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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Adding to loser is ok (as long as it's planned).
My signals were overwhelmingly short today. However, overnight momentum was weakening towards RTH open suggesting a pop up first.
Despite my dilemma, I decided to go Short @ open @ 3760. When ES bounced upto vwap, I added to my loser @ 75. However, I had a clearly defined stop 5 points above for my scale in position.
I scaled out my 1st short @ 50 and banked 25 pts. This ensured that it's a risk free trade.
My 2nd position will likely stay till EOD as the RTH ATR is still 40% of average but I'm mindful that the overnight ATR is close to 100%. So far, price action is weak and I expect test of 3710. However, if we make a new HOD above 3675, then I will bail out as the reversal day chances are high.
Can you help answer these questions from other members on NexusFi?
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Getting there... slowly
I executed my short bias well on Friday. Though it's just 1 contract MES and no scale in, I have no complaints as my target of 80 points (80% ATR) reached in 1/2 hr!
I expected a reversal day, atleast a test of vwap and tried bottom fishing later in the day. However, I had a very tight stop and hence didn't give up my earlier profit. Very surprised that buyers didn't make any attempt at all but Friday PM is always a bit tricky to trade.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Missed profit can feel worse than a loss.
I was furious with myself for not following my long signal yesterday.
Tried to act smart and expected a PB @ open but ES went up one way street from 3640 for 40 pts.
I will revert back to my simple strategy of Long/Short from open. I can scale in on PB. The time is NOW to scale up to 3 MES. Daily max loss is 1000 now.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Best day of execution in 2022.
I started the day with a bearish bias based on historical data.
Ist pilot short @ 72 and then once sellers asserted their intent, I scaled in @ 62.
I scaled out @ 33 and then put my short again during the bounce @ 47.
Got out @ 20 and 15.
The only mistake I made was not waiting until my eventual target 3704. Didn't have the final ounce of patience! Still a big change in my execution style and quite pleased with my progress. Can't wait to upload this data into Tradervue to see it visually.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Holding on to Opex Rodeo Short.
My stats homework had bearish bias today. Though 3700 is providing support, my bet was on a lower low rather than higher high on the daily bar.
Short from open @ 3709. Planned scale in @ 30 and covered it @ 10 for 20 pts.
My second breakout short @ 3707 backfired and took a loss of 20 pts.
Currently holding 1 short. If we make a new HOD, then I will bail out with 30 pts loss. If we make new LOD, then I expect atleast 80 pts ATR and will hold for 50 pts gain. I may scale in again below 3700.
Recently signed up for spotgamma.com and started exploring the wonderland of Greek symbols
Made 1 modification to my execution. Since it was a flat open, instead of long from RTH open, I wanted to wait to see the strenght of buyers first. After 15 mins chop, saw that and then went Long 3700.
Got out @ 27. Ideal target was 40 i.e Y-H but doubt led to low confidence and hence got out @ ONH.
Trade 2. Short 42.
I waited for almost an hour for the distribution to be over and then pilot short initiated. Once sellers confirmed their intent, scaled in @ 29.
Got out @ 15 and 7.
Ideal target is 3700 (magnet due to huge options volume) but impatient again.
Overall, steady progress but still need to work on holding my winners till the finish line. Almost there....
..
I'm possibly done for the day as price is likely stuck between 3690 and 3750. If there are big surprises, likely to be to the downside and may look at shorting again.
Planned scale -in to my loser @ 95. Expectation was for a test of 3700 and reversal to 3600.
However, price crept up and hence took 10 pts loss on my scale-in.
My original short is still in place. Normally I would bail out at this stage but since it's opex day, volatility can be quite high and my bet is still on a lower close, possibly 3600.
