TWC sucks! Also, ES trades for 7/31/13

High-speed Internet from Time Warner Cable sucks! I've been with them for 10+ years. Over that period, I've experienced, on average, about 1-2 cable modem reboots per week. A sudden loss of Internet connection can be very dangerous when day trading. Why stay with them, if their reliability is subpar, you might ask? Well, I've stuck with TWC for all this time, simply because there were no other alternatives. That is until now. Verizon FiOS is finally available in my area. Thinking really seriously of switching.

Trade #1 - Anyway, I'd a bad trading day today. Don't feel like writing much. Basically, shorted at around 10:34 @1690.00 and got stopped out promptly 3 minutes later @1692.00 for -2.00 pt. Two glaring mistakes I'd made were:
1) I'd misplaced the top trend line, which caused me to misread where prices were heading. I thought prices were hitting trend line resistance.
2) By going short, I'd countertrend traded, since the market was in an uptrend.

Didn't really bother with the rest of the day, as there was a FOMC announcement scheduled. The market tends to be very volatile/wild immediately before and then after these types of events.

7/31/13 ES chart

ES trades for 7/30/13

Not much to post today. Basically, it was a predictable day. Predicted 6 winning trades. Too bad I only acted on 1 of them. Story of my trading life these past 2 weeks.

Trade #1 - Took a long at around 10:46 @1685.75, as prices hit support. This time I forced myself not to manually close the trade early. I got out at around 10:54 @1687.00 for +1.25 pt. The market trended down for most of the day, before mustering during the final 2 hours of trading.

7/30/13 ES chart

ES trades for 7/29/13

One high impact economic data came out today at 10am. It was the Pending Home Sales. I tend to avoid putting on any trades +/- 10 minutes before & after these news items. Market was up slightly from the opening bell. However, it began dropping about 10 minutes before the Sales data came out. It basically didn't stop until around noon. For my charting, I've noticed this past week or so, that we have been getting triple trend lines, instead of the usual double ones. Anyway, I did 2 trades today and I got shook out of both for small gains only. For the 100^th time, had I kept my ATM strategy in place, instead of manually exiting, prices would've hit my targets on both occasions.

Trade #1 – Prices reversed after forming a double bottom. I was a bit late on this 2^nd entry long, but entered at 12:11 @1678.50. Took a bit of heat initially, as prices retraced a bit, but still hovered near the EMA. I exited manually at 12:44 @1679.00, just as a Doji finished forming. Got +0.50 pt. Of course, after I was out, my target was promptly hit.

Trade #2 – Went short at 15:06 @1682.00 on a failed 2^nd entry long. Prices found support @1681.00, so I manually exited at 15:25 @1681.50 for +0.50 pt. Afterwards, on 3 occasions it hit resistance @1682.75. When the 4^th try failed to break through, the bottom fell out and prices went down to 1679.50. Same shit, different shoe. Need to trust my ATM strategy and be like that Showtime Rotisserie "Set it, and forget it!"

7/29/13 ES chart

Hong Kong MTR vs New York City MTA

Every time I go to Hong Kong, I'm always impressed with the operation of its entire public transportation network (subways, trains, buses, trams and ferries). However, I'm mainly referring to the Hong Kong MTR and New York City MTA subways here, as I take them the most often whenever I'm in either places. Comparing the HK subway to NYC one is like comparing night and day. The former is clean, efficient and safe, while the latter is dirty, have constant delays and can be scary (even dangerous) to take in some locations. All MTR stations have air conditioning, while the vast majority (I'm guessing 95%) of MTA ones don't. In the summer, waiting for a train in a station is like waiting inside an oven. Also, MTR riders get mobile phone reception (either via their carrier or WiFi) inside subways and stations. MTA riders don't.

On top of these disgraces, the MTA seems to be always running a deficit, even though it raises fares every few years. You would expect that with the increase in fares come the increase in service quality. Not so. They keep slashing services, plus closing down station attendant booths. The proverb "you get what you pay for" definitely doesn't apply to the MTA subway system. We get very little for paying a lot.

Now lets compare the MTR Octopus Card to the MTA Metrocard. The former can be used to pay for subway, train, tram, bus, minibus and ferry fares, while the latter only train and bus. Well, tram too, if you count the one (1) Roosevelt Island Tramway. The Octopus Card can also be used to pay for goods at convenience stores, supermarkets, fast-food restaurants, parking, gas stations and vending machines. The Metrocard can't. But more importantly, the Octopus Card is sturdy and contactless, while the Metrocard is flimsy and paper-thin and needs to be swiped to pay the fare. I can't tell you how many times I've missed a train because I was delayed going through the turnstile by someone in front of me. The poor bastard was trying to swipe the card through for the umpteen time without success. Usually the culprit was a tourist or retiree. Then again, sometimes the card just doesn't work (it's flimsy, after all).

Every time I come back to NYC, it takes me awhile to readjust myself to taking the subway here. Typically, it takes me about a week to get used to the rats, urine stench, garbage and delays again. I love taking the MTR and I hate taking the MTA. Simple as that.

HK subway car

HK subway platform

NYC subway car

NYC subway platform

ES trades for 7/26/13

Trade #1 - The ES was trading down from the overnight to the opening. Around 11:00 it formed a triple bottom and reversed to the upside. Went long at around 11:32 @1674.00. Prices had support at the bullish trend line and the EMA. Got out at around 11:40 @1675.25 for +1.25 pt. Prices continued up to 1683.25 before meeting any serious resistance. Again, I hesitated on many trade opportunities...80% of which would've been successful. Flat PnL for the week, but it's ok, as I'm still learning to trade the ES. Have a great weekend!

7/26/13 ES chart

ES trades for 7/25/13

Trade #1 - Market went up a few minutes after the open. A quadruple bottom formed and I went long at around 9:40 @1676.50 and exited at around 9:43 @1677.75 for +1.25 pt. Prices proceeded to rocket up to 1682.00. I have no runners to take advantage of this move, as I'm currently only trading 1 contract per trade.

Trade #2 - The overall trend was slightly upward biased. However, there was a downtrend channel and prices hit the upper trend line. Went short at around 15:17, right after a very bearish bar formed. In @1682.75. Right after I got filled, a bullish bar and then 3 consecutive Doji candlesticks formed. I should have been alerted by this and close out the trade at break-even or a slight loss. Instead, I held on and was stopped out by a very bullish bar at around 15:23 for -2.00 pt. Many mistakes here, but the biggest is that I had the trend line incorrect. The downtrend channel was already over (already had 2 legs down) and an uptrend one was forming. Prices were pulling back to the EMA and likely have a 2nd leg up when I shorted.
Note to self: Market moves in 2s. Just had a 2-legged correction, so going for 2 legs up at a minimum.

7/25/13 ES chart

ES trades for 7/24/13

Trade #1 - Saw a lot of potential trades, but hesitated. Still working on the emotional/mental aspect of trading. Anyway, only took one trade today. Prices were looking to be in a small upward mini trading range. It was still inside an overall downward trend, as the whole day was bearish. At around 14:47, took a long trade @1679.75, as prices bounced a few times on the upward sloping lower trend line. Out manually at around 14:54 @1680.75 for +1.00 pt, as prices were forming a double top. It quickly reversed and headed down to 1677.75.

ES trades for 7/23/13

Trade #1 - At the open, the market went into a tight trading range. It then headed into a downtrend, but stalled a little and saw a double bottom forming at around 10:17. Went long @1690.00 and exited at around 10:21 for +0.50 pt. It was a manual exit, as prices met resistance at the upper trend line.

Trade #2 - Prices met resistance at the upper trend line. Took a 2nd entry short at around 11:37 @1688.00. Prices proceeded to break through the trend line and shoot up. Stopped out at around 11:50 @1689.50 for -1.50 pt. Made a mistake of shorting when prices were above the EMA.

Trade #3 - Prices were in an uptrend but retraced back and hitting lower trend line. Went long at around 12:45 @1688.75 and exited at around 13:19 @1690.25 for +1.50 pt. My auto target is set at +1.25 pt, but I'd moved target up manually a bit, since prices were shooting up quite rapidly towards upper trend line.

ES trades for 7/22/13

Trade #1 - Market was in a down trend from the open. It pulled back and prices met resistance at the upper trend line. Went short at around 9:53 @1687.00. I exited (manually) too early at around 10:02 for +0.75 pt because I saw a double bottom forming. If I'd left the trade running on auto, it would've hit my set target. Prices did reverse to the upside, but not before dipping a little.

Trade #2 - The ES got into another down trend. After 3 consecutive bearish bars, I decided to join in on selling. Waited for a pullback and shorted on the next bearish bar at around 13:33 @1688.75, even though that bearish bar traded through the bottom trend line. The trade looked good initially, as prices headed further down. However, it prompted reversed quickly and I was stopped out in a flash @1690.00 for -1.25 pt. My mistake was shorting at the bottom of the trend line. Odds are prices will bounce around.

Intro

This is my first blog posting, as I've never blogged before. Actually, I take that back. Back in the day when Yahoo! GeoCities was popular, I had a website where I posted info and details of all my overseas trips. I thought this way, when I'm older and memory is not as sharp, I can read and reminisce about all these past adventures. However, I didn't update it often and Yahoo! froze and subsequently closed down my website. I was not happy, as I'd posted a lot of good info.

Anyway, the main reason for this blog, Pocky Trader, is to act as a personal trading journal for my daily E-mini S&P 500 (ES) Futures and/or Crude Oil (CL) Futures trades. It indirectly serves as part of my learning process in trading these instruments. Basically, it helps me to review what I've done for the day. Each post is just a recap of my trading day, with the day's chart attached.

In addition, there will be some miscellaneous rantings. I'll also try to post some of the details of my past overseas travels here. Hopefully, I can still recall some of them, as they span some 16 years.

Thanks for reading.