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



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


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one GaryD with 3,654 posts (2,215 thanks)
    2. looks_two josh with 135 posts (120 thanks)
    3. looks_3 researcher247 with 123 posts (170 thanks)
    4. looks_4 Big Mike with 112 posts (228 thanks)
      Best Posters
    1. looks_one Big Mike with 2 thanks per post
    2. looks_two Deucalion with 2 thanks per post
    3. looks_3 researcher247 with 1.4 thanks per post
    4. looks_4 GaryD with 0.6 thanks per post
    1. trending_up 444,147 views
    2. thumb_up 3,681 thanks given
    3. group 141 followers
    1. forum 4,686 posts
    2. attach_file 1,117 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

Closed Thread
 
Search this Thread
 

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

(login for full post details)
  #441 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


Started this thread

Can you help answer these questions
from other members on futures io?
Bookmap replay files
Platforms and Indicators
Looking for combined bar type (UniRenko with HeikinAshi) NT8
NinjaTrader
Futures calendar spreads with TS
TradeStation
Order cumulation
TradeStation
NFP
TradeStation
 
 
(login for full post details)
  #442 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

Caught another 13 ticks. Out again.

Started this thread
 
(login for full post details)
  #443 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


I am feeling that I missed the better entry, fading the minor double-top around 78.60, and am going to sit out the rest of the afternoon. Regardless of whether this is a great short oportunity of not, my feelings are not coinciding with it right now.

Picked up 114 ticks on the way up, and another few coming back down. Going to see how this afternoon plays out and start fresh in the morning.

Started this thread
 
(login for full post details)
  #444 (permalink)
 BishopM05 
Houston, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures
Trading: M6E
 
Posts: 15 since Oct 2010
Thanks: 12 given, 7 received

I know the feeling...I had my trailing stop too tight and missed 2/3rds of it. Done until tomorrow!

The following user says Thank You to BishopM05 for this post:
 
(login for full post details)
  #445 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


greenr View Post
is this what your looking at buddy??

Attachment 50844

No, the divergence you highlighted is not enough on that chart. I'm not a huge fan of divergence trades as it tends to lead you to pick tops and bottoms, but significant divergence is another story, particularly in a well defined zone, which we were in.

I would have taken this trade this morning, but it happened so fast that I was not even able to post the chart before it had turned 50-70 cents. After it moved that far I was not really sure where to place my stop, so decided to walk away instead of trade on adrenaline. But had I caught the trade in the zone it would have been a great one with minimal risk.

Below is what I was referring to.


Started this thread
 
(login for full post details)
  #446 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


BishopM05 View Post
I know the feeling...I had my trailing stop too tight and missed 2/3rds of it. Done until tomorrow!

This type of volatility is very tough to use a trailing stop in. This straight up, straight down behavior will find your stop most of the time.

Started this thread
 
(login for full post details)
  #447 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


GaryD View Post
Most instruments are down, there is a lot of fear in the markets right now. I am watching to see if crude can find support in this area of previous major support. (76.00 - 78.00). If it can, there are most likely a lot of short positions that will get nervous. The trend is obviously down, so buying is countertrend.




This long trade worked well today. I did not take time to post because I have been out of town for several days and was really looking forward to keeping my mind focused. Countertrend trades make me a little more nervous than trend trades, and I dropped this one I believe 3 times before I finally decided to hang on. +10 ticks, - 5 ticks, - 1 tick and so forth (not actual, but close to what I remember). Like trying to grab a hot potato. But when the 10am news came out and the S&P exploded, I knew the odds were very good that crude shorts were next to go.

Going countertrend is a tough trade to take because it usually feels so wrong. Many times I find that the "right" direction feels like it is being fought the whole time, until it finally reaches a point and then all of sudden the motion gets easy. And, when it starts to move freely, that is when I start looking to get out.

Started this thread
 
(login for full post details)
  #448 (permalink)
 gain247 
Helsinki, Finland
 
Experience: Advanced
Platform: NT8
Broker: NTB
Trading: ES, CL
 
gain247's Avatar
 
Posts: 134 since Apr 2010
Thanks: 125 given, 122 received


GaryD View Post
Going countertrend is a tough trade to take because it usually feels so wrong. Many times I find that the "right" direction feels like it is being fought the whole time, until it finally reaches a point and then all of sudden the motion gets easy. And, when it starts to move freely, that is when I start looking to get out.

Yeah, isn't it funny that many times the best trade is the one which feels fighting at the beginning. When I think a setup looks 'easy', it's really NOT many times. Often times 'too obvious' trade setups are traps or just take your stops before running to anticipated direction.

This thread is real good stuff, Gary - keep going :-)

The following user says Thank You to gain247 for this post:
 
(login for full post details)
  #449 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

Just food for thought. I connected to Kinetick to get some historic perspective on where the markets are right now. If you saw the chart below and it was a 30 minute chart of whatever, what would you expect to occur going forward? I would think, we just had a double top followed by a failed third attempt. This market is going lower and will possibly take out the prior major low.

What makes it tough to imagine that outcome though, is that this is a weekly chart of the S&P500 going back to 1999. Is the bottom really dropping out? Or is this one giant bear trap? For my style of trading, it really doesn't matter that much, as in between there will most likely be many tradeable rises and falls along the way of whatever path the market chooses. But, purely from a chart perspective...


Started this thread
 
(login for full post details)
  #450 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


Switching to the futures version of the S&P, still on a weekly chart, here is the other side of the story;

There is a fairly well defined confluence zone for support, which was derived by the following;

1) 78.6 retracement of the most recent major wave up (July 2010 - April 2011)
2) Exhaustion alternate of the previous major wave down ( April 2010 - July 2010)
3) 127 extension of the most recent wave up (August 2011 - September 2011)
4) 618 APP of possible wave A (July 2011-August 2011)

If that area were to be reached, and then to hold, it could turn out to be the end of corrective wave C, which could be part of a larger wave 4 in a 5WM up. That would then give the expectation of wave 5 taking out the high above 1356.

But, unless and until it turns, there is no doubt today's trend is down.


Started this thread

Closed Thread

futures io Trading Community Trading Journals > Catching Big Waves - a trader's journal of surfing the the markets


Last Updated on May 23, 2014


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts