now, here's why all my NQ trades sucked today. I normally watch a 100Tick chart for NQ but we were having quick moves so I switched to a 75Tick chart...but I guess I forgot to type in the 'T' so in reality I was watching a 75 Minute chart! Doh! On almost all of my trades today, I had the opportunity to bail with a profit but I was trying to get more than just a few ticks out of my trades so I stayed in. Tomorrow, I think I will have to switch back to scalping and try to get some points in off the 100T chart.
Followed Trading Plan:
Total trades: 5 (2 Longs, 3 Shorts) 1 Winner, 4 Losers
9:31 AM - Long 1 NQ 1415.00
9:36 AM - Exit 1 NQ 1414.00
Result: -1
9:39 AM - Long 1 NQ 1414.50
9:43 AM - Exit 1 NQ 1416.50
Result: +2
9:58 AM - Short 1 NQ 1414.00
10:02 AM - Cover 1 NQ 1416.50 (Stop-loss hit)
Result: -2.5
Notes: I watch both ES and NQ, and at times if one drops quickly, I will short the other anticipating the same move since they both move together. ES had dropped about 1.5 pts while NQ hadn't so I took a short in NQ anticipating the same, but this never happened.
10:06 AM - Short 1 ES 1046.00
10:15 AM - Cover 1 ES 1047.25 (Stop-loss hit)
Result: -1.25
Notes: I had a chance to bail with a 1-2 tick profit on this one but I was pretty sure ES was gonna fall more than just a few ticks seeing how the DOW was down over 50 pts. Stop-loss was too tight. One more tick on the Stop would have kept me this trade.
10:22 AM - Short 1 NQ 1421.00
10:28 AM - Cover 1 NQ 1423.50
Result: -2.5
Notes: Again, one extra tick on the stop would have kept me in.
Overall:
ES: -1.25
NQ: -4
Was the market totally messed up this morning or what? The indices were completely out of sync. Now, here's why all my NQ trades sucked today. I normally watch a 100Tick chart for NQ but we were having quick moves so I switched to a 75Tick chart...but I guess I forgot to type in the 'T' so in reality I was watching a 75 Minute chart! Doh! On almost all of my trades today, I had the opportunity to bail with a profit but I was trying to get more than just a few ticks out of my trades so I stayed in. Tomorrow, I think I will have to switch back to scalping and try to get some points in off the 100T chart.
On the T & S note:
Watch what the pace and size looks like on a breakout.
Of course you'll know in hindsight if the instrument took off for a successful break out, but if it did, remember what the T & S pace/size looked like as it was getting through a resistance level (or down through a support).
I only learned after seeing it live about 500 times.
Watch what the pace and size looks like on a breakout.
Of course you'll know in hindsight if the instrument took off for a successful break out, but if it did, remember what the T & S pace/size looked like as it was getting through a resistance level (or down through a support).
I only learned after seeing it live about 500 times.
TM, I completely agree and will not be taking any trades using this method in the future. I have a limited time for trading, and I should just stick to scalping for a point here and a point there. Today I wasn't doing what I normally do; i.e. scalp for quick hits. I was trying to get more out of each trade and ended up taking losses.
-Fast
-Fast
OK, I've changed my time-frames a bit tonight. I've replaced the 10 min. charts with a 5 min. chart. From studying the 5 min. chart for today, I think this will help. We'll see.
-Fast
-Fast
Well, I like the 5 min. chart better for my style, but I did not put on any trades this AM. I love shorting and saw it, but was too hesitant to get in. Yesterday's bad trading had me down a bit so no real$ trades this AM.
-Fast
-Fast
What a crappy day! Only put on one trade for half a point. My entry was decent (shorted ES at 1041 this morning), but exited too early. I only had 30 minutes to trade today so that's the only trade for today. Will post the details (time/price/etc) tonight.
-Fast
-Fast
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