Matcha's Dow E-mini Journal

[Matcha]

Some days I really like “overanalyzing”, it helped me stay out of lots of troubles and stress. But days like today, I don’t…

Market gapped 90Pts down at the open and first bar is a huge bear trend bar. This shows that the strength of bears. Then market made two pushes up then failed to Brake out. 7:20 market sets up a L2 short. I thought that the bull is strong at that time, the S level is fairly near, so I was expecting another leg up to EMA, short higher at the EMA will be safer. But I didn’t’ get it. Market then clasped from here. 2nd retrace, too many bottoming tail formed a trading range and 4th leg down, didn’t short…. I SOH the whole morning and watch the market goes down…

After the sell off , I switched to scalp mode. Unless the bull is getting very aggressive. So I took a Wedge bear flag short at EMA. In hindsight the down momentum is strong, I could have held for 2 leg. +12Pts

PnL: $62 1 trade

 

[Matcha]

Quote from ~~~:

Sweetie ... congrats.. you did a good job!
Matcha ...You don't have to be a heartless cold bitch while trading ... just be Professional..Be A Good Professional Trader!!! Boli & lescor are Not a bitch .. They're Good Professional Trader LOL sweetie ... you have to learn how to "Master" your emotion ... like a surgeon who operate on a patient's heart ... he can't be emotional coz his wife left hiim or his son is in the drug rehab center... We gotta be Professional to our occupation ...

You are back!! sis!

I will learn to stay Professional while trading no matter how long it takes....

PMing you my Dec trip schedule. Going to Andy Lau's concert in HK

 

[Matcha]

Quote from FreeMarketRider:

Matcha - Fantastic goals - A great definition of CP
I'm impressed with your flexibility and adaptability to market conditions. Based on my read of your journal, that has been your only real area of challenge in the past. Good lessons here for all readers - Thank You

Went Fishing - Loved your write up on best traits in real life which work against market life. Very few people recognize this reality at work. Lessons for us all - Thank You

Thank you as always! I wish I can be more knowledgable and informative to some one who just started trading!

 

[PatientOperator]

Quote from Matcha:



After the sell off , I switched to scalp mode. Unless the bull is getting very aggressive. So I took a Wedge bear flag short at EMA...... +12Pts

PnL: $62 1 trade

Hi Matcha,

I think you made the right choice to switch to scalp mode in the afternoon trading. The range started getting narrower after the 4(?) pushes down.

I didn't trade earlier in the morning during the down turn. When I got back, I made 3 unsuccessful trades in the lunch doldrum hours. All trades were big mistakes on my part. Limit down for the day. Lessons learned: it's not easy to trade during the lunch hours!

Best trading tomorrow!

--po

 

[Matcha]

Quote from PatientOperator:

Hi Matcha,

I think you made the right choice to switch to scalp mode in the afternoon trading. The range started getting narrower after the 4(?) pushes down.

I didn't trade earlier in the morning during the down turn. When I got back, I made 3 unsuccessful trades in the lunch doldrum hours. All trades were big mistakes on my part. Limit down for the day. Lessons learned: it's not easy to trade during the lunch hours!

Best trading tomorrow!

--po

Did you take short trades or long?

Just IMHO. It could be subjective. Feel free to correct

today is type of "first move of the day, then mid mushy). We had a good trend down from the open, than consolidated at the support level. sometimes after more than 3 hours tight range with 3 pushes, we get a reversal.

The gap+the whole move is about 220 Pts in Dow. Way over the avg range. This will decrease the odds of going more down. (doesn't mean it wouldn not likely to happen)

That's why i think its only worth a scalp. After the scalp trade, I was more inclined to take long trades. Price has tested the LOD a few times. We are in S level. But long set up never shows up and we were near close.

 

[Went Fishing]

Matcha

Good job sitting on your hands. You've learned not to try to pick bottoms, that's a good thing, nice scalp too. I sure would like to see you catch one of these "free falls." I know it's not your style but some daaayyys (gritting teeth),, sending in a sacrificial soldier on a pullback with a honorable stop loss is a great way to join a stampede. I don't know what Dr. Albert Brooks would think of that :eek: , but it has worked many more times than not for me.

I remembered this post, it outlines the HYN method

Quote from eMiniFreak:
Hi Matcha,
09-26-10
Large gaps have a lower probability of closing than small gaps. That 1% gap up was particularly nasty because it happened just before RTH. My rule on days like Friday is "hold your nose and buy", which is what I've been doing the last couple of weeks; the economy isn't good enough to justify these nosebleed gains in a single month.

 

[~~~]

Quote from Matcha:



PMing you my Dec trip schedule. Going to Andy Lau's concert in HK

sweetie .. i "PM" you .. my Dec schedule

hahaaa sweet m .. andy lau is your idol huh??? if we can meet in HK ..
i will bring yout to see him la ...you can kiss him on his cheeks but NOT on his lips LOL .. coz if you kiss him on his lips ... your pretty face will be all over in HK new papers, gossip magazines, T.V..etc ,etc.

sweetie ... going to korea .. now it's winter.. very beautiful ~

here's a beautiful song for you and "someone" who like you la

must click on the right corner to full screen mode to read the chinese lyrics & the beautiful scenery ...


~ winter sonata ~

http://www.youtube.com/watch?v=RCtw26NIT0E

hope everyone has a great day trading ~

 

[PatientOperator]

Quote from Matcha:

Did you take short trades or long?

Just IMHO. It could be subjective. Feel free to correct

today is type of "first move of the day, then mid mushy). We had a good trend down from the open, than consolidated at the support level. sometimes after more than 3 hours tight range with 3 pushes, we get a reversal.

The gap+the whole move is about 220 Pts in Dow. Way over the avg range. This will decrease the odds of going more down. (doesn't mean it wouldn not likely to happen)

That's why i think its only worth a scalp. After the scalp trade, I was more inclined to take long trades. Price has tested the LOD a few times. We are in S level. But long set up never shows up and we were near close.

Hi Matcha,

Thank you for the recap of the trading. I fully agree that after the gap+the big 220 YM pts down, the ODDS of going down more was significantly reduced. (I like your quantitative analysis of the probabilities!)

The 3 trades that I took during the lunch doldrums were 1). A long trade, after I thought the market has stopped going down and form a D/B. And the 2) & 3) were both short trades after the 1st didn't work out. But were a bit too early, both got stopped out. Looking back, I had opportunities to take a very small scalper profit for those 3 trades but they were likely 3/4 ES pts or less. When you take a scalper profit, do you aim for at least 10 YM points (eq. 1 ES pts.)? My plan was not to move my stop or to take scalper profit for at least 1 ES pt profit.

Have a good day trading!

--po

 

[PatientOperator]

Quote from Matcha:



PMing you my Dec trip schedule. Going to Andy Lau's concert in HK

Lucky you!!!!!

 

[PatientOperator]

Quote from ~~~:




~ winter sonata ~

http://www.youtube.com/watch?v=RCtw26NIT0E

hope everyone has a great day trading ~

Hi Sis ~~~,

Thanks again for sharing. The scene and the scenery are very beautiful! The singing sounded very soothing. It's much better watching this video than watching the choppy market for the last 3 hours.

--po