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Safin's Trading Journal
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Safin's Trading Journal

  #31 (permalink)
Elite Member
San Jose, Ca
 
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safin View Post
July 21
=====
Total Profit : 220$ (5 trades)

First Trade : -200$
This was a big mistake. Crude oil inventory news was about to release at 10.30. At 10.15 I got nice support line at 77.63. I wanted to short at 77.61, but I didn't do it because of news. Right at the news release CL blasted through 77.63 support and went down. I was dissapointed for not taking that trade. What happened is I got excited and I tried to catch a running train. I swear I tried to resist myself for not taking this trade, but I couldn't. Result was 10 ticks stop loss on both trades.
God! I need to control myself, give me more courage.


Second Trade : 190$
I got another support line at 76.81 around 11am. So I shorted at 76.79. First 10 ticks easy, second order I exited at 9 ticks.

Third Trade : 130$
Around 11.50, I drew a resistance line at 77.25. Entered long at 77.27. First order 3 ticks with trailing stop, second order 9 ticks.

Fourth Trade : 100$
I drew support line at 76.68 around 2 pm and entered short at 76.66. Somehow CL started jumping around. So I decided to exit both targets with 5 ticks profit.

Fifth Trade : 0$
This was an experiment without much knowledge. I wanted to do an Inside Bar trade. I entered short at 76.59. But soon I realized I forgot to bracket it with profit target and stop loss. So immediately exited.

PS: I was enjoying BBQ party in evening so I am late in posting charts today.

Safin,

Do your rules or plan say not to trade before a report or news? If so, then you should be happy you followed that rule. Your comments about the first trade hit home with me. I can relate all to well.

David

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  #32 (permalink)
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David_R View Post
Safin,

Do your rules or plan say not to trade before a report or news? If so, then you should be happy you followed that rule. Your comments about the first trade hit home with me. I can relate all to well.

David

Hi David,

As per my initial rules I don't care about news. I got this idea of not to trade when there is a news release from CL chat group and I wasn't sure if I should really care about news or not. But from last couple of day's I was monitoring my entry/exits and news, and I have found that my trades works well even during news time. So now I have decided not to look into news, it just disturbs me from my normal trading. As per Al brooks "Never watch the news during the trading day. If you want to know what
a news event means, the chart in front of you will tell you. Chart tells me everything that I need to know."

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  #33 (permalink)
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safin View Post
Hi David,

As per my initial rules I don't care about news. I got this idea of not to trade when there is a news release from CL chat group and I wasn't sure if I should really care about news or not. But from last couple of day's I was monitoring my entry/exits and news, and I have found that my trades works well even during news time. So now I have decided not to look into news, it just disturbs me from my normal trading. As per Al brooks "Never watch the news during the trading day. If you want to know what
a news event means, the chart in front of you will tell you. Chart tells me everything that I need to know."

That is an incorrect interpertation of what Al Brooks said.

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  #34 (permalink)
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London, Ontario
 
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July-22
=====
Total profit : 250$ (5 trades)

First Trade : 100$
I got a nice resistance line at 77.10 early in morning, so I entered long. CL moved 6-7 ticks and stopped for a while. I got scared and exited with 5 tick profit on both entries. Then what happened? Look at chart. CL moved crazily for almost 90 ticks. I need patience patience patience....

Second Trade : -200$
After moving up sharply, CL took a pause around 78.35. I drew a resistance at 78.35 and entered long. But unfortunately that didn't work. My stops got hit at 10 ticks. I think execution was right, so I wouldn't blame myself for this.

Third Trade : 270$
I got another resistance line at 78.49 and entered long at 78.51. 78.58 was previous day high. So I reduced first target to 6 ticks instead of 10. First 6 ticks got easily. Then CL broke yesterday's high and ran for a while. Second order I exited at 21 ticks. Well done!

Fourth Trade : -120$
After third trade, CL went in narrow range with very low volume. I got a nice support line at 78.65 around 1.30. So I entered short at 78.63. But CL started going up. I got nervous, moved my stop to 79, way more than I can afford. There were two big mistakes. This was a counter trend trade and very low volume. I don't know if I was sleeping or what . I should never have taken this trade. Anyway, after scary ride of some time, I got a chance to exit with 6 ticks loss.

Fifth Trade : 200$
Around 2pm, I got nice resistance line at 78.95. This was also high for the day. So I entered long at 78.97. First 10 ticks easy. Second trade I exited with 10 ticks as well.

I will post my chart soon...

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  

Last edited by safin; July 22nd, 2010 at 06:12 PM.
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  #35 (permalink)
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Jeff Castille View Post
That is an incorrect interpertation of what Al Brooks said.

This is just my opinion. As per my experience, I should not look at news, it distracts me. It may not be true for everyone and their style of trading.

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  #36 (permalink)
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safin View Post
This is just my opinion. As per my experience, I should not look at news, it distracts me. It may not be true for everyone and their style of trading.

If you want to trade the news that is fine..........just don't base that decision on an incorrect interpertation of something that Al Brooks said.

You'll live by the sword......you'll die by the sword..........that is what trading news is like.

Good luck with that, Jeff

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  #37 (permalink)
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Jeff Castille View Post
If you want to trade the news that is fine..........just don't base that decision on an incorrect interpertation of something that Al Brooks said.

You'll live by the sword......you'll die by the sword..........that is what trading news is like.

Good luck with that, Jeff


As I said, this is just my opinion. May be I have a wrong interpretation of Al Brooks. But what works for me that matters to me. One day when my style will stop working, I will definitely take this into consideration. I have a habit of learning hard way.

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  #38 (permalink)
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safin View Post
As I said, this is just my opinion. May be I have a wrong interpretation of Al Brooks. But what works for me that matters to me. One day when my style will stop working, I will definitely take this into consideration. I have a habit of learning hard way.

Me too.........just trying to spare you the pain........but if you must you must. There is no doubt in my mind that you will not continue this practice.........how much will you lose before you reconsider?

I think it would be interesting to hear from futures.io (formerly BMT) traders with at least 4 years of day trading experience to see how they trade the news ??????

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  #39 (permalink)
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Hi Safin,

About news trading,

I used to work for a prop firm where trading the news and rumor every day was the Golden Goose.
I personally bracket the Crude at news like an inside bar ( put orders on both sides with an OCO order) but not often.

The problems mostly are:

1. an average of up to 15 ticks wide slippage that occurs from time to time on Crude.
Let's say we put a fix target and turns out slippage got us a different exit price due to FIFO orders and huge flow of data. This slippage will mostly not be in our favor most of the time.

Entry slippage is more awful when we find out we got filled 15 ticks lower in a short trade.

2. and what about a rejected stop loss when trying to manually move it in our favor ? By the time we get ride of the warning splash screen, price came back down below the entry and we are now losing in a jiffy. 'it happened to me many times'

3. whipsaw speed is what we should wait to calm down before entering a trade so if you judge it to be 1,2,3 or 5 min. instead of 15 min then go ahead knowing the risk.
If the news breakout has a straight trend then after 1min or first reversal signs, we could play the retrace back to the breakout level.

If we were to have big accounts then trading the news would not be a problem.

News breaker often has a Bear or Bull Flag effect that makes it hard to know what side to trade.
There is plenty of gain in the news but more winning probability outside the news.


I'm not willing to mess in the first minute of the news most of the time but try bracketing in Sim and see what it does in your account and let us know.
Everybody had nice loss and gains trading the news and everyone agree to say ' not worth the risk'

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  #40 (permalink)
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I think you guys might have misinterpreted what safin meant about news Or, maybe I have.

On a big picture sense, I ignore news in the markets. Unemployment can be worse, foreclosures record high, and the DOW will surge 200 points higher. Ignore the news in that case, in my opinion. Trade what is in front of you without bias. Don't watch CNBC.

On the other hand, with regards to CL specifically, you cannot trade the inventory report. Do not do it. There are some others too that can drastically move CL, but the inventory report is a great example. Here, you must be aware of the news so you can purposely take steps to avoid it. That is what Jeff is trying to say here. Don't be a fool, don't bracket the news. Please don't do this!

For the record, I think Al Brooks was talking about CNBC type stuff (headlines all day every day). He was not suggesting to trade CL during inventory report So, there is my opinion and interpretation

Mike

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