Spydertrader's Jack Hershey Futures Trading Journal

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Quote from Spydertrader:

I trade the morning / midday until volatility and volume drop off significantly. Just before the announcement, I'll place a bracket order. Do not place the order too early, as usually you'll see a 'fake out' move just prior to the actual move.

- Spydertrader
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Spyder,

Can you give us an idea of how you set-up your bracket (OCO) order this afternoon? For example, how soon before 14:15 did you place your order? Also where did you set your triggers for your initial buy/sell prices and were those based on the ES or the YM? I think it would be educational for us to know how you did it and your reasoning for why you did what you did. Thanks. :)
 
I sim traded the event. I set a bracket and when the announcement came it dipped down for a nanosecond and put me in short then turned around and shot up and went right through my long limit order without filling it and I got bad slippage on my stop for the short. This is not that uncommon, I think.
 
Quote from Bearbelly:

I sim traded the event. I set a bracket and when the announcement came it dipped down for a nanosecond and put me in short then turned around and shot up and went right through my long limit order without filling it and I got bad slippage on my stop for the short. This is not that uncommon, I think.
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Same happened to me but then I reentered on the retracement.

Maybe that's the way to go. Wait for pt3 on the tape.

Ivo
 
Quote from Bearbelly:

I sim traded the event. I set a bracket and when the announcement came it dipped down for a nanosecond and put me in short then turned around and shot up and went right through my long limit order without filling it and I got bad slippage on my stop for the short. This is not that uncommon, I think.
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I too sim traded the event, but this is what I did. It sort of worked...
About 2:05 my YM channel ranged from ~ 12,365 to 12,380. So my reasoning was this: When the YM breaks out of the channel by a substantial amount, I then would execute a market order. So I set it up this way. I had an order to buy the ES at market when the YM traded twice above 12,390. My other order was to sell the ES if the YM traded twice below 12,360. These were OCO orders, so when one was filled, the other was cancelled. I then sold the ES after I saw some profit (too early though). I'd like to hear how others did it. Thanks. :)
 
Quote from WGTrader:

Can you give us an idea of how you set-up your bracket (OCO) order this afternoon?
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Note the attached chart snip. The Pink Lines represent the most recent range just prior to FOMC. Since the range outlined by the Pink Lines represents a (near) 2 point spread, I set my bracket to enter short 2 points below the close of the 2:10 bar (circled red). On the flip side, I set my long orders to trigger 2 points above the same circled area. You may have to adjust these levels slightly as price jumps around a bit just before the close of the 2:10 bar. Setting such a wide spread keeps me out of any 'fake out' type deals that happen right around the announcement time (See earlier post). I try to set the bracket as late as possible taking care not to wait too long and miss the whole deal.

Others probably set their brackets slightly differently than I. Perhaps, they can chime in at this point.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1406433>
 

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