YM Traders

Why was it a bad trade ?
I covered half, made some quick money, and set the stop at break even to let the trade work if it fell more. Normally I would just cover it all but my weakness is leaving money on the table.
I knew if it broke 450 it would head at least 20 higher. It went 40 instead. I am trying to take care of loose ends before this storm hits so I have not been to worried about trading today but I did manage another profitable short before the close.
 
Quote from volente_00:

Why was it a bad trade ?
......... but I did manage another profitable short before the close.
More...

I traded long only today as i said in ET chat room b4 yesterday's close-------"go long 2mmrrw".

My asking is to learn the opposite thinking. A friendly discussion.
 
Best of luck Volente and anyone else effected by rita. hurricane force winds are expected as far as 100 miles inland, that's amazing. Godspeed.
 
hey blackguard

nice call earlier today ... curious why you did not
scale out a little more on the sales ?



-I bought at 10447

sold everything at 10469 average. trade closed

blackguard-
 
I know I'm used to making the charts, but my mentor sent me one that does better justice that I can.

I actually had trouble identifying support when I got home, it caused me to have a bad trade, but I made up for it and ended up with a $20 gain for the day.

http://img362.imageshack.us/img362/7062/9237ak.png
That is my mentors chart.



Now my mistake:
http://img366.imageshack.us/img366/4870/snapshot376vv.png

If I was looking at my mentors screen today, I would have realized that I was buying in the middle, instead of what I thought was an area of support, but I got it sorted out after I made the trade and managed to gain a tiny 20 profit.

Anyways... still looking forward to getting my account funded, I should be ready for live trading by the end of next week. I'm looking forward to it.
 
....just looking at your chart jm,have a question for you.you say you should have shorted at the 2nd lowest high of the day,no doubt because it failed to make the high.this is a simple retro call to make off course.however support and resistance on its own doesnt help in this particular decision. a knowledge of the market participants and volume would allow a more accurate assessment.i am confused as to how a valid decision from s+r only could happen here.if you see my attached chart,what would have stopped the market retracing and then breakin the highs?

cheers mark j
 

Attachments

Hello everyone : I used to trade the bigger pit traded DJ futures; and am now enjoying the smaller active YM futures. Yesterday I sold 1 March 10,000 put at 278 and 1 March 10,700 call for 236 pts. Breakeven is around 9500 and 11,200. Any thoughts on this strategy? I doubt the DOW will trade conclusively and breakout of these ranges. Any obervations, criticisms, input would be highly appreciated.
 
I think yesterday was a very difficult day, a lot of indecision, difficult to get a feel for any direction looking at volume and price. I don´t know much about black boxes, but for a long time it felt like the only market participants were computers playing table tennis with each other.

I also have a question for you Movery - you often write "sellers in command" and "buyers in command". I think you wrote earlier that your mentor told you who was in command. What does he look for? Looking at price-volume is seldom enough to know if s/r gonna hold or not. What does your mentor look at more than the chart? Just looking for some clues how to determine if lines are gonna hold or not, because to me it is often impossible to predict...

If Volente got something valuable to add, you´re more than welcome... :)

best regards,
Stalker
 
Marcus,
To answer your question, my mentor can look at price action and tell who is slowly gaining control, who is pushing who closer to their "line of defense". If you look at that chart. You see the second peak? It didn't make it up as high as the first peak, that is a sign that the sellers are getting stronger, or the buyers are getting weaker, either way you look at it, the battle near the support line is getting closer and closer. The second peak was a big desperation move by buyers *in my opinion* to make a big drive up, but once again it was stopped, and the buyers just said screw it, we know we can't take it up so they took profits and the price went down.

My mentor might have a better description, but I believe it would be along the same line as that.

If you look at some of my very early charts I have posted.

This one, not sure if I posted, but check it out:
http://img151.imageshack.us/img151/4584/snapshot42ka.png

But nothing is certain... that is why we have to limit risk. If it would have came back up, I would have broke even and if I had evidence it would breakout, I would reverse my position. That is how my mentor does it and he has been successful with it. He doesn't have anything other than price on his charts and 2 moving averages (We don't use them, just for show... once again, I think i'm going to take them off mine since I like the darker colors), and he just points out who is in control and draws S&R.


I'll be back to answer the other question, going off to mail my funds to the broker :)
 
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