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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

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  #2431 (permalink)
 researcher247 
Chicago, IL
 
Experience: Advanced
 
Posts: 429 since Oct 2009
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Crude continues to flow downhill. Texas Tea leaking...

The inventory report I did a '1 & done' {inventory confirmed down--as we had a quick pop lower and then a measured pullback up for a nice sell and now we broke out of that 70 minute consolidation zone after the report}.

I'll keep looking at 30 minute bars.
-----------------------
11:51am researcher247 : We are 'framing' our way down on 30minute and stair stepping down intraday and of course; daily.
11:50am researcher247 : CL continues to leak lower--more target (for me at least) @89.74 and 89.16 This is a trend day down (obviously)
----------------------
I'll be watching the last hour from 1:30pm est to 2:28:00pm est

peace

hedvig

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  #2432 (permalink)
 GaryD 
Orlando, Florida
 
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Had the right idea today but picked the wrong location. Max down on a trade and was not permitted to trade again. Walked away.

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  #2433 (permalink)
 GaryD 
Orlando, Florida
 
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Back on the horse...


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  #2434 (permalink)
 GaryD 
Orlando, Florida
 
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2 off at +20

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  #2435 (permalink)
 GaryD 
Orlando, Florida
 
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closed. I am not trading. I am trying to get back off a max down day. I am walking away again for awhile.

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  #2436 (permalink)
 GaryD 
Orlando, Florida
 
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I am going to talk about what I did wrong today. On the daily chart above, I have been watching two key areas, and the area price is in currently is one of them. After the EIA heavy volume tried to catch the price as it pushed slightly through the major 618 (green dashed line form the daily calculation. The 120 minute is different by about 20 cents due to a high spike that occured after hours).





When the price tried to hold, the bars turned white, and I had upward momentum, I bought as a swing campaign. Price came further down, I added in to make 6 contracts. It started off as if I might be in right.

Then I started thinking "swing"... I never tightened my stop, even a tick. Just sat there like a deer in the headlights, thinking, if it hits it it hits it. Well, that was my daily limit, and I was out. And there is not much more frustrating to me than being down and then being forbidden to trade. I HAVE to get up and "walk", meaning out of the office, outside somewhere, ride a bike, take a drive, anything but watch.

Then I come back in the late afternoonn to see what happened. We did get a major burst higher, the NEXT time we had a 6-range reversal....

Even more frustrated. So tonight, when the market opened, I just went short. No reason, just short. If the market did not want to go up when I bought it, then let that mother go down! Or some thought like that. Revenge!

Price is now well above where I was stopped out earlier is what adds to the irritation. That, and I have not had a "max down" day for awhile, and this is the first one with larger size.

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  #2437 (permalink)
 GaryD 
Orlando, Florida
 
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So now I have to understand that I cannot trade in the mindset I am in. Sometimes it is instant, other times it may take a day. And when I take a trade I start asking myself all kinds of questions about why. And that is how I closed the last trade. I had no good reason, and saw I was not paying attention.

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  #2438 (permalink)
 GaryD 
Orlando, Florida
 
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What I just reviewed is the fly in the ointment of synergy. Had I approached that trade as a scalp, I would have taken 2 off at +12-15, 2 off at BE, and tightened my stop as it got closer, and come out net positive most likely. But that trade was taken with my swing hat on, and I treated it differently, and was taken out of the game for the day.

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  #2439 (permalink)
 GaryD 
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Looking at this trade, I would probably take it again. If the goal was a swing, the profit would far exceed the loss. Max down rules are deflating, but are necessary.

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  #2440 (permalink)
 GaryD 
Orlando, Florida
 
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I bet my entire max down on a single trade today. I can't recall ever doing that before, and it has to do with the size increase. And the fact that price hit a major zone.

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