ES trades for 9/30/13

Last trading day of the month. The market opened down about 12 pt, due to the likelihood of a government shutdown. At the end of the day, it pared back about half those losses. It was a range day overall. I did 3 trades...all to the long side. Could've done more, but didn't want to risk giving back some of the early gains.

Trade #1 - Market continued trending down, after the initial gap down. Prices eventually broke the trend line to the upside, before heading down to make a new low. Basic 2nd entry long here, as the market looked to be reversing to the upside. In typical fashion lately, I got within 1 tick of making my 1 pt scalp. Got stopped out for 0.25 instead. Got my scalp on the 2nd contract, though. 0.25 + 1.00 = +1.25 pt.

• buy 2 @1672.00 at 10:01
• sell 1 @1672.25 at 10:02
• sell 1 @1673.00 at 10:06

Trade #2 - Prices broke the previous up trend line. This time to the downside. It then formed a double bottom, as it gained support. I went long when a 2nd entry came. Hit 1st target, but manually exited early on the 2nd contract. Had an incorrect trend line in place at the time. Had it not been there, I would've gotten my 3 pt target on the 2nd contract. As it were, I booked 1.00 + 1.00 = +2.00 pt.

• buy 2 @1675.00 at 11:20
• sell 1 @1676.00 at 11:27
• sell 1 @1676.00 at 11:29

Trade #3 - It was obvious that we were in an intraday trading range at this time (typical of the lunch time period). Prices bounced off the same area as in the prior trade. A triple bottom was formed. Entered long via a 2nd entry. Scalped out of the 1st contract. Manually exited the 2nd, as I was spoofed by the formation of a Gravestone Doji. Also, prices were near resistance levels. It went down about 1 pt more afterwards, before rallying for 5. Oh well. 1.00 + 1.25 = +2.25 pt.

• buy 2 @1675.50 at 12:32
• sell 1 @1676.50 at 12:43
• sell 1 @1676.75 at 12:51

A good trading day. I think I could've gotten double the points, but I didn't want to over-trade, after the 3 straight winners.

ES chart 9/30/13

ES trades for 9/27/13

Rough day trading today. Ended the day early - not watching market until closing anymore. After the initial morning drop, the market spent the whole day trading in a 5-6 pt range. I like range days, but only with volume. Today was a range day without volume. Basically got chopped to bits left and right. The fact that I had a hard time figuring/drawing the correct trend lines hinted at the difficulty of the trading day. Also, I sort of over-traded, which meant more commission expenses.

Trade #1 - Got anxious and basically jumped into this short too early. Didn't wait for a 2nd entry signal. Had I did, I would've gotten a 1st target scalp from it. As it were, I was able to bail out for a slight gain. Booked 0.50 + 0.50 = +1.00 pt.

• sell 2 @1683.00 at 9:35
• buy 2 @1682.50 at 9:40

Trade #2 - Took a 2nd entry short, after the market pulled back from an early downtrend. Was within 1 tick of hitting my 1st target scalp of 1 pt, but instead got stopped out for 1 tick. Manually exited the 2nd contract, after some congestion in which a couple of Doji candlesticks formed. 0.25 + 0.50 = +0.75 pt gain.

• sell 2 @1683.25 at 10:20
• buy 1 @1683.00 at 10:23
• buy 1 @ 1682.75 at 10:24

Trade #3 - I didn't learn from the mistake made on Trade #1. I jumped the gun and went long. Even though there was a 2nd entry signal, prices were still in no man's land. Should've waited until it touched the trend line, before even thinking about entering. As it were, prices broke through the trend line. Had I waited, I would not have gotten into this long trade. Result: (1.25) + (1.25) = -2.50 pt loss.

• buy 2 @1684.25 at 11:02
• sell 2 @1683.00 at 11:06

Trade #4 - Third time's the charm? Not in my case. Saw prices reached upper trend line resistance. Did not wait for a 2nd entry to form first before going short. Paid dearly for it, as prices rocketed to the upside immediately. Loss (1.50) + (1.50) = -3.00 pt.

• sell 2 @1683.50 at 11:31
• buy 2 @1685.00 at 11:36

Trade #5 - Continuing from where Trade #4 left off, prices met resistance, after a decent climb up. As a result, an opportunity for a 2nd entry short formed. Trade #4 should've been executed here, instead. Anyway, the trade direction was good. However, market was choppy at this point (in an overall choppy day). As with Trade #2, I was within 1 tick of my 1 pt scalp target. Got stopped out for 1 tick gain, instead. Got a pt on my 2nd contract. 0.25 + 1.00 = +1.25 pt.

• sell 2 @1685.50 at 11:40
• buy 1 @1685.25 at 11:53
• buy 1 @1684.50 at 12:09

A losing day for me, but I'm still net positive for the week.

ES chart 9/27/13

ES trades for 9/26/13

Another range day today. Again, this suited me fine, as I prefer this type of market over a trending one. Could've done more, but I only did 2 trades today...both were longs. There were 5-6 possible trades that I didn't take. Blame it on the usual suspects (fear & hesitation).

Trade #1 - Normally, I wouldn't take a trade that early in the day, but the setup was quite good. Prices were making higher highs and higher lows. Went long on a 2nd entry, with a bullish Hammer candlestick bar before it. In at 9:30 @1689.25. My 1st target was reached at 9:31 @1690.25. My runner was still active, but I saw a potential double top forming, so I manually exited at 9:34 @1691.75. In hindsight, I exited too early, as prices climbed pass my 2nd target and shot up an additional 5 more pt. But, I rather be safe than sorry. 1.00 + 2.50 = +3.50 pt.

Trade #2 - Prices went into a short-term downtrend (within an overall range day). Went long on a 2nd entry at 13:54 @1690.00, after prices bounced 4X on support. Right after I entered, the next bar formed was a Doji. This, plus the fact that I was countertrend trading, kind of spoofed me. Decided to manually exit early for a small gain. Out at 13:58 @1690.50. Turned out to be a good move, as prices dropped about 4 pt right after I got out. 0.50 + 0.50 = +1.00 pt.

ES chart 9/26/13

Some past trip photos - HK & BKK

Here are some miscellaneous photos from my past overseas trips. Not in any chronological order.

HK tram - 2013

Din Daeng - 2008

BKK bus ride - 2008

Ratchada - 2010

BKK airport - 2010

Philadelphia & ES trades for 9/25/13

I did not trade yesterday, as I had to go down to Philadelphia to take care of some business. Specifically, to file a Satisfaction of Mortgage with the Philly County Recorder. After doing the 3S, I went over to Columbus Park and waited for Sai Yeung Choi to arrive. We started heading out at around 10:45 AM. Usually, it's a 2 hour drive from NYC to Philly. However, we got stuck in traffic, due to construction and a nasty accident. After a 3 hour drive, we finally arrived.

We headed for City Hall to the Records Dept. Get this, to file the Satisfaction of Mortgage, the city charged me $198...mein gott! While in the city, SYC and I also walked over to Chinatown. I like the Philly Chinatown. It's small, but it's clean and nicely laid out. Had lunch at a Malaysian place call Penang. The place was not crowded, which I like. Food was decent. Prices were higher than expected, but the larger portions sort of made up for it.

Also, there was this cute girl eating alone. Besides being cute, what caught my attention was the amount of food she ordered. She had a veggie dish, a beef dish and a ginormous whole fish dish. I'd initially thought she was ordering for her and her friend(s). However, she started digging into the food, which led me to believe all of it were for her. 

Anyway, the drive back to NYC was brutal. We left Philly at around 4 PM. Got stuck in traffic at the beginning. I was behind the wheel for over 4 hours - double the usual travel time! My back and gluteus maximus were hurting. Due to my bad back, I can't sit, stand or sleep in one position for too long. Ideally, for every 1.5-2 hour behind the wheel, I would need to take a mini break to loosen my back muscles. After 4+ hours, we finally got back to NYC a little bit past 8 PM.

City Hall

Now onto today's trade recap. The market was in a range the whole day, which suited me fine. For some reason, I tend to do better in range days than trending ones. Did a total of 4 trades. All were winners. I missed out on 3 other solid trades, because I used limit, instead of stop orders. Didn't get filled and didn't want to chase any trades.

Trade #1 - 2nd entry long with prices bouncing off of support and trend lines. In at around 9:38 @1688.25. Prices hung around for a couple of bars. A Gravestone Doji happened to be one of them, which caused me to think about bailing out early. Good thing prices shot up and hit my 1st target. It then retreated, after meeting upper trend line resistance and I got stopped out on the 2nd contract. Ended the trade 1.00 + 0.25 = +1.25 pt.

Trade #2 - Basically, this was almost a repeat of the 1st trade. It was a 2nd entry long at support. Got in at 10:13 @1685.75 and out at 10:18 @1686.75 & 1686.00 (stopped out). Of course, almost immediately after I got stopped out, the market shot up another 5 pt! 1.00 + 0.25 = +1.25 pt.

Trade #3 - Prices had broken through the upper resistance earlier and then retraced. It then tried to break through again, but prices (4 bars) hung up for awhile. When the 4th bar broke down, I went short at 13:22 @1692.00. My 1st target was hit fairly quickly. Then the market just nose-dived. It hit my 2nd target of 1689.00, then dropped 4 more pt. 1.00 + 3.00 = +4.00 pt.

Trade #4 - I immediately regretted entering this trade, even though it was a 2nd entry short. The market was very volatile at this time and also prices have not reached the upper trend line yet. Sure enough, after my entry, a bullish bar formed and I was within 2 ticks of being stopped out. I manually adjusted my targets, hoping prices would retrace and I could bail out for a 1 tick gain. It did. However, had I not made the adjustments, I would've gotten my 1st target, as prices slipped a bit further down. I rather be safe than sorry, though. 0.25 + 0.25 = +0.50 pt.

ES chart 9/25/13

ES trades for 9/23/13

I missed out on 4 good short opportunities this morning. Blame it (again & again) on hesitation & fear. Didn't do anything during the lunchtime hours. Usually the afternoon hours are not as volatile. Besides, I normally would stop trading after 2:30 PM or so...except today.

Trade #1 - 2nd entry long at around 14:37 @1695.75. Out around 14:55 @1696.75 on the 1st contract and got stopped out at around 15:02 @1696.00 on the 2nd. Should have manually exited the 2nd contract, since prices were hitting trend line resistance. Anyway, even though the trade worked out, if I have to do it over again, I would've have entered the trade. When the trigger bar formed, there were already 2 consecutive Doji bars before it. Got 1.00 + 0.25 = +1.25 pt total.

Trade #2 - Looked like the market was reversing to the downside. Prices met resistance on the upper trend line. At 15:12, got into a 2nd entry short @1696.00. Exited 1 at around 15:23 @1695.00 and got stopped out on the other at around 15:34 @1695.00. 1.00 + 1.00 = +2.00 pt for 2 contracts.

Trade #3 - Even though this was a countertrend trade, there were three reasons why I thought it was worth the risk.

1. 2nd entry long
2. Prices bounced off of support and trend line
3. Doji bar formed after very bearish bar

Went long at around 15:36 @1694.75. Out at 15:40 @1695.75 and manually exited at around 15:46 @1696. The 2nd contract was exited manually, because prices failed to break through the upper trend line. It was hitting resistance and I feared it would reverse, as the trend was down and I was countertrend trading. Booked 1.00 + 1.25 = +2.25 pt.

One last note: I've decided to stop following the NQ. No point in splitting my time & energy on two markets. Best if I just concentrate on mastering one...the ES. 

ES chart 9/23/13

Lazy

I've been lazy, as I haven't posted for 2 weeks now. Once you stop getting into a routine or schedule of posting, it's very hard to start again. I'm hoping to resume posting more often next week. I sound like a broken record, but I'm going to make a real effort to do so this time.

Next Monday, I'll start trading 2 ES contracts, instead of just 1, in my real account. Yeah, I was still on the sim last week, even though I'd said otherwise. After 3 weeks of trading on the simulator, I think it's best if I go back to live. Nothing matches the experience of trading with real money. The lessons learned sink in more when it involves your hard-earned dough. My goal is to one day be able (mentally & emotionally) to trade 10 ES contracts with daily profit target of $800-1,000. Here is an interesting article on why losing in trading is good for you, believe it or not.
http://www.benzinga.com/markets/13/09/3906136/warren-buffett-is-wrong-not-only-should-losing-be-accepted-its-necessary

Anyway, here's Jessie again.

Jessie

Resumption of live trading on Monday 9/16

I plan to get back to live trading on Monday 9/16. Have been on the simulator for the past 2 weeks. I still haven't fully worked out the kinks in my trading yet. Trading on the sim is just not the same as live. But, it still has its uses...mainly not risking real money, while testing various strategies. Anyway, once I resume live trading, it would mean regular post-trade blog posts as well.

Until then, here are more leggy pics of Jellyfish, Jessie and Sunny.

Jellyfish

Jessie

Sunny

Atlantic City

Sai Yeung Choi and I headed down to Atlantic City yesterday. It's a city in Atlantic County, New Jersey and best known for its casinos, boardwalk and beach. The drive from Manhattan is about a bit over 2 hours. About an hour into the drive, my sore throat started acting up. As you may have already known, I've been under the weather since last Sunday. I've had bouts of fatigue, headache, body ache, coughing and this nagging sore throat for over a week now. The soreness is located to the lower left of my Adam's apple. It only hurts when I swallow. Every time I do, it feels like I'm swallowing a marble.

Anyway, we got to AC at around noon and found street parking. SYC wanted to do some quick shopping at the Tanger Outlet. We checked out the Nike Store and Eddie Bauer. We then decided to park at Trump Taj Majal, grab some lunch there and check out the various casinos. No luck on the food front, as what was available sucked. Very few choices and the quality wasn't that great, given the high prices. The casino itself wasn't that much better off.

Next we headed out to Resorts. Its casino was on par with Taj Majal's, which meant it was dull and old-looking. Only saving grace was its cocktail waitresses, specifically their uniforms (check out pic below). It's food selection was also on the same level as Taj Mahal's. We were both somewhat tired of looking and hungry by this point. Decided to settle on the buffet offered at Resorts. Cost about $45 (after including tips) for 2. SYC didn't find the food any good. I thought it was OK, only because I was hungry. However, this was tempered by my growing throat pain.

Resorts waitresses

We finished lunch and decided to head out to the boardwalk to do some ogling. Surprisingly, not much ogling targets. The few that we found were almost all Russians. Along the stretch of the boardwalk, we came upon a newer casino name Revel. Decided to check it out. After lounging in the lobby for a few minute of ogling, we headed into the casino area. This casino is a lot better in so many ways. It's cleaner, the decor looks more modern and the slot machines seem newer too. You've also got to check out the restroom. The high quality of the paper towels say enough about this place. Very nice. We signed up for Revel reward cards and tried our hands at their slot machines. I ended up losing $5, but SYC was on a hot machine. He ended up netting $15, before deciding to quit, after a short losing streak. I think he should have continue playing, since losing streaks are normal. I think his machine is one of those where for every $5 it takes, it'll give you $15 in return. A Playboy Playmates event was scheduled to start at around 8 PM. We skipped, as we planned on heading back to NYC at around that time. After Revel, we headed back onto the boardwalk, as SYC wanted to get a quick ms. He found a place and opted for 20 minutes. He said the damage was $20 + $10 tip.

amusement park

boardwalk

boardwalk

beach

We met up afterwards for the drive back home. Got to NYC at around 10:30 PM. Decided to skip dinner, as we were both still full from the lunch buffet. Instead, we went to get a ms. First one for me today, but second one for SYC. Went to my usual joint. We were both satisfied with our services. His damage was $45 + $35 tip, while mine was $45 + $45 tip.