I think the market might actually come back and make new highs for the day.
NQ Trades RT
- Thread starter AFterburner
- Start date
What are u smoking.. take a look at the chart of the dollar today.
BOT 1509.5 OPEN 14:35:05
At least someone on this thread knows what hes talking about... Geez..
I just dont understand what you are doing? Maybe u can help me?
In the morning u said the the tape was weak and it was.. market was rallying on hot air the past few days. Dollar was rallying like crazy and market kept on churning higher. Then all the suden bam huge sell off. Massive volume on all futures. Your bias was 100% right but u played the trade the wrong way.
Then after the market rallies on low volume well off its low u decide to go long and say that its gonna hit new highs again? Doesnt make sense?
I hope u held onto this long postion and covered it in into the pop in the after moarkets. My point is that if u continue this type of reckless trading.. u will end up blowing up.
--MIKE
SLD 1516 CLOSE
I really don't know what to say. I was looking for 1517.5 just to prove the naysayers wrong, but then I realized that I didn't want to encourage that type of attitude. I would like to ask that people refrain from making disrespectful comments in my journal. Some of the comments made today were totally uncalled for. All I can say is that I am a tape reader. Yes, a lot of the time what I see doesn't make sense, but that doesn't mean it won't happen. Thank you for your understanding.
I really don't know what to say. I was looking for 1517.5 just to prove the naysayers wrong, but then I realized that I didn't want to encourage that type of attitude. I would like to ask that people refrain from making disrespectful comments in my journal. Some of the comments made today were totally uncalled for. All I can say is that I am a tape reader. Yes, a lot of the time what I see doesn't make sense, but that doesn't mean it won't happen. Thank you for your understanding.
TF,
Was it really neccesary to be so obnoxious -- not once, not twice, but 3 times today toward Afterburner? Why can you not just give your advice without rediculing him or telling him his is going to "blow-up"?
Seriously man, I for one enjoy this journal and I know a few other traders that do as well so before you go running the guy off -- please just STFU next time?
Also you are now on my ignore list, so please don't respond and further taint this thread with your bad attitude.
AB, sorry for further cluttering your thread...
Commisso
Was it really neccesary to be so obnoxious -- not once, not twice, but 3 times today toward Afterburner? Why can you not just give your advice without rediculing him or telling him his is going to "blow-up"?
Seriously man, I for one enjoy this journal and I know a few other traders that do as well so before you go running the guy off -- please just STFU next time?
Also you are now on my ignore list, so please don't respond and further taint this thread with your bad attitude.
AB, sorry for further cluttering your thread...
Commisso
I am sorry if my comment affended you.. i agree it was out of line.
But with all regards.. if u consider yourself a daytrader.. one of the bigest mistakes is going into a earnings situation in the after hours. Yes the NQ spiked up on the good news.. but think what would happen if the NQ was down 10 on bad news. There is little liquidity in after hours.. so u can get hurt really bad. There is no way tape reading would of predicited that outcome of the earnings.. i think its more gambling.
--MIKE
Whats the point of having a journal on ET. So everyone can pat u on the back as u consistently lose $ and trade in such a way that has absolutely no edge?
I am trying to help him. I thought my advice would benefit his style. I am not simply ridiculing him.. I am questioning the validity of his edge. Questioning the logic of his trades?
If i would start a journal.. i wouldnt want a bunch of people telling me continue doing what u are doing when the guy just goes through a major losing streak. Its like chearleading someone when u think they are on the path of distruction.
Afterburner took a big hit bceause he was scaling .5 profits on his trades.. w/o using stop losses and then bam market turned badly against him a few times and he took serious losses that completely offset his .5 scalps. That is bound to happen statistically and it did. He then promises to use hard stops and try to capture wider point swings.. well he still is scalping .5 NQ and not using stops.
I am questioning the logic here..
---MIKE
Hi AFterburner,
Good recovery today...the market was weak and I understand why you went short in Trade 1.
As Trend Fader said...the market was weak via rallying on hot air and the dollar was rallying like crazy...
Therefore, I understand your Short bias...
Here's what I don't understand about about Trade 1...
Your posted trade is via central time of 1042am cst or 1142am est...a good Short entry.
At 1151am est your sitting on a +3.50 point profit in the NQ and then NQ begins to slowly rise back up on those weak legs...
What was the tape telling you as it rose back up into a loser prior to the big blow off volume top?
Why didn't you lock in some profits and trail a stop for your remainders when you were +3 points on the trade.
Also, you need to remember something you said...
I don't want to fall into the trap of mistaking a good entry for a good trade...
That's a common trap and can freeze traders into letting profits slip away and become losers.
Reason why I was wondering what you were thinking while knowing you had a good Short entry and the trade started retracing back against your position.
Another question...after you covered Trade 1 for a loss...after you patiently watch NQ go up and up and then back down...
Why didn't you jump back in with a Short position soon after 2pm est when there was a lot of pressure on the Bid side in the tape and NQ was pushing down hard?
My guess is that Trade 1 froze you long enough to encourage you to spend more time analyzing your feelings (anger)...
that by the time your were able to react...it was too late to get Short...
Now the analysis deepens further...you watch it reach your original profit target...
Freezing you again with anger...not reacting fast enough to the trade signals off the bounce...
The market just hit my original profit target for Trade 1. I am absolutely furious
resulting in a late Long entry...late enough so that you lost some breathing room going into the earnings announcement.
My point is this...I've mentioned this before...
Have you ever consider taking profits on some contracts (I know you trade size) and letting the rest ride to see if they can reach your profit targets?
In addition, I have a friend, like you, that plays the after-market earnings announcements and he usually takes a position after 2:30pm est...if he's still profitable going into the close...he'll bank some profits and let the rest ride until around 5pm est...
After 5pm est...the small volatility disappears as the earnings announcement fades into a distant memory...
not worth hanging around...close position and call it a day.
He's been doing this...profitably and consistently for several years.
You've mentioned before to me that you have a plan in trading such and that it usually goes your way...
today it did...congrats and I remember last time it didn't go your way.
If you can keep making consistent profits doing that with an occassional loser here and there...
Simply, if it ain't broke there's no need to fix it.
BOT 1509.5 OPEN 14:35:05
SLD 1516 CLOSE (after-market)
Once again...I'm really confused about why you allowed Trade 1 to go from being profitable to becoming a loser and why the late entry on Trade 2?
Nothing like a good old contingency plan to fix that freezes.
Last question...because of your Short bias...do you control your risk via reducing your position size in Long positions or vice versa when you have a Long bias do you control your risk via reducing your position size for Short positions ?
Once again...good recovery in salvaging the trading day...
It wasn't pretty but it worked.
NihabaAshi
Good recovery today...the market was weak and I understand why you went short in Trade 1.
As Trend Fader said...the market was weak via rallying on hot air and the dollar was rallying like crazy...
Therefore, I understand your Short bias...
Here's what I don't understand about about Trade 1...
Your posted trade is via central time of 1042am cst or 1142am est...a good Short entry.
At 1151am est your sitting on a +3.50 point profit in the NQ and then NQ begins to slowly rise back up on those weak legs...
What was the tape telling you as it rose back up into a loser prior to the big blow off volume top?
Why didn't you lock in some profits and trail a stop for your remainders when you were +3 points on the trade.
Also, you need to remember something you said...
I don't want to fall into the trap of mistaking a good entry for a good trade...
That's a common trap and can freeze traders into letting profits slip away and become losers.
Reason why I was wondering what you were thinking while knowing you had a good Short entry and the trade started retracing back against your position.
Another question...after you covered Trade 1 for a loss...after you patiently watch NQ go up and up and then back down...
Why didn't you jump back in with a Short position soon after 2pm est when there was a lot of pressure on the Bid side in the tape and NQ was pushing down hard?
My guess is that Trade 1 froze you long enough to encourage you to spend more time analyzing your feelings (anger)...
that by the time your were able to react...it was too late to get Short...
Now the analysis deepens further...you watch it reach your original profit target...
Freezing you again with anger...not reacting fast enough to the trade signals off the bounce...
The market just hit my original profit target for Trade 1. I am absolutely furious
resulting in a late Long entry...late enough so that you lost some breathing room going into the earnings announcement.
My point is this...I've mentioned this before...
Have you ever consider taking profits on some contracts (I know you trade size) and letting the rest ride to see if they can reach your profit targets?
In addition, I have a friend, like you, that plays the after-market earnings announcements and he usually takes a position after 2:30pm est...if he's still profitable going into the close...he'll bank some profits and let the rest ride until around 5pm est...
After 5pm est...the small volatility disappears as the earnings announcement fades into a distant memory...
not worth hanging around...close position and call it a day.
He's been doing this...profitably and consistently for several years.
You've mentioned before to me that you have a plan in trading such and that it usually goes your way...
today it did...congrats and I remember last time it didn't go your way.
If you can keep making consistent profits doing that with an occassional loser here and there...
Simply, if it ain't broke there's no need to fix it.
BOT 1509.5 OPEN 14:35:05
SLD 1516 CLOSE (after-market)
Once again...I'm really confused about why you allowed Trade 1 to go from being profitable to becoming a loser and why the late entry on Trade 2?
Nothing like a good old contingency plan to fix that freezes.
Last question...because of your Short bias...do you control your risk via reducing your position size in Long positions or vice versa when you have a Long bias do you control your risk via reducing your position size for Short positions ?
Once again...good recovery in salvaging the trading day...
It wasn't pretty but it worked.
NihabaAshi