Initial Balance: 1076.50 - 1066.50 (10 points) Value Area as at 10:40 am: 1073.00 - 1071.50 - 1067.50 (5.50 points)
Price opened @1075.50
Today's High and Low as at 10:40 am: 1076.50 and 1066.50 (matching IB)
VPOCs: Top 1087.25 and Bottom 1062.00 (1070.75 was touched)
I don't like the ES price action this morning + volume numbers have been quite small (at least to me .. not sure if it's right). No real trades and I did a sim one minutes ago.
Trade Recap as at 11:10 am:
1. ES - No real trade as intended.
2. TF - No semi-auto real trade as intended. My strategy did trigger a Short and I didn't like it and chose not to enter. It got stopped out ooooo.
3. CL - I sim-trade my Short and Long strategies based on Inside Bar set-up. So far 2 Long 1-contract trades (not multiple ones as I'd like to have sim matching my real practice) and both have their 12-tick PT hit LOL! 45 minutes left. Will post the trade results upon its official closing at 12:00 noon.
Goal Accomplished: Only do A trade(s) and B+ for me as I manage quite well so far!
I sim-traded my Inside Bar Short and Long strategies this morning (since 9:00 am). When a Long Stop was filled, the pending Short Stop should be cancelled automatically as NJ does not allow position on both Long and Short concurrently (Noticed the first one was not and I had to cancel it manually. It worked for the second trade + the IB ones were fine for both.). Here it comes a quick recap:
1-contract Trade only as a start
PT/SL: 12 and 25 respectively (Be prepared to step in to adjust SL manually when trade is not closed upon completion of a 15-minute bar. I'm also thinking if I should add a BE code @8 ticks.)
No of Inside Bar Trades: 2 Long and both had their PTs filled .. smile ..
Note on Slippage: I had the same strategies running on a laptop with IB as the broker (both had their PTs hit as well). First Long trade experienced a 2-tick slippage.
Note on Outside Bar Strategies: I tried a little bit last night and it's too complicated for me. Will not pursue the same and rather focus on the Inside Bar ones.
I was amazed when the strategies were extremely swift in having the Long/Short stop orders waiting as soon as the yellow bar was completed! I don't think I can do it so efficiently LOL .. Sooo, I will just let the strategies run with minimal supervision from my part .. haha ..
Price currently trades at 1058.00 area (gap down over 12 points from yesterday's Close @1070.50). Not sure what happened that drove it down so much?! Well, there is another important news "Consumer Confidence" at 10:00 am.
Top VPOC 1062.00
Bottom VPOC ?? I'd suggest using the overnight Low and former Lows for reference.
No real trade yet .. I do not feel comfortable to Short the market even it's in a downtrend. Why?
First, it gapped down 15 points overnight.
Second, I have no idea how far will it go and it's been below Extreme O/S (-2/8) since it opened.
Last but not least, I prefer to SOH and only place a trade that I am comfortable to trade with. At the end (whether it's a green or red one), I am the one pressing the order button and be responsible for the outcome.
I did a sim trade minutes ago.
Goal Accomplished: Only Atrades and B+ for me. I spent the SOH hours watching the 4-Range set-up and practised paying more attention to S/R, eg enough room for a trade.
Last edited by wgreenie; June 29th, 2010 at 12:03 PM.
Initial Balance: 1037.50 - 1055.75 (18.25 points) Value Area as at 11:00 am: 1049.25 - 1046.75 - 1038.25 (11 points)
Price opened @1055.50
Today's High and Low as at 11:00 am: 1055.75 and 1037.50 (18.25 points)
VPOCs: Top 1062.00 (I don't have any more Bottom VPOCs. Using today's 50% IB range, I will use 1128.50 IF it continues falling.)
3 trades (one was a reversal), ie 2 winners (@$120) and 1 loser (@$160) = $80 before commission.
They worked strange this morning. For example, no PT order for the third Long when it's executed. Well, I only use them to monitor the effectiveness of doing Inside Bar trades. No more CL posts in this thread so that it will be dedicated to my manual and semi-auto efforts .. smile ..
I like the revised 4-Range chart not only because of its PA plotting (certainly it frees me up a little). The MACDBB is a great replacement (compare to the former Snapback one). For example, when the BB lines squeeze together, I expect sideway/narrow range + a bigger move forthcoming. Whether the blue/red dots are rising/falling (close together or far apart) starts giving me more guidance as well. I also like the light blue/brown rectangular boxes (PriceActionSwing) which help me watching out S/R.
Sooo even I did not place a real trade today, I am learning LOL!