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Confessions of a Prop Trader
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Confessions of a Prop Trader

  #11 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

24th April

We have a public holiday tomorrow (Friday) and that can often lead to a slowish day.

There were a few opportunities early but not a heap.

I like to trade the open mostly but on these days leading into a long weekend there can be good late opportunities.

Sometimes larger traders need to close out positions and this can give us a chance for some easy ticks if you're ready.

This kind of thing is also good at the end of the month, end of the quarter etc etc.

Today in the final 30 minutes there was buying starting to come in at 5516.

We had time to get set and the buying ran right up to 21 before it slowed giving us an exit.

The market fell away and the buying came back at 5518 and ran up to 5523 where is stayed for a while giving us another nice trade.

Overall 10 ticks headed into the close, just for waiting around all day. Not too bad.

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SPI 1-min chart - headed into close

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  #12 (permalink)
Trading Apprentice
Estonia
 
Futures Experience: Beginner
Platform: Ninjatrader, Metatrader 4, Metatrader mobile
 
Posts: 14 since Nov 2010
Thanks: 65 given, 4 received

I think, with a good risk management and intuition this is the right way to develop a successful trading approach


Last edited by Eduard; April 26th, 2014 at 12:21 PM.
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  #13 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
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Favorite Futures: Commodities
 
Posts: 78 since May 2012
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Eduard View Post
I think, with a good risk management and intuition this is the right way to develop a successful trading approach

I agree Eduard. I think with good risk management and patience, anyone can trade successfully.

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  #14 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

28th April

Quite a tricky day of trading IMO.

We got a decent open which is what I look for.

I'd much rather be trading the opening 2 hours and call it a day.

As you can see on the chart we got a decent test of the highs after a bit of a sell off - followed by a test of the gap.

There were a few good trades here for me.

The I couldn't really get a handle on whether we were in a trend or if it was just a range.

Looking at the chart now it looks like a bit of a trend but those are 5 minute candles so it was certainly a slow moving trend at best and they're not the easiest to be trading.

Price then sold off in the arvo before a late rally.

A good day to trade the open and be done with it.

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  #15 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
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Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

29th April

Wow - what a great day for trading.

After yesterday which was a really tough - we just got a ripping trading day.

I'd like to say it was because of all my skills and talent, but the reality was it was just a huge downtrend.

It was almost 100 ticks from the highs to the lows so by SPI standards that's big!

The day started and I was actually initially looking long when I saw a nice setup, however the AUD just started to tank and I got stopped out.

The market then proceeded to sell and there was really no reason to be long here at any point.

The news out of China was that it was going to start regulating financing of iron ore which is obviously bad news for OZ as we are big exporters of iron ore.

The thing that made this day quite good was that the pullbacks were really clean.

You can't see it quiet as clearly on the chart but on the DOM there was clear selling every time the market pulled back. Heavy on the offer always. Just what you want to see.

I took a nice early trade from around 45's all the way into the gap. I was pretty happy after the slow moving grind of yesterday that it played out reasonable quickly.

I thought the trend would stop around 5520 where I got stopped for BE after around 1000 contracts traded - but sure enough the selling just came back giving a couple more nice trades later.

In the end it kind of slowed but probably one of the better days you could hope for in the SPI.

Nice way to bounce back.
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  #16 (permalink)
Trading for Fun
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Posts: 78 since May 2012
Thanks: 31 given, 101 received

30th April

After a good day yesterday we got a bit of follow through and it ended up another decent day to be trading.

The market gapped higher and basically sold off nicely from the outset.

A had a downside bias so my plan for the day was to only take shorts. I got a couple of really nice moves on the way down that played out pretty fast.

I had to get short a couple of times at 71's as I got stopped out to the tick which is always annoying. I generally use a 3 tick stop and that works well for me.

Around lunch the market began to flatten out a touch and kind of got into a bit of a range.

If you look on the chart, the pink lines are the market profile ranges. Basically these are the areas that have the bulk of the volume. So initially most of the volume was between 71-62. So if price was at the upper level , 71, I'd be looking to get short. Which I did.

Eventually the market pushed through 71's and a really solid MP range developed at 80.

What I mean is that at 5480 - there were 900 contracts that had traded. At 5481 there were like 100. So that's a significant ledge if you can call it that.

That's telling us that there is selling at 80. So I took a couple of nice little range trades when it came and retested that level.

In the final 30 minutes we had the month end saga.

If you recall from earlier posts at months end or something similar, you can often see some of the big guys exiting positions.

We got a nice big seller at 83 - good for a few ticks. The move was quite big on the chart but I wasn't able to get all of that by any stretch.

Generally those last 30 minutes are a time for scalping the DOM. I'd even put the charts away and focus hard on the DOM.

Another decent day though.

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  #17 (permalink)
Elite Member
London/UK
 
Futures Experience: Intermediate
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Favorite Futures: Dax, ES, FX, Gold and Oil but what Bund and Bobl also.
 
BenG's Avatar
 
Posts: 105 since Jul 2012
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Look forward to reading/following this tread. I'm currently focused on the Bund, Bobl and Shatz. Correlated markets work well in my opinion.

Don't let money control you, control money!
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  #18 (permalink)
Trading Apprentice
Germany
 
Futures Experience: Intermediate
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Broker/Data: CQG
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trentcroad View Post
We got a nice big seller at 83 - good for a few ticks. The move was quite big on the chart but I wasn't able to get all of that by any stretch.

Hi trentcroad,

Nice thread!


I suppose you are using the DOM (tape reading) to determine where the big orders are, aren't you? It would be usefull if you post some similar example, if you don't mind.

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  #19 (permalink)
Trading for Fun
Sydney, Australia
 
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Favorite Futures: Commodities
 
Posts: 78 since May 2012
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BenG View Post
Look forward to reading/following this tread. I'm currently focused on the Bund, Bobl and Shatz. Correlated markets work well in my opinion.

Hey Ben

Good to hear from you. Bund/Bobl/Shatz are one of the best markets to be trading imo. I traded it for a long time myself. You'll get a heap of great opportunities and it's great for reading the DOM.

Best of luck.

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  #20 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received



kmvkmvkmv View Post
Hi trentcroad,

Nice thread!


I suppose you are using the DOM (tape reading) to determine where the big orders are, aren't you? It would be useful if you post some similar example, if you don't mind.

Hi kmv

Good to hear from you.

Yes I am using the DOM to spot those big orders.

In the example that I mentioned, I saw on the DOM there was about 40 contracts on the offer (5483) at the time - however price kept on trading there. Maybe 500+ contracts traded at 83, yet the offer always kept on staying around the 40-50 mark.

What that was telling me was that there was a big seller there who kept on refreshing his order. Price just couldn't go any higher in the short term because this big seller was trying to execute his order.

If you watch the DOM for a while you'll start to see this kind of thing.

If I get a chance I'll post a video so you can see it happening live and it might be a bit easier to see.

Also if you are using ninja trader there's a great little free add on indicator that I'd encourage you to download.

It's called the 1 lot trader - or something like that.

It's just a DOM that shows all the volume trading at each price level and it will let you see the big buyers and sellers - which at the end of the day is what trading is all about. It's like a free version of what you get with Xtrader.

All the best

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