Zimmer's Journal: Naked Chart Reading
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Zimmer's Journal: Naked Chart Reading


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Created May 20th 2019 by mtzimmer1
Updated September 30th 2019 by mtzimmer1
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Zimmer's Journal: Naked Chart Reading

  #161 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 653 since May 2010
Thanks: 1,781 given, 867 received


mtzimmer1 View Post
Premarket broke to 2893! Looking like a gap down today

True, but markets tend to respect levels and not be precise. It always over shoots. With the volatility we has recently 10 handles is not really much. A close over 2903 is a bullish trade for 20-40 points.

K

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  #162 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 653 since May 2010
Thanks: 1,781 given, 867 received


kareem40 View Post
True, but markets tend to respect levels and not be precise. It always over shoots. With the volatility we has recently 10 handles is not really much. A close over 2903 is a bullish trade for 20-40 points.

K

So far, we still have not close above ( 20m bars).

Thanks
K

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  #163 (permalink)
Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
Favorite Futures: Equities, Treasuries, Gold
 
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Posts: 485 since Dec 2018
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First trade resulted in a loss. Per my rules I stepped away from the computer to ensure my head was clear. I came back and determined why the trade failed. The trade met all of my rules but a little bit of situational awareness probably could have prevented me from taking it. I have determined that there is no reason to not continue trading today. I will be waiting for the A+ setup that may or may not come. Patience pays.

Next!

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  #164 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 653 since May 2010
Thanks: 1,781 given, 867 received


mtzimmer1 View Post
First trade resulted in a loss. Per my rules I stepped away from the computer to ensure my head was clear. I came back and determined why the trade failed. The trade met all of my rules but a little bit of situational awareness probably could have prevented me from taking it. I have determined that there is no reason to not continue trading today. I will be waiting for the A+ setup that may or may not come. Patience pays.

Next!

Hi Zimmer,
I hope I did not distract you with my post. If so, I am sorry. I still holding a position at a loss.
Good trading,
K

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  #165 (permalink)
Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
Favorite Futures: Equities, Treasuries, Gold
 
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Posts: 485 since Dec 2018
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kareem40 View Post
Hi Zimmer,
I hope I did not distract you with my post. If so, I am sorry. I still holding a position at a loss.
Good trading,
K

No you did not distract me at all! I just went short on the RTY despite the other three indexes trading into an area of clear demand. Not a big deal. On to the next trade!

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  #166 (permalink)
Bluffton, SC
 
Trading Experience: Intermediate
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Favorite Futures: Equities, Treasuries, Gold
 
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Posts: 485 since Dec 2018
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One and Done

Trade 1:
Trend Continuation
-Target area lower.
-Projection increased.
-Trend looked good.
-Entered in Area Of Interest.
-Was stopped out in less than a minute.
100%

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Results:
1 loss
-.71R

Self-Eval:
100% trade met all the conditions.

Thoughts:
I do know why this trade failed but not sure if it is cause to amend my rules or not. ES/NQ/YM were all bouncing off a floor this morning and every time they touched this demand area, russell made a new low. My thought process on this short came from a vein of green. I thought "imagine the big drop that will happen when the other three break through the floor. Russell is already the weakest, it will certainly plummet." What I should have noticed, had I been unbiased was that there was clearly demand for the other three indexes and it is never a good idea to short into a known demand area. Maybe I will amend my rules if I notice this setup resulting in future failures.

The difficult part with altering/amending my rules is I fear I will get so selective that my frequency will drop substantially. Also, had this setup worked and we had broken through the floor, this could have easily been a 2R+ trade. Maybe these setups have a lower probability of playing out but I also think that they have a larger potential for profit.

I don't want to open the door for discretion by saying that I should have avoided this trade for xyz reason.

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  #167 (permalink)
Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
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Posts: 485 since Dec 2018
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No trades for me today.

Huge rally in the morning, nowhere near adequate corrections to locate an entry. Today was a good day to take breakout entries. I eliminated those setups from my rules and for that reason did nothing today.

As I write this, the current HOD is in the area I expected to halt price. Unfortunately there were no valid counter-trend entries!


Anyone catch that rally off the open?

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  #168 (permalink)
Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
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Posts: 485 since Dec 2018
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I see this move lower overnight. My question is whether the buyers come in at the open and make a leg up above yesterday’s high, or whether then overnight move continues and we are able to take out the lows we put in earlier this week.

Per my rules the only setups I’ll have will be trend trades if projection and trend integrity looks good.

I am ready to take the opportunities as I see them today.

Happy trading all!


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  #169 (permalink)
Bluffton, SC
 
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Posts: 485 since Dec 2018
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Can I get a Hallelujah?

What a day!

This is what I saw when I looked at the market today.
-Clear response from the bears to yesterdays absurd rally.
-Open near yesterdays lows.

I was curious to see if yesterdays lows would hold or break.

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Trade 1:
Trend Continuation
-Break of significant "line in the sand" for the bulls.
-Continuation to the downside.
-Target FAR below.
-Entry with micro because stop was enormous. Price was moving fast and I could not enter with my usual strategy.
-I was unwilling to miss this opportunity over 10 points and entered at market with one contract.
-Stop was 70 points which equals $35 on the micros. I could afford to take 4 contracts but because I missed the ideal entry I did not want to risk quite as much.
-Trailed swing highs because I had complete conviction we would hit target. Trailed aggressive at target and captured the meat of the move.

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Entry:
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Exit:
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Results: not counting this trade in my August stats because it was not a full entry and not completely "by the book."
1 win
Win 1.8x the size of the initial stop.

Thoughts:
Today was a great day for my portfolio as I am short stocks on the longer term. Not much action day-trading but given how much short delta I had/have on the table, I think shorting only 1 MYM was the right move. I am not absolutely sure but I think today is the largest number I've ever seen in the P/L Day column in my portfolio.

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  #170 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 653 since May 2010
Thanks: 1,781 given, 867 received


Nice Trade Zimmer. Hope for many more.

K

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