Thursday, July 31, 2008

Frustrating Day

Today was a very frustrating day for me. I traded everything today. Bonds, gold, Crude Oil, the stock indices, and the Euro. I'm quiting an hour early because I'm, well, frustrated and don't want to make any stupid mistakes. The morning began with some decent scalps and then getting stopped out on ES 2 ticks away from the morning HOD. That ticked me off.

Next up, the EURO got completely faded after the morning report of the US GDP report that was lower then estimated. Who ever bought the top on this got royally screwed. I bought near the bottom of the day and got stopped out, but made another trade later to trim some of the loss. This trade was probably the most frustrating as I watched the 2yr note make a new LOD at 9:21AM, while the EURO just sat and did nothing for me. I sat in this loser trade down about $150-$250 for over 2 hours. It sucked, but it panned out. The Euro will undoubtedly bounce to 1.558 now that I exited my long. I should have probably traded E7 or made a forex trade instead of a trade on the Euro future contract to lower the P/L swing and my emotion involved in the trade.

ZF versus YM. I got some decent scalps on both of these trading them in an inverse correlated fashion.

At least I'm positive on the day. The Euro is creeping back above where I sold out as I type, but I could care less at this point, as I'm going to the GYM to release some of this negative tension. Believe it or not most of my profits came from long scalps on Gold and Crude oil.


Bluedog on 5:17 PM said...

That was a brutal stop loss. Damn! Same thing happened to me in ACI today on the long side. I was stopped out .10c from the bottom and missed a big reversal. WTF.

HPT on 5:29 PM said...

There is some weird stuff going on with all of the futures contracts with this being the last day of the month and contracts expiring today. Every other day we get a reversal. I wouldn't be surprised to see a 300pt rally tomorrow.

Bluedog on 6:38 PM said...

I think the PPT is playing in the futures market. It's really throwing a curve ball into things. It's getting harder to predict market direction. It makes me think the Fed is getting desperate, which makes me bearish. The whole SEC banning naked shorts in the financials... what crap. etc etc.


HPT on 9:18 PM said...

Totally agree, the naked short selling ban is absolute bullshit. The FDIC predicts 50-100 banks to fail from this housing mess, so it is very likely there is more panic to come and more downside to be seen. The financial firms are a bunch of liars and no one on wall street should be trusted.

Anonymous said...

you are so full of shit with your comments about the financials and WS .... go hump a sheep.......... opps I forgot you blew up your trading account already 5 X .

HPT on 9:18 AM said...

Anonymous. Thanks for stopping by. Your comments are appreciated. I wish you success in all your endeavors.

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