Looking like there might be a bounce on the early morning session, but with the cash open looming at 8:00am, think its prudent to see what cash orders there might be, because Stox has retreated approx 40 ticks from the cash close, so there might be some sell orders intially, then if it steadys(no follow through).
The target on the daily Head n Shoulders talked about on Thursday has a target to 3372, so will be looking to sell higher 3467-3671, market above here leaves shorts scampering a bit to 3485, but there is a lot of Negative Imbalance 3467-71 so it would need to break back below, quickly if the move is lower lows on the day.
Unirenko is in uptrend, PAS vol indi is down, market is accumulating positive volume thus far
Sold 3470 bought 3459, it was a struggle good buying on highs, then news about a "new Greek proposal" came out, three page document asking for billons of Euro's, this got me out and then the market quickly traded down to 3450, but happy with the first trade.
Shorted at 3447, from previous level (Positive Im Balance) paid 3442 and 3434, some heavy selling coming in now, bit of a shame they didnt start this yesterday 50 ticks higher.
Was a little nervous of this trade selling so near to the low, looking for the market to make a new low and hit target so took half at five ticks ....
Unirenko was in Downtrend now below 3450
Last edited by harry737; June 9th, 2015 at 05:23 AM.
Waiting for the rally to peter out around 3446-3450, but have a resting order at 3459
Sold 3449, traded 3458 then I jumped in what I thought was a decent setup, but in the end there was quiet a long tussle around 4446-53, so was slightly out of position so covered half at 3444 and the rest at 3435, by the time cash close comes in Europe it might be trading near its lows, but out and done for the day, will show illustrations for last trade as well as trades for today.
Pleased with result, was needed because I was on a poor run of choices, in the last trading days, getting that first trade right was very important.
Last edited by harry737; June 9th, 2015 at 10:07 AM.
Significant factors, Greek on off still looming, positive rhetoric, we have had 4 down days on the spin and that hasnt happened this year, December 2014, factors to watch the Bund and the yen against the dollar might be general weakness for the dollar which is always helpful for the equities at the moment. If the rout in the Bund futures could abate we might get a rally.
Stox above 3434 bulls are in control, below 3425 bears are in, with 3413 as support, unless there is some news there is decent resistance at 3459/62, then again at 3467/73 which is where i would like to get short from, unless there is new selling pressure below(3434) with a retest 3437 and failure to go bid
Last edited by harry737; June 10th, 2015 at 03:02 AM.
After failing to buy a dip or sell a rally, managed sell more a less middle of the range 3453 and paid 3458.
luckily enough stepped out of the way of the accumulative positive delta, which has broken yesterdays highs
Have a resting offer at 3505, also have some previous positive imbalance Mondays trading around 3496/7 area which I will be watching, but at the moment bears are being squeezed and the dips are shallow
My max daily profit is still the same, but just taking 3 trades a day will limit my downside. Not that I've had problems with losing days, it's just I like your trading rule a lot better. I usually don't find enough setups in a day for my current rule to begin with. Sometimes I end up with 2 wins 2 losses, or something.
The Three trades is to limit the downside, but this then limits the upside, possibly, I mean you might go on to run trades further and longer.
It has helped to realize and control my trading, giving modicum of clarity, although yesterday I have no idea why I did those trades they were against all that gives me a profit and missed out or was totally blind, like a rabbit in the headlights, jabbing out into the dark waiting for the inevitable, twating by the market.
Yes I did three trades and or I kept trading till i have a loser, but you lose that thought process and velocity in what you are doing to achieve targets, scratch trades and then break rules, chaos then kicks in.
So I went back to three and to keep me in check I started the journal, which I totally recommend, although slightly embarrassing when you trade like a total knob, but thats your downside, for making rubbish decisions
Looks like the Stox are going to keep on rallying now, not on move up which makes this tricky, because i have to wait for a dip or sell into this rally which will need patience, then have to be ready to do the trade and not flaff( If thats a word)around.
Sold 3538 bought 3529 and 3543, small up, but thought that there was reason to believe market was getting short at these levels, illustrations below
Sold 3552 bought 3554 and 3553, news came out about Greece and them not accepting the deal on the 1% primary surplus, which is the sticking point, sold it, quickly realizing market seemingly not bothered by this, so exit. This the reason I probably didn't by 3555/2 on the setup as illustrated below.
Last edited by harry737; June 11th, 2015 at 09:07 AM.
Just trading /ES. Used to trade /CL for a living, but there's more room to grow in /ES. With my strategy, could easily size up to 100-200 lots and make a typical family's salary in a day (my dreams!). Til then, I'm just trading 1 lot until I iron the details out. Made $125 yesterday. Nothing compared to what I made in /CL, but I'm looking at the future, not right now.