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Catching Big Waves - a trader's journal of surfing the the markets
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Catching Big Waves - a trader's journal of surfing the the markets

  #1961 (permalink)
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GC, 6E, ES all at support, and CL shows signs of a false breakout...as mucjh as I would like to go short, I am looking for a long trade with divergence a/d or a retest.

 
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I hesitated on the entry I should hav etaken, which was the false breakout I was anticipating and then the volume confirmation of it. I was hoping for a retest of the low, and it did not come, so my entry was poor compared to my stop placement, I jumped out and will see if I get another chance.

 
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Today looks tough so far. I am expecting fasle breaks more than real ones for some reason.




LISTEN!

I had everything I needed to take the trade. But, good job knowing I had everything I needed. Trying to not be so jumpy on the trigger cost me today, but I will choose that over overtrading.

 
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If it will be a false break, that may be it. And ES's fasle break mat be hovering around the 1372 number as well. This has trap on it to me.


Pay attention to yourself, you know this market well, and that is sometimes the only edge you are going to get.

 
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Support should be 102.90-103.05 ish.

 
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scalped anopther 15 ticks, may be done. While support did come in around 103, there were still a lot of sellers at the prior hig, and it is Friday. It means more to me to go into the weekend with a profit than it dooes to grab more money. Net +46

 
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Hi Gary,

I posted the following on Panda Warriors journal; but I would like to know your thoughts and other experienced day traders (there thoughts).

Since alot of people read your journal.
------------------
"Hi PW,

When I trade my 'core methods' I trade size.

I am curious how you treat Friday overall?

When I traded small size, Friday was more like a 'normal' day to me.

For a long time I have traded 'size' in the markets I trade intraday (size as it is defined to me).

My Friday is about

a) trading a bit more conservatively (I wait like a perverted stalker for a high reward:risk setup)
b) '1 & done' (1 win & done) in each market I follow (if it happens).
c) No trading 1.5 hours after any market (pit) has opened.

Just wondering how you feel about Fridays?

If price action is a bit slow for the 1st 90 minutes (conservatively speaking); would you consider trading CL up to 11:30 or 12 noon? Just wondering.

My trading partner believes Fridays should be like the corporate world. 90 minutes of 'office time' and then you are 'out of the zone.'

I like to hear from others about their Friday trading philosophy.

Mine is 'do no harm to a good week' but take a high-quality setup (1) in each market you follow. If you b.e. on your 1st trade in that market--wait for up to 1 more high-quality setup and take it and be done.

I have done this for 23 years now. If I make 1-1.5% net profit on margin for a Friday I am always pleased.

peace

Hedvig"

p.s. I am done by 10:30am est trading on Friday's. 6E from 7am up to 8:50am est CL from 9am up to 10am est NQ from 10am up to 10:30am est on Friday

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researcher247 View Post
Hi Gary,

I posted the following on Panda Warriors journal; but I would like to know your thoughts and other experienced day traders (there thoughts).

Since alot of people read your journal.
------------------
"Hi PW,

When I trade my 'core methods' I trade size.

I am curious how you treat Friday overall?

When I traded small size, Friday was more like a 'normal' day to me.

For a long time I have traded 'size' in the markets I trade intraday (size as it is defined to me).

My Friday is about

a) trading a bit more conservatively (I wait like a perverted stalker for a high reward:risk setup)
b) '1 & done' (1 win & done) in each market I follow (if it happens).
c) No trading 1.5 hours after any market (pit) has opened.

Just wondering how you feel about Fridays?

If price action is a bit slow for the 1st 90 minutes (conservatively speaking); would you consider trading CL up to 11:30 or 12 noon? Just wondering.

My trading partner believes Fridays should be like the corporate world. 90 minutes of 'office time' and then you are 'out of the zone.'

I like to hear from others about their Friday trading philosophy.

Mine is 'do no harm to a good week' but take a high-quality setup (1) in each market you follow. If you b.e. on your 1st trade in that market--wait for up to 1 more high-quality setup and take it and be done.

I have done this for 23 years now. If I make 1-1.5% net profit on margin for a Friday I am always pleased.

peace

Hedvig"

p.s. I am done by 10:30am est trading on Friday's. 6E from 7am up to 8:50am est CL from 9am up to 10am est NQ from 10am up to 10:30am est on Friday


Well, I'll answer your question, hoping you will answer mine.


What Friday means to me;


1) It is the day that defines whether I had a succesful week or not. That said, if I am up I tend to pull back, and if I am down I will go very light and if it is not working, I walk.


2) If I make money trading on a Friday and it is early in the day, I pull back considerably, often just shut the computer off. I have spent way too many weekends feeiling bas about my trading in the past, and to me, trading is more in the mind than on the charts. On any other day, it is a loss, you shake it off, and tomorrow is a new day. But Friday, psychologically, is different. if I take a loss, I feel that until Monday. it may not sound like that big of a deal, but somewhere in my subconscious there is a little switch that gets turned on or off, and what does it is very often elusive. So, not knowing exactly what will flip that little switch (perhaps superstitious), I want to go into a weekend on a win, or a no-trade rather than a loss.


3) Futures markets are open 23.25 hours a weekday, EXCEPT Friday. When 5:15pm comes, it is over until Sunday night at 6pm. My electronic stop loss does not exist. Crude could close at 103.00 and open at 99.00, if the wrong thing happens over the weekend. So I don't want to be in any futures position (aka high leverage) at teh close on Friday, no matter if I were in "the greatest position in the world".


AND... I am not alone. Therefore, there is a scramble to exit on Fridays, and it can lead to weird price movement, similar to triple witching. Occasionally it sets up to provide a burst into the close, like say the overall trend is overwhelmingly bullish, but the market is trying to finish near LOD, but it is only 2pm. I have seen 100 tick moves (probably more but don't have a current example) going into the close, in the opposite direction of the day, just because no on in their right mind would go into the weekend short.






Here are my questions for you;


1) You said, "When I traded small size, Friday was more like a 'normal' day to me." That is eye-opening to me. Why would your approach change based on your position size? Why would you not just trade it as a Friday at whatever size made sense to you?

You know about my recent struggle with position size (which could be a 10-page post), so you caught my interest with that comment.


2) How do you find a good trade within a pre-defined time window? I will decide on a trade, but I might wait 2,4,6 hours to take it. Or, may find one in 10 minutes. But I have had problems in the past by not allowing enough time for a trade to present itself to me. Do you just not trade if nothing shows up? Or do you change size depending on what is going on?



3) "p.s. I am done by 10:30am est trading on Friday's. 6E from 7am up to 8:50am est CL from 9am up to 10am est NQ from 10am up to 10:30am est on Friday"

Now why did you have to do that to me, on a Friday? Nothing worse than going into the weekend with performance anxiety!


Last edited by GaryD; April 14th, 2012 at 11:54 AM.
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