Matcha's Dow E-mini Journal

Matcha · Jul 13, 2010

Quote from ~~~:

jaja .. he encontrado un amigo foodie y es inteligente y divertido.
su nombre es Bolimomo

haha, I used the Spanish online translation, I know what you guys are talking about!
here is my first spanish sentence. I am not sure if it is correct. If it's wrong, it's all the online translator's fault. hehe,

He encontrado amigos foodie y mentores que son inteligentes y divertidos, sus nombres son ~ ~ ~ y Boli

PatientOperator · Jul 13, 2010

Quote from Matcha:

Thank you, ~~~! You are so nice! I won't let lady pay for me though! Wow, Heard of Per Se, it's a very nice restaurant. I miss NYC!
Have you been to French Laundry in Napa? I have always wanted to try.

Thank you ~~~!

You all are food connoisseur

mmmm All these restaurants sounds so yummy... makes me drool.

It's definitely more than day trading in this thread!!!

--po

NoDoji · Jul 13, 2010

Quote from Matcha:

I canât believe I had a negative day today. Today could be one of the best days for meâ¦

I made a few good entries and I hold position longer than before. But probably I am too greedy and I hold position too long. Great trades turned to negative or b/e trades.

It was that kind of day, at least for us short term traders using the 5-min chart. You needed to have an "all-day hold" mentality for a long trade to work comfortably.

I, too, hit the open feeling bullish, but deep in pre-market, crude oil had made an 84-tick move to the upside, put in narrow range consolidation on low volume. Looked like I had time to grab breakfast before the NYMEX open, when I expected a decent move. Well, I returned to see it broke out already and within 2 minutes of the NYMEX open had made a full measured move up.

So there I was at market open, feeling bullish, but the next breakout was shallow, and after as many pushes up as CL had overnight and into the open, this was a sign to watch for a reversal signal. So I shorted the first lower high and was stopped out b/e after a move in my favor. Re-entered quickly off the next lower high, and this one actually looked like it would reach my target, but found support again and out b/e again. Right back in off another lower high, moved my way and right back to b/e.

Then I took a nap, and came back to price in no man's land. That was my entire day, 3 b/e stop outs after being shown $420.

By the time the pre-market moves were over, it was all scalping price action after that. Looks like the stock index futures weren't a whole lot different. Either you took the early pullback long and let it ride all day with a bullish bias, or you tried to scalp back and forth and the only way to do that well was to fade each move rather than wait for confirmation.

PatientOperator · Jul 13, 2010

Quote from Matcha:

haha, I used the Spanish online translation, I know what you guys are talking about!
here is my first spanish sentence. I am not sure if it is correct. If it's wrong, it's all the online translator's fault. hehe,

He encontrado amigos foodie y mentores que son inteligentes y divertidos, sus nombres son ~ ~ ~ y Boli

Hi All,

Me too, this is my first attempt to write in Spanish: {Hope Google Translate got it right

)

He encontrado amigos foodie, mentores y compaÃ±eros que son inteligentes y divertidos, sus nombres son Matcha, ~ ~ ~ y Bolimomo

Have a great evening and great trading to ya'll!!! Intel has a good earning report. ES is now up about 9 points.

--po

Bolimomo · Jul 13, 2010

Quote from PatientOperator:

Hi Boli,

Impressive!!!! Like Matcha said, you are the pro.

--po

Thanks PO. You and Matcha are buttering me up!

I am not a pro. ~~~ is a pro. I am just a small potato making a living trading stocks. I don't work on Wall Street. No suit/tie. No cold calls. No desk or inbox. No commute (yay!)

PatientOperator · Jul 13, 2010

Quote from NoDoji:

......
By the time the pre-market moves were over, it was all scalping price action after that. Looks like the stock index futures weren't a whole lot different. Either you took the early pullback long and let it ride all day with a bullish bias, or you tried to scalp back and forth and the only way to do that well was to fade each move rather than wait for confirmation.

Hi NoDoji,

Excellent observation and trade strategies to handle those huge pre-market moves. Thank you.

--po

Bolimomo · Jul 13, 2010

Quote from Matcha:

I canât believe I had a negative day today. Today could be one of the best days for meâ¦
.....
TRADE A, Entered as pullback trades, Trin and Tick shows bullish. Then I did measured move, wave count, Fib etc. I came up with the target area to take profits-10340, When price reached that level. I got over excited then choose to hold longer. I set my new target to 10355 areas and move my stop to be 5 points profit, then I left my desk for 2 hours. After I came back, my stop was hit.

$190 profit turned to $20 profitâ¦
...
Trade B and Trade C are both scratch trade. Trade C did hit my target level 10355 zone, but I still, too greedy, though it could break out moreâ¦.

Grasshopper:

Did you keep monitoring $TRIN today? Early on it was as low as 0.2!!!! Then 0.3... Then went to 0.5 or so. Remember what I said: a day like this: NO SHORT TRADE

A good approach would be waiting for the market to pull back. On the lower time-frame (e.g. 100 tick or so)... when it looks "very bearish" with a fluid sell, get in and long. I saw it at about 10:15 am (PDT) or so? ES dropped 5-6 points from a second push (which has a high chance to fail). 5-6 points should be a good place to fade to go long. I would imagine Dow probably dropped 40-50 points or so at that time.

Your Trade A looked right (in direction). I think you probably should tighten up the stop when it started accelerating upwards. Usually: Acceleration means "the end is near" near trend end.

PatientOperator · Jul 13, 2010

Quote from Bolimomo:

Thanks PO. You and Matcha are buttering me up! I am not a pro. ~~~ is a pro. I am just a small potato making a living trading stocks. I don't work on Wall Street. No suit/tie. No cold calls. No desk or inbox. No commute (yay!)

Hi Boli,

Butter!! And Potato!!

Talking about food..

Small potato or not, that's what I am aspiring to be. I'm longing to become a CP trader. No suit/tie, no boss, my office is just a few steps away from my bedroom and I can even wear my PJ to trade if I want to.

Will work hard to achieve my dream goal, 9,000 more hours to go.

--po

Bolimomo · Jul 13, 2010

Quote from Matcha:

...
Have you been to French Laundry in Napa? I have always wanted to try.

Per Se... The French Laundry... hmmm...

Need to wait until you get those $500 days.

TFL: waiting list is probably 3 months long? Maybe it is not too bad in this bad economy.

I would settle with some Abalone and Shark Fin soup at Koi Palace, Daly City any time! Or Sun Tung Lok in HK.

PatientOperator · Jul 13, 2010

Quote from Bolimomo:

Need to wait until you get those $500 days.
....
I would settle with some Abalone and Shark Fin soup at Koi Palace, Daly City any time! Or Sun Tung Lok in HK.

Hey Boli,

You made me hungry now.

Hi Matcha,

This is the best trading tip of the day from Boli, remember next time before you pull the trigger, visualize those Abalone and Shark Fin soup. It's either that or Campbell Soup!

--po