Pabst's Blue Ribbon Trades

Quote from Pa(b)st Prime:

Thanks for asking.

I'm psychoanalyzing myself here. A bit of a revenge trade.

As far as trade management I can't find a place under the ATH that screams “get out!” I'd rather not take a 400 pip hit-especially now after the add.

Here's what I'll do. (in fact I just put the order in) I'm a 157.10 stop.
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I know the feeling on revenge trades man, I really enjoy your journal though, Keep up the good work

Happy trading
 
i consider the trade done yesterday and whatever the close on my sheets is the new price that i use for psychological p/l,removes some of the emotion and i mark it against any other p/l i have during present trading day,can't get yesterday back,move forward attitude
 
I couldn't agree with you more and the profit isn't chump change either. I came in short 4 from above 158 and I sold 4 more this morning right around here (6.17's) so what I may do is cover the 4 lot and then keep the 7.10 stop on the other 4. I guess I'm looking at it as found money because it was so impulsive.

What I DO like about the trade is 1. it's working and 2. I'm in a real flux or whether it's stocks OR commodities that should be bought on this dip. I guess what I'm saying is I feel uncertain about EVERY market so at least I'm in something that I've already got a lead on.

I'm cutting the baby in half. Tight stop on the new 4 and I'll stick with the 7.10 stop on the balance.

Thanks for the help CP.
Quote from CPTrader:

Better....but since you clealrly don't like the trade, clearly are trading discretionarily...why not EXIT NOW

Step back and then reassess when you have a clear trade with defined risk/reward points.

Place a stop near break even just gives you false psychological comfort...but the fact remains that you are uncomfortable with the trade and should therefore exit.

Now if you were trading systematically, then your "feelings' should be ignored..but for a discretionary trader, I think it's a major faux pas too remain in a trade with little conviction , comfort and worse no clearly defined risk/reward points.

In sum, I think you should exit now and reasses new trade opportunities.
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Quote from ammo:

i consider the trade done yesterday and whatever the close on my sheets is the new price that i use for psychological p/l,removes some of the emotion and i mark it against any other p/l i have during present trading day,can't get yesterday back,move forward attitude
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I go back and forth on that. Paul Jones agrees with you. I certainly let a lot of profits get away from me but on the other hand I took out the entire Christmas-MLK day stock move by just shutting my eyes. I KNOW you're right though about the now moment being more achievable if one... stays in the now.
 
Jeez. Long time. You haven't missed much. Just a Pabst update.

I'm long ES at 1006.25. My stop right now is fifty points lower than here. Obviously I'm playing it small, lol. (3 cars and I'm bid 995 for 3 more). I'll try to get something decent on but for now just trying to not get killed if wrong.

I have secondary measured move support right here but I have even better support 965ish. Of course zero idea if it holds but this is my play and I'm sticking to it. I'll need to sleep so I can wake up for Europe.
 
Talk about long time!

I'm with you on your long. Right or wrong here, it's close. Smart move, imho, ....3 cars.... some would think trying to catch the falling knife.

See the blade grasshopper, but grab the handle. A lesson you already know.

Best to you my brother.
 
Quote from inandlong:

Talk about long time!

I'm with you on your long. Right or wrong here, it's close. Smart move, imho, ....3 cars.... some would think trying to catch the falling knife.

See the blade grasshopper, but grab the handle. A lesson you already know.

Best to you my brother.
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Ok now I've got 10 on. :)

This is a bitch bro but I had a felling this bottom wouldn't look like another one of those one day spike low things. They've become TOO common. And I'm not crowing because this shit could be lower on the day before I finish typing. :)

This could be a really good opportunity to sell high vol in some OTM calls against longs.
 
Screw it. I'm out with an average of 8pts per contract. I'm going to just trade this stuff. Figure any time you see ES in the mid 995's I'm a scaled buyer.
 
The last time I posted on here I was just trading in and out of small longs. I did well although with some volatile ups and downs. On one of those failed rallies a couple of weeks back I remember giving back a 50pt profit, had a couple of brutal quick stopouts but on that -500pt open when the LOD was made I bought a 3 lot and took out 70pts in a couple of hours. Give and take with a couple of good days thrown in.

I'd also been long some Bond puts-even before my last post-and prudently covered most of those Monday afternoon. I got stuck short in stocks Monday-I was sure my play was right-and for as bullish as sentiment on equities was till today that's how negative sentiment on Bonds has been. There's some neat guys here who have a Bond Trader journal and I noticed they too were short and I realized it's a crowded trade. Naturally I didn't cover everything great and gratuitously gave back the proceeds of an added portion of the position. When it comes to being short Treasuries I'm never an eager cover.

As most of you know I was short a small core ES position for the past few days. Same game plan, core of 3 with adds. Nice trade but not a home run or anything. In fact I only made 2x y-day and today what I lost Monday. It's a game of inches with bombs thrown in. Interceptions too.:)

Often I say I could pick someone out of a parking lot and they'd be a better trader than me. It's ironic because being a former local who was just an intuitive feel trader-a style that doesn't lend itself to the screen, not enough transparency-most of my friends think of me as more trader than thinker. The fact is it's my thinking that makes me money and my trading foibles that cost me. The trader in me makes way too many sub-optimal trades. The broad class of my "scalp" type trades during the day have a negative expectancy. The positions I think through with some sort of fractal in mind are my best trades and the reason I'm ticking.

I'll post some macro thoughts later. Just wanted to say hello.
 
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