Tuesday, May 01, 2007

May 1 Trade Summary $208




Well, I didn't expect I was going to be able to trade today, but I got back early to trade the last hour. Today was good for the short time I traded and considering I'm not very good trading the last hour. I'm glad that I had 2 stops hit even though the price ended up reversing at this point and going back my way, because it is something I need to start doing to prevent big losing days, plus it is quick and easy to put in stops using Book Trader.

P/L= $208 (5 ER2 RT, 4 YM RT = 9 round turns)

Accumulated ticks scalped (First entry minus first exit, in sequence)
ER2= 1.7pts (-0.4 3min, 1.4 4min, 0.4 5min, -0.1 8min, 0.4 4min = 1.7pts)
YM= 12pts (-11 6min, 12 12min, 4 5min, 7 7min= 12pts)

I want to start analyzing my entries and exits to perfect my placement of stops and profit targets, so I'm going to try to add the "Acccumulated ticks scalped" as a part of my trade summary. I would also like to add the hold time on each trade as part of my analysis (I want to hold winners about 6min and cut losers by 3 min).

Here's another interview with Lee Leibfarth a professional ER2 trader, from Traderinterviews.com.

Market observations:
I never really looked at the value levels on NYSE A/D, I just looked at the chart patterns, but today I noticed that the market reversed again at the key time of 7:30, which corresponded to about a 0.50 value on NYSE A/D. It turns out 0.50 has been a good support and reversal area on NYSE A/D for some time now, and I will do some more research on this value area, as well as other value areas on NYSE A/D.

Today's Charts:







4 comments:

omni2006 on 3:40 PM said...

HPT -

first, kudos on your consistency, your work and commitment is fantastic. keep up the great progress :-)

second, i noticed that you've recently started practicing more scalp-oriented trades. are you using hard stops or are they more discretionary? also, do you look at MAE and MFE information?

anyway, great work and i hope it continues to improve for you. i will probably have more scalping ??s find their way into my brain, so i may be trying to glean some insight from you, if you are so inclined.

thx and take care -

Derek

tmk500 said...

You mention "reviewing recordings". Are you enabling the recording software as you see a trade developing?

thnks,

M.

High Probability Trader on 7:48 PM said...

Hey Omni,
Nice to hear from you.
1.My trading has really has started to progress the last 3 months. I attribute it to my accumulation of experience and trading without worrying about the money.
2.I just started using BookTrader through IB, which has enabled me to place my trades quicker and get more scalps. All my stops have been discretionary. If I'm looking to exit a trade with multiple contracts held, I will normally exit half at NYSE TICK extremes, and tighten the rest of the contracts within a few ticks during this time. Most my trades I initially enter with a 5-7 tick mental stop on ER2, depending on the volatility. If a trade doesn't immediately go my way, or is still at breakeven after 3min, I look to tighten my stop or exit the trade, unless I see a reason to add to the trade. During the morning, the volatility is greater, so I may give the trade 1.5ts worth of room, where I'll be looking to add to a position.(I will change this up as I get better at scalping with the DOM.)
What has helped me lately is that I use audible alerts on tick extremes and block trades, which alerts me that I need to exit a position or tighten a stop. Also, watching for wide range bars on NYSE A/D in combination with NYSE tick extremes has helped me determine if I should be fading NYSE TICK extremes or buying a pullback on NYSE TICK lows.

High Probability Trader on 7:51 PM said...

tmk500,
I use software called camtasia, which records what is on my computer screen (my charts and IB Book Trader). I record my trading and go back later to review the recording to see what I did wrong or right and to see what I missed or could improve on.
Thanks for checking out the site.

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