Wednesday, May 23, 2007

May 23 Trade Summary $2,018




It looks like volatility is dying and the market is going to go into chop mode. I wouldn't be surprised to see the market end near a high or low for the day. I'm more biased to the downside for YM, but we are still in the bullish zone for the NYSE A/D line, and ES is near its all time high so we probably won't see a selloff yet.

Trade summary-
I pushed a runner on ER2 this morning and got about 1.2pts on 9 cards. I stuck to my strategy of only taking longs on ER2 and shorts on YM, and things worked smoothly today. Later in the day I put a 10 lot short on YM for a 5 tick scalp, and did some trading in Crude oil and XLE.
YM continues to look pretty bearish to flat(I think some calendars calls were sold last friday), and the NYSE A/D is more bearish then the NASDAQ A/D.
During choppy trading(like the last hour), it is amazing to see how well block trade signals work.

P/L= $2,018

Market observations-
It's interesting to note which sectors are the ones responible for the tick extremes(which sector has all of the stocks hitting the bid/ask near the high/low of the day and what is the reaction seen in the futures indices and commodities like crude oil and gold. I missed a key time reversal on Bonds today, I'm starting to wonder when ZN well turn around. If your going to swing trade, bonds sure seem to be a good trading vehicle; a contract that I need to spend more time on learning. Although Time and Sales may be overlooked by some traders, I've been reading the tape much more lately and have been noticing an important pattern to when a breakout is going to occur and when it's likely that the price well be faded. Another interesting fact about today was that I forgot to turn on the TV to CNBC, maybe not hearing CNBC in the background helped me focus better today.

5 comments:

Anonymous said...

How do you identify block trades? Where do you see them? Thanks, PG.

High Probability Trader on 1:00 PM said...

http://highprobability.blogspot.com/2007/04/block-trade-signals.html

Anonymous said...

how much capital are you using?

High Probability Trader on 7:54 PM said...

Anonymous,
I prefer not to answer that question publicly. Doesn't seem to be very smart to me.

Anonymous said...

sorry I just wanted to know what sort of % return you are generating, or is possible to generate.

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