TradeTheBar Daily Journal
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TradeTheBar Daily Journal


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Created June 28th 2019 by kareem40
Updated October 11th 2019 by NW Trader
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TradeTheBar Daily Journal

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

Daily Trades 7-19-2019 FX Update

A quick update of my open CADCHF trade. This trade was based on EW of the hourly chart.
+24 PIPs for now:


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K

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  #32 (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

Daily Trades 7-19-2019

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.

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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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  #33 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
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Thanks: 1,781 given, 867 received

News service is waste of time?


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?

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K


Last edited by kareem40; July 19th, 2019 at 06:38 PM. Reason: Spelling
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  #34 (permalink)
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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.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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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  #35 (permalink)
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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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  #36 (permalink)
Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
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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.

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K

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  #37 (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


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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  #38 (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

Daily Trades 7-22-2019 Spread Trade FX

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.

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K

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  #39 (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

Daily Trades 7-22-2019 Spread Trade FX-Closed

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

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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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  #40 (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

Daily Trades 7-22-2019 CADCHF Trade Update


This is the earlier EW trade. Getting close to target below:

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K

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