Matcha's Dow E-mini Journal

[Matcha]

Quote from PatientOperator:

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 compañeros 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

Great job!!!

 

[Matcha]

Quote from Bolimomo:

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.

Haven't been to FL and Gary Danko yet. Those are still in my restaurant research list needed to be checked off.

French restaurant, I can "eat" the atmosphere and take all the photograghs for my collections.
In chinese resraurant, I like to stuff my face and stomach.
I love those Abalone,Shark Fin, Giant Clam(xiang ba bang), crab, sashimi tiger shrimp, steam fish, lobster shashimi and soup..etc! And have that bird nest thing for desert...
Like Koi Palace. This Sun Tung Lok looks expensive too! Good thing,it's in TST. I hang out there most of time. I like the hotel cross street from it, The MIRA....
Yes, Got to have the CP $500 day to spoil myself in those restaurants now.

 

[Matcha]

Quote from PatientOperator:

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

errr, Can soup....

haha, those Abalone and Shark Fin soup are absolutely great incentives!

 

[Matcha]

Quote from NoDoji:

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.

........
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.

This either ride all day long with bullish/bearish bias or scalp back and forth isn't easy for me. Today, I somehow tried to combine them all after a great trade turned to be b/e. I frustrated and I lost my judgement, I went all over the place like an idoit.... Next time it happened, I will choose to only stay in one side... I think patience will finally pay off...

Do you hold position during lunch break? set OCO orders? Looks like you are holding position over lunch break. I always don't feel comfortable to hold.

 

[Matcha]

Quote from Bolimomo:

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.

Hi, Boli!
Today I watched TRIN and TICK almost 1/3 of the time. (Still getting used to it though. )That's how I decided the trade A is a great entry, I was so excited when I saw it shooting up. Then the tick was still low today below 0.7 and above 0.3 after I entered. So I set the OCO order and left my desk, I figured today could be the very bullish day. I am riding the trend without getting out. I would only do long trades.

But after I got back,(after 10:30ish) and saw tick was trading above 0.7, TRIN was coming down below 0, Price is breaking the up trend line and making higher low, Price also formed a double top pattern, Plus I was stopped out, I thought the trend is reversing.... Then I took short trade.... I didn't have that thoughts of buy into the "fluid sell"... so instead I short at the low, and keep shorting...

I would say trade A entry is the best entry I have ever had, Everything lined up perfectly with TICK and TRIN's support, it's the exit was screwed up...

I have been practicing using multiple time frames, TRIN and Tick Chart, Pivot Point, Wave Counts, Fib retracement-all the great tips from you. And some Al's approach on 5 min chart.... Probably need more time to make them work better on my trades.

 

[Matcha]

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!)

Sounds like a great lifestyle I am pursueing!

 

[Matcha]

Quote from PatientOperator:

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

Congrats on achieving 1,000 hours!

 

[Matcha]

Quote from NoDoji:

.

Nodoji:
I am not sure if it's ok to ask. Just ignore me if it's too private. What's your average win rate? How long does it take you to be CP? What's the ROI you get each month?

 

[Matcha]

Quote from Bolimomo:

Grasshopper:

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.

Dow did drop 40 points at that time. Was there any reason and logic behind "40pts drop from a second push mostly fail"? get in and long after a fluid sell(40points) in a bullish day?

 

[NoDoji]

Quote from Matcha:

Do you hold position during lunch break? set OCO orders? Looks like you are holding position over lunch break. I always don't feel comfortable to hold.

I trade CL which moves rather quickly from here to there. My trades last anywhere from 20 seconds to an occasional long term investment of 30-40 minutes

The stock index futures, however, are slower at getting from here to there and occasionally have trend days that are well worth holding through. I, personally, have no idea how to do that. I will work a trend by playing each leg of the trend rather than holding through deep retracements, only through shallow ones (where price does not break through the previous bar's high or low).

Quote from Matcha:

Nodoji:
I am not sure if it's ok to ask. Just ignore me if it's too private. What's your average win rate? How long does it take you to be CP? What's the ROI you get each month?

From the time I started day trading to becoming consistently profitable was a bit over a year. I've been trying to let winners run for a couple months now and it's been a real struggle to watch so many trades go from $150-$250 profit back to almost nothing. But this is more a result of micromanaging trades and not taking all signals more than anything else. On active trading days I usually have 2-3 winners (that reach my target), 2-3 scratch trades and 1-2 losers.

As of 6/30/10, my ROI was just over 100%.