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Maletor's Daily Market Review


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Maletor's Daily Market Review

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  #21 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

Ok I admit I couldn't stay away.

Came back from lunch and saw this baby.

http://www.sierrachart.com/index.php?page=doc/error.php

See the bar that broke the trendline so decisively. That tells me something fundamental has changed and to start looking for longs because there is going to be at least two legs up.

When we pulled back we made one bar that was higher than the prior bar. Then, at 912.25 we did it again. This time I had my buy stop at 912.25. Got filled at 912 sold 1 at 913 and the other other is moved to break even and I'm going to trail it up along the low of each candlestick as we go up.

Ok, that's really it.

Oh ya, for those of you keeping track at home...

ES

+8

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  #22 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

Here are the trades today
First setup was a 15m bar breakout and a double bottom sell. Also, I was going into the day with a bearish bias because of the channel line overshoot and a quadruple top on Friday.

Next short was a "failed failure." We failed to reverse higher, so I put my sell stop below a crappy reversal bar down setup bar. I was filled and faked out. It is not uncommon for the big moves to shake weak hands out by moving one or two ticks below the low or high of the setup bar.

If I was thinking a little more clearly I would have taken the bar with no wicks long, but hindsight is 20/20.

Last trade was a micro trendline failure. Nothing new there...

I ended the day positive 2 ticks.

ES
+4
-6
+4

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  #23 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received


Chart attached. Got Al Brook's book in the mail today.

ES
+4
+4
-4
-5

Was more than happy to reduce my risk on the last two form -6 when I had entered and knew they were abysmal entries.

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  #24 (permalink)
 Big Mike 
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Maletor View Post
Was more than happy to reduce my risk on the last two form -6 when I had entered and knew they were abysmal entries.

An amazing thing, the "gut" How many times do you get that gut feeling in a trade that works out? For me, it's never, so if I get that feeling then I bail too. Nice work recognizing that, and not sticking with the loser.



Mike

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  #25 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

I'll never place a trade on impulse, or "gut"

I tried that once and kept track of them as "impulse" trades.
... Let's just say I didn't do too well with those types of trades.

So I trade price action now.
And after every trade I drag my stop up to the entry bar which will can reduce my risk. Usually I don't have to drag my stop though because I can nail that 1 point on that very bar.

When I place a trade correctly it works out for me in a matter of minutes and doesn't go against me 1 tick. When it just dances with me, I know it's not a good one, thus I reduce my risk after the bar closes to -1 tick from the bar I entered on.

It's kind of like in poker on the river where the pot is so big and it's only costing you 1% hypothetically speaking just to see the other guys cards. You only have to be right 1 in 100 to have that be even odds.

For me reading the 5m bar charts is like reading a book in a foreign language I can't read. My job is to pick out some simple "patterns" or reoccurrence or words, even though I might not fully understand it and never will.

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  #26 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

Not one trade I could find on the ES today.

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  #27 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

Here are my trades taken today.
First was two inside bars in a row. Could have taken to both sides as it was an outside bar, but I let it pass me by.
2nd was a nice L1.
3rd was a microtrendline failed breakout that faked me out, though was still a valid entry.

4th was the L2 short that went into a trading range and stopped me out. I can't see anything that was wrong with that one either.

Regardless, two stop outs in a row when I'm trying to achieve 80% accuracy is time for me to stop. It's a sign I'm not on my game both technically and maybe emotionally.

ES
+4
-6 (able to reduce risk)
-5 (able to reduce risk)

Still watched and found two entries good for +4 and +4 detailed in the second picture.

A trader named forestang at Trader's Laboratory tells me the first bar, was the best trade of the day. Trading the opening is something I'm not too good at yet though...

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  #28 (permalink)
 vast 
Australia
 
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Posts: 167 since Jun 2009
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Thanks for your honesty. Was a tough day. Not much range. Open seemed to be the best trade, but I find them hard to take as well. Can be whippy. Plus the Globex data does not really apply once the open happens.

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  #29 (permalink)
Maletor
Boston
 
 
Posts: 88 since Jun 2009
Thanks: 7 given, 27 received

ES
+4
-5
+4
-5
+4

Should have stuck around after 3:00. Missed some nice entries.

There was a lot of price action today. I took some ok entries.

The chart has everything I want to say in it.

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  #30 (permalink)
 Big Mike 
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Maletor, I like what I am seeing, I hope it continues working well for you!

Personally I hate minute bars. If you asked me to name one bar type I hate, it's minute bars. So I would be in there trying something like a 10946v or 6765v, etc, something else to simulate approximately 5 minutes per bar.

I look forward to the rest of this week with you trying out your new method.



Mike

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Last Updated on July 15, 2009


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