Monday, March 19, 2007

March 19 Trade Summary




Well I waited 3 hours for a good setup to occur, where all my markets that I watch lined up giving me a good signal. I went short at the correct time with an average price of 795.5, looking for a downside target of 793, however, I didn't exit after the prefered time frame of 3min when the market gave me a quick 1pt, and thus saw the price reverse on me, mainly due to continued heavy selling in JPY. I should have taken partial profits, but I decided to wait through -0.5pts of heat and look for a closer target around 794, and then when the market told me to, I coverd at 794.2. As I type this right now, it turns out my target of 793 would have been hit. However I would have had to hold on through some choppy trading action. With more experience in my trade execution and timing I should be able to scalp in the direction of the trend; however, I'm not yet ready. The markets look pretty choppy now, and I've made a good trade today, so I'm leaving on a good note.

Bad things today:
1.Didn't take partial profits on 3min volatility spike.
2.Didn't scalp in the wave.
3.Should have left 1 contract open at breakeven for profit target(actually no I shouldn't have, I should have scalped in the wave, because there is more profit potential).

Good things today:
1.Was patient and took a good setup based on my trading methodology.

I traded on the simulator this morning, using more of a mean reversion technique trading the inverse relationship between bonds, JPY, and the US stock market. Bonds have been fairly quiet today, and JPY has seen more selling with the US markets posting a small rally in response. The bond market looks like it is on heavy support, and we have FOMC minutes on Wedensday. I think the trend is still bearish even with todays rally; however, I will do as I always do and just wait for my trading signals to appear.

Learning about the bond market and the forex market I believe will help me in my trading. I'm starting to pay more attention and read about the other economies of the world and how interest rates and currencies affect the markets I trade. I listen to CNBC in the background while I trade, and I like to read and watch news videos on Bloomberg.
Other economic and market related websites I like to check out are:
Bill Cara
hamzeianalytics
headlinecharts
seekingalpha

3 comments:

jekadril on 10:01 AM said...

Hi,

I have a question for. I see that you use IB (same as me). I opened ER chart in TWS and it looks totaly different from Qoute tracker chart. Which feed do you use with QT?

thanks,
Alan

LifePost on 2:38 PM said...

I use quotetacker with IB as my data feed. My charts from quotetracker are customized to my liking. I would have a much more difficult time trading using IB's charts. Quotetracker is free and I really like the software.

jekadril on 3:07 PM said...

thank you for your comment. I will try to setup Qoutetracker in similar way. I tried allready, but without success, I will try tomorrow again.

thanks
Alan

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