NoDoji's Day Trading Log
- Thread starter NoDoji
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I just made $ 35 today, market was moving real slow so I did not try for more. Still testing some ideas. Seems on ninja trader, I can not see the my trades after the fact when I trade with real money, so maybe I need to do a sim trade at the same time. Pair trade not working so far, want to give it at least a few days in Jan, if I see no progress, may kill it.
I killed the pair trade before bell close. I really should have bought the spy put instead yesterday. I thought market going down would have had more effect on that stupid coffee stock. Long 500 shares of CWS which is a china wind stock, just got listed on NASDAQ. Strong demand for wind technology in china. This was a $ 15/sh stock, and you can buy it for around $ 5.50/sh. Its broken through resistance, just like that damm coffee stock.
+ $218
Short small GS @ 173.20 pullback from new high, stop just above the high. Trade moved in my favor and just as I was about to move my stop to b/e price spiked over .30 cents taking me out with slippage for -$32.
Short GS @ 173.95, pullback from lower high providing a confirmed entry, so played full size on this one. Covered @ 173.44 for +$250.
Short small GS @ 173.20 pullback from new high, stop just above the high. Trade moved in my favor and just as I was about to move my stop to b/e price spiked over .30 cents taking me out with slippage for -$32.
Short GS @ 173.95, pullback from lower high providing a confirmed entry, so played full size on this one. Covered @ 173.44 for +$250.
+ $22
Offered 83.80 as GMCR made highs on the day, missed by .12 cents and did not want to chase this one because of the spread and volatility.
Offered 58.25 X expecting a test of previous resistance, missed by .06 cents and also didn't chase. This one was safe for chasing though. Oh well.
Left until the end of the day, then decided to see if anything was inviting before the close.
Shorted GS @ 175.66, pullback from a failure to test the HOD. Moved my stop to 175.50 as it fell, then it whipped into reverse off .32 and took me out with slippage for a whopping $22.
Offered 83.80 as GMCR made highs on the day, missed by .12 cents and did not want to chase this one because of the spread and volatility.
Offered 58.25 X expecting a test of previous resistance, missed by .06 cents and also didn't chase. This one was safe for chasing though. Oh well.
Left until the end of the day, then decided to see if anything was inviting before the close.
Shorted GS @ 175.66, pullback from a failure to test the HOD. Moved my stop to 175.50 as it fell, then it whipped into reverse off .32 and took me out with slippage for a whopping $22.
Seems like someone is "spinning their wheels" while in a rut.
Technical analysis is best used in its most simple form. In my mind as a daytrader i use TA as the one and only tool to allow me to look at a screen and decide in a flash if the mkt is telling me to be LONG or SHORT or FLAT. That is all i need to know about direction. After i decide on the direction my next decision is where do i get in. How i get in is the easy part: Do i wait for a level to be hit, either up or down? Do i play like a child on a see-saw with the mkt being my partner to provide the energy in the other direction for the swings where i sell strength and buy weakness at the boundaries? Ranges are the same as channels, same tactics. (i have been doing more range stuff since we have slowed down in ES). Do i go L or S at support/resistence? Do i follow an intraday trend?
What i am saying is this: LET THE MKT make your decisions for you. Have the odds in your favor by pre-determined decisions as price walks the walk. Each and every one of the above trade entry decisions are based on simple TA. You will notice each and every tactic has a specific, clearly defined point of entry based on said specific price point being hit. The other side of such a beautiful entry point easily flashes the exit point if the trade is not a winner. Specific entry is a two edged sword, you are either right or wrong, thats where knowing the odds of the entry is an "ARTFORM" of trading. You do not want it any other way, you do not want entry and exit to be subjective.
Subjective entry and exit is the reason why this game needs constant new blood (fools) to feed the few winners.
Trading is like milking a cow, do it right and you get milk, do it wrong and you get kicked real hard.
Some clown i remember in the long gone chat room by the name "BANJO" put it slightly different, he said you simple trade the mkt like a waltz, just follow along and enjoy the dance.
Uncomplicate yourself and let the mkt talk to you. You are changing dance partners to often, that causes some toes to get stepped on.
Allow TA to do the work for you. Follow some trends instead of FADING all the time.
Technical analysis is best used in its most simple form. In my mind as a daytrader i use TA as the one and only tool to allow me to look at a screen and decide in a flash if the mkt is telling me to be LONG or SHORT or FLAT. That is all i need to know about direction. After i decide on the direction my next decision is where do i get in. How i get in is the easy part: Do i wait for a level to be hit, either up or down? Do i play like a child on a see-saw with the mkt being my partner to provide the energy in the other direction for the swings where i sell strength and buy weakness at the boundaries? Ranges are the same as channels, same tactics. (i have been doing more range stuff since we have slowed down in ES). Do i go L or S at support/resistence? Do i follow an intraday trend?
What i am saying is this: LET THE MKT make your decisions for you. Have the odds in your favor by pre-determined decisions as price walks the walk. Each and every one of the above trade entry decisions are based on simple TA. You will notice each and every tactic has a specific, clearly defined point of entry based on said specific price point being hit. The other side of such a beautiful entry point easily flashes the exit point if the trade is not a winner. Specific entry is a two edged sword, you are either right or wrong, thats where knowing the odds of the entry is an "ARTFORM" of trading. You do not want it any other way, you do not want entry and exit to be subjective.
Subjective entry and exit is the reason why this game needs constant new blood (fools) to feed the few winners.
Trading is like milking a cow, do it right and you get milk, do it wrong and you get kicked real hard.
Some clown i remember in the long gone chat room by the name "BANJO" put it slightly different, he said you simple trade the mkt like a waltz, just follow along and enjoy the dance.
Uncomplicate yourself and let the mkt talk to you. You are changing dance partners to often, that causes some toes to get stepped on.
Allow TA to do the work for you. Follow some trends instead of FADING all the time.
While I wholeheartedly agree, the thought process in fading (for me, at least), is that I don't want to chase and thus the price movement has to change direction for me to join the trade.
As in "it's so high, it has to come down" or "it's gone so low, it's bound for a reversal". Or something along those lines. You know what I mean.
When you counter-trend trade you're picking a top or bottom. Intraday, the odds of a reversal into a new trend are high after a 3rd or 4th leg up or down. That is quite a reliable counter-trend setup and Al Brooks discusses it at length in his book.
Yesterday X was not a counter trend trade; it was swinging in a range, nice swings and I was looking to catch the reversal point down from a double top area. It was indeed a very nice reversal and I sadly didn't jump in when my offer was missed by a bit.
Yesterday X was not a counter trend trade; it was swinging in a range, nice swings and I was looking to catch the reversal point down from a double top area. It was indeed a very nice reversal and I sadly didn't jump in when my offer was missed by a bit.
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