Tuesday, August 07, 2007

Aug 7 Choppy $300 before FOMC




My main goals today were to hit my daily goal of $300, and to record todays trading to do some analysis later. Although I did a lot of churning today, I stuck to using my stops and I kept my risk down by keeping my max contract size under 3. I bought ESTX50 around 11:40EST, got hit for a 3 pt stop, and then watched and grieved over the 30pt rally that I missed by 1 not having my stop 1 tick lower. I know, coulda, woulda, shoulda. At least I'll be able to go back and analyze the trade.

P/L= 300 on yikes,,,74 contracts (hey, at least I'm reducing my commissions by doing more volume,,,right?)

NYSE A/D analysis-
There are critical levels on NYSE A/D that I've noticed are key points for where breakouts occur. The values of 0.80 and 1.50 are the 2 most critical levels for when breakouts occur when looking at NYSE A/D.

I won't be trading FOMC announcement because I have to leave 20 minutes after the announcement to go to work, leaving me with not enough time to manage any trades I place.

LATER TRADERS

3 comments:

jimbeam said...

nice trade.

Anonymous said...

that's what i want to do, trade dax all night baby.

F. on 4:55 AM said...

"bought ESTX50 around 11:40EST, got hit for a 3 pt stop, and then watched and grieved over the 30pt rally that I missed by 1 not having my stop 1 tick lower. I know, coulda, woulda, shoulda. At least I'll be able to go back and analyze the trade."

Dude, this kind of stuff happens to ALL traders. What separates the boys from the man is getting right back into your trade and taking the signal again EVEN if it just caused you to get stopped out.

You should have been in that trade, man. It's not about stop-loss optimization, it's about reading what's happening in the order flow of the market.

Subscribe via email

Enter your email address:

Delivered by FeedBurner

 

High Probability Trade. Copyright 2008 All Rights Reserved Revolution Two Church theme by Brian Gardner Converted into Blogger Template by Bloganol dot com