my trading...
- Thread starter sobemark
- Start date
I trade the spy as proxy of the es emini. This way I don't lose too much money trying to trade futures as a novice trader.
Anyway, I keep a journal of my read of the markets and I thought possible we would have a range day today with a slightly bearish tone. I trade the spy so I can have 3 partial profit taking choices, with emini 3 contracts is to much for me I would sweat each tick.
Today I was pretty sure the area I sold at would be resistance all day (my sell was 117.35 my stop was 117.54). I covered at some at three different thrusts down as I wasn't positive all day that we would get to the area I thought of as my initial target, the 116.70 -116.80 area (the colored line).
The reason for all my choices really comes from watching and trading the spy for months and for taking most kind of losing trade possible in it. I notice that there will often be a head fake that gets faded at 9.45a. Also that kind of fast paced move in the am right into resistance most of the time is not what it would take for the market to break this former support now resistance level. I was watching oil futures and they leant no hand to some sort of correction to the upside this morning. For once I did not tamper with my original stop! I would've been rinsed at breakeven numerous times. I also decided not to do small range trades as the more trades I do the more errors I make and commissions I rack up for often not that much more reward. I thought if my original trade was not proved wrong by being stopped despite those attempts I would reward it by staying in it.
In addition if I was stopped out it would signal to me a move to perhaps 117.80.
My total I indicate is my risk reward, I captured 1.73 the amount risked on this trade.
Anyway, I keep a journal of my read of the markets and I thought possible we would have a range day today with a slightly bearish tone. I trade the spy so I can have 3 partial profit taking choices, with emini 3 contracts is to much for me I would sweat each tick.
Today I was pretty sure the area I sold at would be resistance all day (my sell was 117.35 my stop was 117.54). I covered at some at three different thrusts down as I wasn't positive all day that we would get to the area I thought of as my initial target, the 116.70 -116.80 area (the colored line).
The reason for all my choices really comes from watching and trading the spy for months and for taking most kind of losing trade possible in it. I notice that there will often be a head fake that gets faded at 9.45a. Also that kind of fast paced move in the am right into resistance most of the time is not what it would take for the market to break this former support now resistance level. I was watching oil futures and they leant no hand to some sort of correction to the upside this morning. For once I did not tamper with my original stop! I would've been rinsed at breakeven numerous times. I also decided not to do small range trades as the more trades I do the more errors I make and commissions I rack up for often not that much more reward. I thought if my original trade was not proved wrong by being stopped despite those attempts I would reward it by staying in it.
In addition if I was stopped out it would signal to me a move to perhaps 117.80.
My total I indicate is my risk reward, I captured 1.73 the amount risked on this trade.
but sometimes my hod/lod scanner is quite sufficient ...
sobemark
2 ques. for you.. What is the hod/lod ?
and
Watching some of the stocks you bought yesterday 1-24-05 , 2 of them opened lower than previous close , ran up slighty but got slammed end of day ,RIMM , was one. I forget the other. As, I am trying to learn strategies, Why would you place a buy when the market for the stock is opening lower than the previous days close 1-23. (against the trend).. like catching a falling knife.. any insights.
sobemark
2 ques. for you.. What is the hod/lod ?
and
Watching some of the stocks you bought yesterday 1-24-05 , 2 of them opened lower than previous close , ran up slighty but got slammed end of day ,RIMM , was one. I forget the other. As, I am trying to learn strategies, Why would you place a buy when the market for the stock is opening lower than the previous days close 1-23. (against the trend).. like catching a falling knife.. any insights.
hod/lod is the high of day/low of day ..
OK ..my style of trading is unconventional ... i wait for the chart to set up a specific way ... then, i go AGAINST the trend .. i try to scalp profit from the corrections when the trends get overextended ...
i look for a penetration of the upper/lower bands and for price to extend up/down from the 24 MA ...
this is a hit and run technique ..for i am rarely exposed to a trade longer than 30 min ...
--m
"8:06:07 SellShort 1000 INSP at 45.69 on ARCA (973 traded @ 45.7068) Executed
8:06:44 Buy 973 INSP at 45.00 on ARCA (973 traded @ 45.0000) Executed"
The last few days you've had some premarket trades. Could you share how you know when to get involved premarket as opposed to just after the open? I too use Realtick and they dont have premarket charts for stock so i am curious as to your technique.
Congrats on another great trade!
-Raider
8:06:44 Buy 973 INSP at 45.00 on ARCA (973 traded @ 45.0000) Executed"
The last few days you've had some premarket trades. Could you share how you know when to get involved premarket as opposed to just after the open? I too use Realtick and they dont have premarket charts for stock so i am curious as to your technique.
Congrats on another great trade!
-Raider