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Trading Journal - May
- Thread starter Seanote
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Originally posted by BullFighter
Seanote,
What was the technical basis for entering during the low volume period?
Thanks,
Mike
I watched intraday channeling but more over I have a strong inclination that EBAY will hold at it's current price at the time and finish the day strong especially if the market turns around. Not a lot of TA on that trade.
TODAYS EXECUTIONS:
15:58:06 EXPE BOT 2000 78.31
15:53:46 EBAY SLD 3000 57.10
15:29:20 EBAY BOT 1500 56.95
15:14:37 EXPE SHRT 2000 78.31
14:58:38 EBAY BOT 1500 57.15
14:43:22 KLAC SLD 2000 52.96
14:32:15 EBAY SLD 2000 57.68
14:26:20 KLAC BOT 2000 53.19
13:55:36 EBAY BOT 2000 57.26
10:22:01 QLGC SLD 2000 46.36
09:56:47 QLGC BOT 2000 46.68
09:48:51 KLAC BOT 2000 52.59
09:45:54 KLAC SHRT 2000 53.00
09:41:32 KLAC SLD 2000 52.80
09:39:22 KLAC BOT 2000 52.52
OPEN POSITIONS:
NONE
CLOSED P&L: $1,240 OPEN P&L: $0
MTD: $39,502 YTD: $198,834
*Watch COST for a short, but it will be a swing trade if taken. Broke support on daily and could retrace temporarily to resistance which will create an opportunity to take the short.
15:58:06 EXPE BOT 2000 78.31
15:53:46 EBAY SLD 3000 57.10
15:29:20 EBAY BOT 1500 56.95
15:14:37 EXPE SHRT 2000 78.31
14:58:38 EBAY BOT 1500 57.15
14:43:22 KLAC SLD 2000 52.96
14:32:15 EBAY SLD 2000 57.68
14:26:20 KLAC BOT 2000 53.19
13:55:36 EBAY BOT 2000 57.26
10:22:01 QLGC SLD 2000 46.36
09:56:47 QLGC BOT 2000 46.68
09:48:51 KLAC BOT 2000 52.59
09:45:54 KLAC SHRT 2000 53.00
09:41:32 KLAC SLD 2000 52.80
09:39:22 KLAC BOT 2000 52.52
OPEN POSITIONS:
NONE
CLOSED P&L: $1,240 OPEN P&L: $0
MTD: $39,502 YTD: $198,834
*Watch COST for a short, but it will be a swing trade if taken. Broke support on daily and could retrace temporarily to resistance which will create an opportunity to take the short.
I've received a few PMs regarding my regular share size (2K) vs. executing the entire lot in one transaction on a ECN. My software is set up to average all executions together for each position so when I post a trade I obviously had fills below, at and above the price I post the majority of the time. I have access to 9 ECNs and all MMs which have helped my execution speed quite a bit. Hopefully this clears up any confusion..
I've received PMs the last few days from individuals looking for my old thread with all my trades and commentary since I started on this board March 6th 2002. The old thread is under "Intraday/Swing Plays" and look for 05-05-02 at 1:04am. As of May 1st I have started a new thread and will continue for each month.
I think Chi Sox makes a good point and I would like to share my thoughts with the board.
Do you think the dealers created a trading infrastructure to deal with the massive but fizzled nasdaq they created, and thus now its simply us to trade against?? what are your thoughts??
[/quote]
I think the dealers are as confused as the rest of the investing/trading world. At this point they are in no position to create or manipulate any type of market when you have institutions, mutual funds, and retail sitting on the sideline providing no market direction or liquidity. They realize like we do that there is very low volume, people are turning bearish and that creates extended sell offs. Even the CNBC "celebrities" or some call them analysts have finally shut there mouths about this "bull market" that is poised for a great turn around and stayed conservative as of late. The dealers/MMs are much more vulnerable right now because they feel like the average retail investor but have to still maintain inventory and make markets. This will show who the solid MMs are and which ones will be taken down because they're used to making X dollars on average per day and that has dropped significantly over the last couple of months. Now, greed is setting in on the inexperienced MMs and most of them will take themselves and their firm out of the game by taking too many risks and turning into a trader. I don't mean the firm they represent will go out of business obviously, but many MMs will be looking for jobs in the next few months because they can't stand the fact they're not producing the income they're used to. IMO of course.
Do you think the dealers created a trading infrastructure to deal with the massive but fizzled nasdaq they created, and thus now its simply us to trade against?? what are your thoughts??
[/quote]
I think the dealers are as confused as the rest of the investing/trading world. At this point they are in no position to create or manipulate any type of market when you have institutions, mutual funds, and retail sitting on the sideline providing no market direction or liquidity. They realize like we do that there is very low volume, people are turning bearish and that creates extended sell offs. Even the CNBC "celebrities" or some call them analysts have finally shut there mouths about this "bull market" that is poised for a great turn around and stayed conservative as of late. The dealers/MMs are much more vulnerable right now because they feel like the average retail investor but have to still maintain inventory and make markets. This will show who the solid MMs are and which ones will be taken down because they're used to making X dollars on average per day and that has dropped significantly over the last couple of months. Now, greed is setting in on the inexperienced MMs and most of them will take themselves and their firm out of the game by taking too many risks and turning into a trader. I don't mean the firm they represent will go out of business obviously, but many MMs will be looking for jobs in the next few months because they can't stand the fact they're not producing the income they're used to. IMO of course.
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