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TradeTheBar Daily Journal

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  #31 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
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Here are my daily trades for the day.
First was the usual spread around the open. They tend to work best around the daily open and close. And at times during major planed news events.


Here is right after the trade was opened. -.39% YM, -.13% NQ.


And the close. It was around +$50, but I could not close it quickly due to clicking error. I ended up with +$35 for the close.


Two MES trades at different lot size today. Both were winners and did not take much heat. They were both PA/VSA set ups. I took profit way too fast on my second trade. I should have stayed with the original target set which would given me daily goal. I decided to cut size and trade MES instead of ES since I did not trade well yesterday.



A total of +$172 for the day. Good day, low draw, but still stressful.

K

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  #32 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
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A quick update of my open CADCHF trade. This trade was based on EW of the hourly chart.
+24 PIPs for now:





K

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  #33 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
Thanks: 1,876 given, 885 received


Only one trade. It was breaking news and for the CL. I don't trade CL much, but when major breaking news hits, it's a very low risk and quick trade. It made profit for the day, so I shut down the rest of my charts.



The NQ-YM Spread trade showed a great set up today, but it was too late and being a Friday, I passed. I may take it at Sunday's open.

Low stress and risk trading day with +$315 for the day.

K

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  #34 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
Thanks: 1,876 given, 885 received

I have a friend at a different forum that keeps telling me that I am wasting my money ( $250/month) on a premium/fast news service. And even without the news I could have taken the same set up in the same areas, based on PA/VSA ( chart below) Looking in hindsight, seems to make some sense. It's all built in the charts, right? What do you guys/gals think?



K

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  #35 (permalink)
 snax 
Legendary Price Action Student
Chicago, IL
 
Experience: Beginner
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kareem40 View Post
Only one trade. It was breaking news and for the CL. I don't trade CL much, but when major breaking news hits, it's a very low risk and quick trade. It made profit for the day, so I shut down the rest of my charts.



The NQ-YM Spread trade showed a great set up today, but it was too late and being a Friday, I passed. I may take it at Sunday's open.

Low stress and risk trading day with +$315 for the day.

K

Nice trading @kareem40! I am interested in spread trading too, its a bit further out on the horizon for me but it seems like a pretty smart strategy to add to one's repertoire. Cheers!

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  #36 (permalink)
 bobwest 
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kareem40 View Post
I have a friend at a different forum that keeps telling me that I am wasting my money ( $250/month) on a premium/fast news service. And even without the news I could have taken the same set up in the same areas, based on PA/VSA ( chart below) Looking in hindsight, seems to make some sense. It's all built in the charts, right? What do you guys/gals think?

Whether to incorporate news into your trading is one of those continuing questions that don't ever seem to get settled. I'm sure you know the point of view that says that anything in the news always gets baked into the price ahead of time, or is at least reacted to sooner than you will by players that have better access and/or inside knowledge, and I think that is often right.

For news events that are scheduled, such as FOMC announcements or the crude oil report, it's important, obviously, to know when they will happen so you're not blindsided by the usual sudden volatility. Many traders just wait these out.

There is an argument that someone has inside or at least early info for some of these events, since price may start to move just a little early (a few minutes or seconds), but I'm not sure whether that is just people jumping the gun. In any case, very often the first market reactions after these events get quickly reversed, as the early jumpers and naive traders get their heads taken off. I think there are probably deep-pocket traders who simply fade the initial moves, although this strategy wouldn't always work, either.

I have no experience with a "premium/fast news service," mainly because I have always believed the point of view that you can't really trade the news, but then, maybe my believing it has just meant that I never looked into the question, and maybe I've just been left out. Always possible.

But for my money, aside from things that truly are not foreseeable, I don't think that responding to news events is a good strategy for the retail trader, and possibly not for the professional trader either. If you get one of the free news services that simply tell you what is scheduled in the way of announcements and anticipated events, so you know they are coming, you probably are getting the most out of an awareness of the news. I do think that, barring sudden events, most news items can be traded from the chart by itself. Sometimes the chart may tell you something about what the news will be, if you accept the idea that someone, somewhere is well-connected enough to have better info than the rest of the market, and will act on it early.

Remember that this is the opinion of someone who is not particularly well-connected, and so may not know what he is talking about. But then, your fast news service may not be that well-connected -- in terms of really useful, and early, information -- either.

Bob.

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  #37 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
Thanks: 1,876 given, 885 received


bobwest View Post
Whether to incorporate news into your trading is one of those continuing questions that don't ever seem to get settled. I'm sure you know the point of view that says that anything in the news always gets baked into the price ahead of time, or is at least reacted to sooner than you will by players that have better access and/or inside knowledge, and I think that is often right.

For news events that are scheduled, such as FOMC announcements or the crude oil report, it's important, obviously, to know when they will happen so you're not blindsided by the usual sudden volatility. Many traders just wait these out.

There is an argument that someone has inside or at least early info for some of these events, since price may start to move just a little early (a few minutes or seconds), but I'm not sure whether that is just people jumping the gun. In any case, very often the first market reactions after these events get quickly reversed, as the early jumpers and naive traders get their heads taken off. I think there are probably deep-pocket traders who simply fade the initial moves, although this strategy wouldn't always work, either.

I have no experience with a "premium/fast news service," mainly because I have always believed the point of view that you can't really trade the news, but then, maybe my believing it has just meant that I never looked into the question, and maybe I've just been left out. Always possible.

But for my money, aside from things that truly are not foreseeable, I don't think that responding to news events is a good strategy for the retail trader, and possibly not for the professional trader either. If you get one of the free news services that simply tell you what is scheduled in the way of announcements and anticipated events, so you know they are coming, you probably are getting the most out of an awareness of the news. I do think that, barring sudden events, most news items can be traded from the chart by itself. Sometimes the chart may tell you something about what the news will be, if you accept the idea that someone, somewhere is well-connected enough to have better info than the rest of the market, and will act on it early.

Remember that this is the opinion of someone who is not particularly well-connected, and so may not know what he is talking about. But then, your fast news service may not be that well-connected -- in terms of really useful, and early, information -- either.

Bob.

Interesting comments and thank you. My main reason to keep it has been results, which has been very consistent and profitable using it. But again my friend is telling that I am still trading price action, but doing it on the fly. But revisiting the chart below, the spot where I took the trade, could have been technically a double top that should be sold, or if it went a bit higher then its an upthrust ( some call it a flush) and would be shorted in the following lower bar. So technically it would been a missed trade or a big loss. But at the moment I am hearing live breaking news that hormuz strait could possibly be close and CL will go up by $50 in few days if confirmed. Its costly service since its fast ( still not the fastest), and not fake news. Also, I tend to take a relatively small part of the news trade. Please note I mostly trade breaking/unplanned news events. Planned ones such as employment report etc are for the pro and I agree not for any of us to trade.

One last note, I have found PA/VSA technical charts had always helped me with my exits, again such as in chart below.
Thanks and hope for more feed back.



K

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  #38 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 667 since May 2010
Thanks: 1,876 given, 885 received


snax View Post
Nice trading @kareem40! I am interested in spread trading too, its a bit further out on the horizon for me but it seems like a pretty smart strategy to add to one's repertoire. Cheers!

Thanks Snax,
Will add more information, but please note I still somewhat new to it and not fully sure. I have seen few traders in here that seem to have a much better understanding. I look forward to their feed back.

K

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  #39 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
Thanks: 1,876 given, 885 received

I am trying a Forex Spread Trade. Here is the open of the trade:

Sell : USDCAD $500
Buy : GBPAUD $1565

I know this is very small, but since I am new to this I needed to be small and live as well.
More details on this later.



K

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  #40 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
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Posts: 667 since May 2010
Thanks: 1,876 given, 885 received


Here is the FX spread closed for plus about 18 PIPs.



Only +$2.8 but again, testing with live trading conditions. Oanda tends to have the same spread/fills with $100 to $100,000 lots.

K

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