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Get In, Get up and Leave - trading style
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Get In, Get up and Leave - trading style

  #121 (permalink)
Elite Member
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October 26 entry

Short 2060.

Reason, Yesterday's close provided resistance, weak internals, low relative volume. Expectation range day with a downward bias. Hence Fading the highs. I got in quite early during violent stop run above 2059 around 11 AM Chicago time and sat through 3 points heat.

1st target hit. Other targets 2052 and 2048. Likely to move breakeven stop if and when 2nd target hit.

Potential increased for a down day as I see increase in relative volume at 11.50 Chicago time.

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  #122 (permalink)
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Update

second target 2052 hit. Stop moved to breakeven 2060.

Final target at 2048. Unsure whether it will be reached or not as Pre-FOMC days are small range and indecisive. Currently buyers rejecting 2052 but huge resistance above vWAP 2058.

 
  #123 (permalink)
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Trade outcome


2 targets hit - 12 points in total.

3rd target not hit. Manual exit at market close for a small gain of 2 points. Total = 14


Screenshot from IB - SPY traded. ES points approximate.

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  #124 (permalink)
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Fading again, short 2069.

Reason is expectation of a small range day pre FOMC. Distribution almost complete unless we have renewed buying interest.

Risks - Internals pretty strong with NO tick exhaustion to the downside.

Sent from my Lenovo K50a40 using Tapatalk

 
  #125 (permalink)
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Narcissus View Post
Fading again, short 2069.

Reason is expectation of a small range day pre FOMC. Distribution almost complete unless we have renewed buying interest.

Distribution didn't complete as we had renewed buying interest. Second wave of distribution is going on right now as you can see on the right side of the chart (4 Tick Renko with volume - wider bar represents bigger volume)

My short shown by red arrow at 2069. Stop at 2077

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Narcissus View Post
Risks - Internals pretty strong with NO tick exhaustion to the downside.

Internals are still pretty strong. NYSE tick didn't even touch -400 and both spreads and Adv/Dec are strong.

My stops are still at risk. Infact, I am surprised that my trade is still in place.

Lesson - Don't fade when Internals are strong.

Oh Ya. Stay the hell out of market on FOMC days.

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  #126 (permalink)
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All my profit targets hit.

Wait a sec. My stop loss hit first.

One more reason why beginners should avoid FOMC. You often get caught in the crossfire.

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  #127 (permalink)
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Narcissus View Post
All my profit targets hit.

Wait a sec. My stop loss hit first.

One more reason why beginners should avoid FOMC. You often get caught in the crossfire.

LOL- had that happen to me before and that sucks! You can always scale back your size and widen or not use stops on small position. Today I traded modest size all morning and as my "income targets" were taken out I just left my runner on for the announcement. It's a pretty sure bet that any hard stops < 1 x daily range will be hit after the news.

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  #128 (permalink)
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Inletcap View Post
LOL- had that happen to me before and that sucks! You can always scale back your size and widen or not use stops on small position. Today I traded modest size all morning and as my "income targets" were taken out I just left my runner on for the announcement. It's a pretty sure bet that any hard stops < 1 x daily range will be hit after the news.

I trade small with SPY as I am still in training and testing out my execution methods.

Max loss is 120 dollars a day. (150 SPY with 80 cents stop loss)

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  #129 (permalink)
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October 28 trade summary

I will try to stay out of FOMC and NFP days. It's lot more fun just observing from the sidelines

Even though I was stopped out, I felt good b'cas my reading of the market was actually pretty good. My only grievance was not respecting market internals which was bullish from open. I did notice that and made a comment at my entry journal. Since the internals were down for the last 2 days with no price follow through, I gave it less importance today.

In the end, my stop was within the noise of Pre-FOMC release and got stopped out at 2077. Then we had this beautiful straight drive down of 20 points to 2055 with no respect for vPOC, vWAP, LVN, HVNs etc. What followed was a methodical grind and Bulls won in the end with a huge score. Internals gave the first clue here too. Despite deep plunge to 1955, net volume was above zero and breadth was pretty strong too. I am seeing more value in adding internals as additional signs in my methodology.

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I dumped Delta a week ago and felt anxious to leave OUT information but it seems to be helping. I definitely feel less tired reading my charts. I simplified the colouring of the chart so it's easy on my eyes. Finally, my main charts can be viewed easily from my mobile via teamviewer, if I want to, as I leave my iMac running IRT at home.

It's a beauty and these charts DO talk to me now. I just love watching these blue and pink babies dance

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  #130 (permalink)
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October 29 trade update


No trading today.

Pretty small range so far with odds favouring a continuation up move. However, too small for my usual target of 12 points.

I need confirmation for price to take out FOMC high or low first for directional conviction.


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