Matcha's Dow E-mini Journal

Quote from Bolimomo:

Some TRIN calculations use the Nasdaq as reference instead of NYSE. But they usually use a different symbol ticker, like $TRIN.Q or something. Perhaps double check with TOS if they are using Nasdaq or NYSE.

The descrepancies probably don't matter that much. The key is to observe the relative state (bullish? bearish? neutral - choppy?). And also observe the trend of $TRIN over the course of the day (changing of the guard - from bullish to bearish and vice versa).

$TRIN is only one piece of the considerations. You need to see them and use them with other things.
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They were all NYSE. I gave up figuring out why. I stay with TS.

After staring at them for almost 3 hours tick by tick this morning. I understand that Trend of the $trin is important, but when I saw the trin started trending, I was then too late to get in with the trend. I forgot that I should look for all the pieces of puzzles....The TRIN isn't a crystal ball...

Tick in the meantime, the 1000 level and -1000 level are great indication to take profits or take reversal signal (with waves). When they trade in the middle. (600---- -500) are a bit confusing to read.
I would keep practicing reading them. I don't know why they look so subtle to me. They shouldn;t be that hard to read!!
 
Quote from Matcha:
Trade C basically ended up a small profit.
Trade D nailed 38 pts, not too bad.

trade c: small move=small profit, looks like you took most of it... Good job

trade d: "not to bad" ?????? Don't be so modest, YOU NAILED IT! Excellent exit

2 of 4 out of the consolidation, that's the way to use your "bullets"

<*)))><
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Quote from Bolimomo:

It shouldn't be too hard to trade the futures today. I know you said not trading the first 2 hours. But if you were...

Take a look at the "bigger" picture. I always emphasize that.
DIA 7/14/10 5min.

See scribbled curves. This has been a tremendous up move for Dow/S&P for over a week. The bulls are not going to give up too easily. Note the nice up-moving 200MA (red curve). This morning we had a "gap" down. Overnight ES down move. It is potentially good for a long trade. Observe that in the morning... after the gap down... only a little bit. S&P around 10 points. Dow may be 80 points. It went to near yesterday's opening low. Double Bottom on the 5-min. On the smaller time-frame (1-min) it also double-bottomed. At about 7:00 am. Double Bottom is a bullish sign. If anything you should bet on long, taking Double Bottom as the signal. (Circle 1) 7:00 am is one of the reversal time marks.

Circle 2: Around 9:00 am... market ran for about 2 hours. Note: Double Top. Same high as yesterday's high. This morning was bearish. If anything you should bet on a short here, taking Double Top as the signal. Double Tops (and Double Bottoms too) are no coincidences. They are psychological areas that trick market participants to act in unison.

Bet on it that it will re-test the morning low. It did. Broke the early low a little bit. But the 200MA (The Chinese Wall in moving averages) held up price. The 200MA would be profit area. And if you want to bet, can bet on a reversal again to long.

You only trade one contract. (Small account). And you decided to day trade. (The most difficult kind of trading.) You need to be a choosy snipper. You don't have a shot gun. You have only a few bullets each day. Make them count.
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Now, looking at the chart. The early morning long could be the trade I would have taken.
9:00 double top reversal trade could be hard for me to take. Because it's against the prevailing trend. Even though looks like a place for market to pullback.

I added 200 ma to my chart.

I did horrible yesterday. So horrible even I myself don't know what I was doing....

Should a small account like me stay away from 9:00-11:00?

Look at the brightside, if I could be a good sniper day trading in mini account, I probably could shoot anything eventually be a lady double7. :-P:D
 
Quote from ~~~:

If i am hiring now, you and Matcha sure will be selected coz u2 have the good attitudes :) Are you in California? I am going to NYC in Sept... if you guys are in NYC, we can meet in Per Se or Chinese restaurant ... don't worry abt the bill:D
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I am up for the interview! I can be relocated in Asia with no problem! Let me know if there is an opening.

It will be so cool to work for a cool boss like you and trade Dow at night in Asia! haha!

I couldn't make it to NYC this Sept.:( But I will probably go to HK in AUG.
 
Quote from Bolimomo:

I want to leave you all with this thought. A quote from the Rocky Balboa movie. But I have paraphrased it as I can't recall the exact line:

Balboa: It is not how many punches you can throw at your opponent. It is how many times you can get back up after you've gotten punched in the face...




Trading... how many times can you pull yourself back up after getting a series of punches from the market?
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I like the quote!

I don't break easily. I just don't like when my account is broke
:mad:
 
Quote from Matcha:


....

I spent all morning learning to properly read TICK and TRIN along with my multiple time frames tick by tick.


Trade D nailed 38 pts, not too bad.

I didn’t chase the last parabolic reversal up. I prefer to let it go.
....
BTW, I am using 5 min intervals on TRIN and TICK.
...
Today’s PnL: +$155, 4 trades, 50% winrate
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Hi Matcha,

Your Trade D was beautiful. I had a similar SHORT trade at that spot but pulled the trigger a bit slow 'cause I got tangled up in a bad long trade just before that set up. :mad:

I have also added the TRIN and the TICK (5 min charts) to my tracking. I made 2 small charts for them. I use it for QUICK reference to get an idea of whether the current moment is bullish, bearish or neutral (just like Boli said). I also use Boli's data and added horizontal lines on the charts to denote the bullish and bearish points. I color coded them, it helps for a quick check on whether the current state is above of below the lines.

Thanks Boli for the data:
TRIN:
2.00 - a thick red horizontal line for super bearish, Short trades only
1.50 - a thin red horizontal line for bearish
0.70 - a thin green horizontal line for bullish
0.50 - a thick green horizontal line for super bullish, Long trades only

I try to trade mainly long or short accordingly and if the TRIN is between 0.7 to 1.5, long or short will be considered. I also look at the slope of the TRIN data to see where we are going.

TICK:
1000 - a thick red horizontal line for super bullish, reversal a hi prob.
-800 - a thick green horizontal line for super bearish, reversal a hi prob.
I also inserted 2 white horizontal lines (at 600 and -500). Anything in between is in the neutral zone - no particular attention required except may be the direction it's heading.

Once again, you did a great job in managing your stops today to nail $155 with a 50% win rate. I am still working on my stops. I know it is as important as letting the profit runs.

Have a great Friday!

--po
 
Quote from Bolimomo:

Double Tops (and Double Bottoms too) are no coincidences. They are psychological areas that trick market participants to act in unison.

....

You only trade one contract. (Small account). And you decided to day trade. (The most difficult kind of trading.) You need to be a choosy snipper. You don't have a shot gun. You have only a few bullets each day. Make them count.
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Well said Boli on the DT/DB!!!!!

I shall remember what you said about the few bullets I have and be a choosy snipper before I pull the trigger.

--po
 
Quote from ~~~:

If i am hiring now, you and Matcha sure will be selected coz u2 have the good attitudes :) Are you in California? I am going to NYC in Sept... if you guys are in NYC, we can meet in Per Se or Chinese restaurant ... don't worry abt the bill:D
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Hi ~~~,

Thanks for the vote of confidence and the invitation, but I couldn't make it to NYC in Sept. either :mad:

--po
 
Quote from NoDoji:

I've done this often. The key after a loss is to wait very patiently for your next PRIME setup.
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Thanks NoDoji for the excellent advice.

I shall hold on to this wonderful KEY to wait very very PATIENTLY for my next PRIME setup after a loss.

--po
 
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