Fri Sep 6, 2013 11:24am ESTComments Off on The Overplay for the Underlay
Well how about that morning /ES session? Quite the contrast to yesterday and the paint drying we were subjected to.
I had a great little scalp long at the open. Then I engaged Bossram even though I wanted to see a test of yesterday’s VAH first. I adhered to Bossram. It took a loss on the long side, then it engaged short, and took a loss on the short side.
The bad news is I took 2 losses in a row trading Bossram, the good news is they trades were fully plan compliant, and could have been much worse had I not adhered to the plan.
Typically, it goes on a huge win streak at this point, so the key is to continue to engage. But probabilities are probabilities, every trade is a coin toss.
Elroi scored one short for 1.75 handles and is currently taking heat in another short.
Onto my portfolio:
I sold some scraps out of my book, remaining runners in YELP, BBRY, and YGE. I also bought more SKF. Whether or not that trade works out is very much still debatable.
No reason to be down on these losses or saying adios to my winners, it’s time to dig my heels in.
Tue May 14, 2013 4:35pm ESTComments Off on The Trade Today Was To Buy the Open and Hold Onto Your Pants
Today was really interesting as a student of the markets. Believe me when I tell you, there’s gold in trading the S&P futures at the open. I just can’t seem to harness it yet. I have streams of data over all types of markets supporting such a thesis.
I grabbed onto the $ES_F not long after the open. I got an ace entry just above 1630. As is par the course, I got my first scale at 1.25 points profit. I scale at 1.25 because my setup achieves this goal with a 70 percent win rate. Then I let the other units run. In theory. Currently I’m trading a two lot. I’ll keep trading this tiny position until I get the type of profitability my statistics suggest, and then my goal is to work up to trading 50 lots like the best.
Anyhow, I get the 1.25 and there’s no sign of sellers. But these positions require my full attention. More attention than I can give when I get the phone call for an impromptu morning meeting. WTF? I booked the other piece a 1.75 points profit and scuttled to a meeting. Returning to my abode, I watched patiently as the move progressed, and when I got a short entry I took it—then got steamrolled. That’ll teach me to fade all-time highs. Had I kept my runner, it would have earned 10 handles without even looking back. I know—I’m really good at hindsight trading.
While my future’s game is of the little league variety, my stock swinging game is clipping away with major league win rates and profitability BUILT IN. Mostly everything won today, but ANGI and GS were both solid con #timestamp for the good people of iBC.
I did quite a bit of transacting today, let’s run through it quickly yes?
I added to my GS long early on, and then later sold it when we neared the 155 target my plan called for.
The remaining long in BBRY was closed at break even, after squeezing some profits out of this turnip yesterday. Blackberry is a big, stupid, Canadian turnip.
I grabbed OptionAddict’s coattails via JOEZ. It’s not nearly as homo as putting ones hand in another man’s jean pocket.
I scaled a little bit of ANGI off. Why not take 5 percent before your catalyst? I still like it into tomorrow’s housing stats.
HAIN was bought into the bell, as it flagged along into the final hour of trade. My order was followed by a little squeeze which gave the daily chart a lovely look.
All this shuffling took my cash down to 40 percent. I’m standing atop the mountain on a small piece of rock, being propelled higher by liquid hot magma. This mountain is in fact, a volcano.
Mon May 13, 2013 11:09am ESTComments Off on Sticking to The Plan
It’s been a solid morning so far for stocks as we continue to chug along on the value train mountain ride. The question is are we about to begin a descent ala Thunder Mountain or will the engines continue to power higher using banks and Apple as fuel?
The morning offered me one setup that earned a single ES point. I’ll take it to start the week. The primary feature of the morning was a solid five handle rotation higher that buoyed many stocks along with it. It filled the gap and now we’re watching the market consolidate so far above value.
It will be interesting to see if the market can hold onto this strength through the lunch hours.
I took some profits in YELP and BBRY this morning but still hold 2/3 positions in each.
I started a new long in ANGI, again. Third time is perhaps the charm?