Frustrating Day....
- Thread starter bbraunstein
- Start date
This is a day that most daytraders love because of volatility.
If you are a swing trader trying to call tops and bottoms that seems to be a losing game. I mean late last month was the first buying opportunity since last october for the big money long term guys(Vix hit 56, sentiment, etc.). Plus the indices are bouncing and holding above there 50Day EMA's. Why try to outguess the big guys? Let them make the first move.
If you were watching the FV premium/discount on the spoos you would have had a very different opinion of today's trading. Today was the type of day most traders go to bed hoping for the next day!
If you couldn't read the clues in the last half hour today, then you should not be trading w/ real money:
1) FV premium spiked up significantly 3 separate times in last half hour.
2) spoos breaking through resistance levels.
3) TRIN fell off a cliff at about 3:30 EST
4) NYSE TICK exploded to the upside at about the same time
Went long the usual suspects @ 3:30 (MSFT, QLGC, KLAC).
If you couldn't read the clues in the last half hour today, then you should not be trading w/ real money:
1) FV premium spiked up significantly 3 separate times in last half hour.
2) spoos breaking through resistance levels.
3) TRIN fell off a cliff at about 3:30 EST
4) NYSE TICK exploded to the upside at about the same time
Went long the usual suspects @ 3:30 (MSFT, QLGC, KLAC).
Brandon,
I want you to understand that I don't mean to antagonize; I'm just looking to understand.
I subscribe to your broker-assisted service.
Today, we traded e-mini nasdaq once, and lost 6.5 ticks.
Where did your plan "work for a while?" Does this refer to other reccomendations not followed on your broker-assisted accounts? Just trying to "put 2 and 2 together," so to speak.
Hofferino
When we started the BAT program there where a number of problems associated with executions, very similar to what someone would have who was new in the room, things would be missed ect. The result of this, plus the market bottoming volatility we had over the last few weeks has been a drawdown. In the case of the BAT program because of the size we are handling we have gone to a totally mechanical system which tends to generate 4 to 6 trades per week and has a lower volatility than other sytems we have in place. Over the next few weeks we will be adding the gap program to the BAT and the Volatility Breakout Program to it as well..but currently it is using one setup which produced a short setup today at around 11:55 when 1013's traded, and the stop was around 1020's. Shortly after the setup, the market reversed and we headed higher all day.
Here is are our trades for today.
07:00:31 [Brandon] 09:00:45 cst *DAY TRADE*: (Based on daily and intraday setups. Holding period = several minutes to several hours. Closed by end of day) *SHORT SETUP* Nasaq can be taken short under 1023. Stops above 1030.
08:00:59 [Brandon] 10:01:13 cst *DAY TRADE*: (Based on daily and intraday setups. Holding period = several minutes to several hours. Closed by end of day) *SHORT SETUP* Nasdaq can be taken short under 1010. Stops above 1015
08:01:44 <Brandon> 10:01:58 cst *DAY TRADE*: (Based on daily and intraday setups. Holding period = several minutes to several hours. Closed by end of day) *SHORT SETUP* Nasdaq target 1003/5
08:41:55 [Brandon] 10:42:08 cst *DAY TRADE*: (Based on daily and intraday setups. Holding period = several minutes to several hours. Closed by end of day) *SHORT SETUP* Nasaq can be taken short under 1015, stop above 1020. Prodigy trade. Target 1010 <b> This is the trade taken on the Broker Assisted Accounts </b>
By the end of this month we will have systems in place allowing the BAT to take every trade generated in the room. Tomorrow we are adding the gap trades, so it will trade prodigy as well as gaps.
If you have any questions feel free to call me. Everyone in the BAT program has my home phone number.
Brandon
The offer to call me stands, as I said all BAT clients have my home telephone number and can call me with questions, comments etc.
The Prodigy Program we are currently using has generated 103 trades this year and is +587 points in the Nasdaq. Its max drawdown using $10,000 margin per contract is 28%, currently using $10,000 per contract has drawn down just under 9% since July 2nd.
Tomorrow we will be adding the gap system to the BAT program, and by the end of the Sept adding the volatility systems and then at that time everything you see in the BAT will be exactly what you see in our chatroom.
Brandon
