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Gap fill to Friday VWAP, retarce to todays VWAP, and 8200 is close to the low of last week.
First 3 trades were really the same trade. i was going long untill there was a significant break lower below 8200.
When price broke down to VWAP at 11:17, went long and got stopped out. 30 minutes later, I had another entry, buy stop at 8285, stop loss of 15 ticks at 8260.
If price got to 8408, I thought we might run some stops near there, but never worked higher.
Last rade was a countertrend trade. I saw sellers get bought up, and so I place a buy stop at 8194 at 1252, close of the bull bar on the 5 minute. Taken out on the pull back right at VWAP.
Included my momentum chart. The arrows are not all actual trades, just areas i marked as a reminder for me while I look at the 5 minute chart.
I have a TPO that I also have up, as well as a 1 minute volume ladder. All my trades are entered based on the 5 minute.
After yesterdays selloff, I was thinking an inside day, however, it wasnt the case.
Today, I was ready for it...
Took a long early, and late, but I drew a trend channel on my 5 minute and basically traded that all day. I was going short untill I had a compelling reason to go long...
Traders in the US are so fortunate. You have access to all the best software, and endless list of top quality brokers with access to millions of dollars of computer equipment. You have the largest most liquid, most sophisticated inevetment marketplace in the the world.
In comparison, we Canadians are still opreating by candle light. However, the great equalizer...the Internet!
Stop to think about it...15 years ago we had dial up networks, 10 years ago, a web page was mostly (gulp) text. If it had pictures, it would take minutes to load...remember?
Now we can see HD streaming movies...you know how much bandwidth that takes?
I am really enjoying this new venture that I have embarked on. And i really intend in turning into a full time occupation. All i need is a little more capital, a little better support system, ( office, assistant, LLC, board of directors)and I will be on my way.
You could trade remotely through a VPS, like what @sam028 offers. Naturally if your local internet has a problem, it won't solve that, but at least your live trades will survive just fine.
And can't you incorporate in the US, and then trade via the corp? Thereby letting you choose from our "best top quality brokers" ?
Not an accountant, so what do I know... but seems logical.
The only question is one of residency. I can open a Canadian LLC, and open a US account with the Canadian LLC. By opening a US LLC, I have to adhere to US tax law, and I think residency (or facimilie thereof) is a requirement. As well, US tax return filing.
I guess i could move to the US. My wife is a US citizen, i could get citizenship relatively easily.
As far as the internet is concerned, I am ok. High speed cable. What i was really referring to is the sophistication of your financial markets. When big companies trade commodities in Canada, they buy a US subsidiery and rely on US systems. As a result, the average Canadian cannot retail trade unless they open a US account, which is what I did. But I cant use just any broker. Some do not have approval for Ontario ( Like Velocity Futures)
Neither does Amp. Or a few others. Of course, I didnt find out till after I went though all teh aapplications, passport copies, proof of residency etc.
Now, if yesterday was a day to be short, it didnt carry on till today.
Home work was pretty simple.
ON sold off after asia opened to 7756. Thats pretty low.
But no lower. In fact, took 1 trade pre market, a short, because I expected price to retest the ON. HOD yesterday was
8095.
HOD on Wednesday was 8421.
My trades were based on yesterdays VWAP. I expected to get up there. Once I had a trend line, after a test of the ON high, I used yesterdays VWAP as my target, and i based all my trades off of that, the trend channel i drew, and Price Action on the 5 minute. Turned out to be the right thing to do.
I cannot control the market.
I can only control myself. The most difficult thing about trading is there are no rules. One has to create rules, and then stick to them, in order to evaluate the realtive success or failure of a strategy.
A beginning trader can identify a trend in hind sight very easily. The challenge is identifying it real time. Because, as James Dalton states in Mind over Markets, if you wait untill you can identify a trend easily, its too late. One has to determine it is a trend while it is developing. Much easier said than done.
Another important cocept in market profile is where is price going, and how good of a job is it doing in getting there.
Yesterdays VWAP at the close of the RTH was 7959, Low Value Price yesterday was 7902.
Once we hit thiose targets, I looked to VWAP of yesterday for my new target, and we hit yesterdays opening VWAP just after 1:00pm.
Took my second short of the day, close to the close, as by that time, thinking we might have short covering at that level, particularily after yesterdays massive sell off, going into the weekend.
Last 3 days have been pretty good. If yesterday was good, today was much better, only because I was determined to be more disciplined and thoughtfull.
From Steenbarger,
Poor execution, risk management and trade management is responsible for much emotional distress. The volatility of markets contributes to the volatiluity of mood because the potential risks and reward of any given trade change meaningfully.
The active trader is one who researches markets, identifies distinct areas of opportunity, and consiously executes and manages trades to maximize that opportunity. For the active trader, nothing is left to chance: where to pursue opportunity, where to sit back, where to take profits, where to limit losses-all are preplanned. This takes time, energy and sustained focus. Good trading, in this sense, is pure intentionality: it is a directed act of will.
Overall, I had a good week.
I was net positive, and I felt I did a pretty good job of taking only what the market was willing to give. Yesterday and today were my 2 best days...trading futures.
Just a quick question, where do you get the indicator used in your second image??, the volume profile i guess..i´ve been looking for it for some time!!!
Can US residents trade the stock markets and not pay a single cent of taxe and retrieve money any time from their trading account without paying any taxes as we can in Canada?
