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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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  #261 (permalink)
droid17
Baltimore
 
 
Posts: 5 since Sep 2011
Thanks: 1 given, 1 received

Hi Gary,

I was going to PM you this, but I didn't have 5 posts and didn't want to post just to post. I am sorry in advance if this needs to be moved.

I stumbled across this discussion board and this thread "Catching Big Waves". I was impressed with your self evaluation, the ability to see your mistakes, and adjust accordingly. I am also very impressed with your results.

I recently have taken big loses (in options) and I feel that my problem was not having a clear enough plan and sticking to it. I chased some loses, didn't take profits when I should of and tried to force some trades "to get even".

I am looking to switch to commodities and I am starting to write out a trading plan this time and I am going to stick with it. I need some guidance on how you started what sources to you use to develope your plan. How did you come up with your entry and exit criteria for both profits and losses. While searching it seems that I am getting lost in the sea and I need some direction.

Sorry for all the questions, but it seemed like you have it together, don't have a bad ego, and are humble. Let me know if you can send me on the right path, or feel free to tell me to get lost

Thanks,

Andrew


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  #262 (permalink)
 GaryD 
Orlando, Florida
 
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There is the turn. Shorts got caught early and the market ran up to blow the stops above 85.01, and volume shows the sellers were there waiting.


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  #263 (permalink)
 GaryD 
Orlando, Florida
 
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I brought my old 12-range back into my screen this week. It is performing very well.


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  #264 (permalink)
 GaryD 
Orlando, Florida
 
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I closed my shorts. Something is happening in this area. Not sure what yet...


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  #265 (permalink)
 GaryD 
Orlando, Florida
 
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ES is looking like it's going to try to run shorts above 1156.




You can see the support better on the 60 minute for ES


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  #266 (permalink)
 GaryD 
Orlando, Florida
 
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Posts: 6,462 since May 2011

ES 4 points on the run and still has fuel ahead.


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  #267 (permalink)
 GaryD 
Orlando, Florida
 
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If crude can't take out this 618 and if the ES breaks the recent high pivot, watch for a short covering rally in CL. This could be a tricky entry. I am not hovering over my mouse, just observing...




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  #268 (permalink)
 GaryD 
Orlando, Florida
 
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ES made it to 1155. One stop to go. (maybe not, not a market I am interested in anyway.) Crude really looks like it would be weak today if it were not for the conflict in the ES. Major consolidation today in the 84.10-84.70 area.



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  #269 (permalink)
 GaryD 
Orlando, Florida
 
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ES made it to 1155.75, one tick from my target this morning, but is stuggling there. Low volume after the holiday has created a general upward drift, but with little to no conviction. I am still flat... The correct direction, I believe, is down. But without volume, down is a tough direction for a market to go. Today is not giving me a safe market to trade in, and I refuse to be drawn in by boredom. Fighting to make a profit in a market like today can make tomorrow's profit nothing but a game of catch-up. Even if CL can manage a short cover rally into 2:30pm EST, not something I am going to participate in.


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  #270 (permalink)
 GaryD 
Orlando, Florida
 
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garbage


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