Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Sold at 1261.50 Stop at 1264.50 Target at 1257.50 Exit at 1262.50 Gross p/l = -1.00 Since it's a partial ...

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Old Jul 22, 2008, 4:30pm   #99
Joined Mar 2005
July 22nd Trade 1

Joey25 started this thread Sold at 1261.50
Stop at 1264.50
Target at 1257.50
Exit at 1262.50
Gross p/l = -1.00

Since it's a partial loss only, have entered the following order:

Sell limit at 1279.50
Stop at 1282.50
Target at 1275.50

This is a historical level from the 2nd July
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Old Jul 22, 2008, 9:21pm   #100
Joined Mar 2005
End of Day 22nd July

Joey25 started this thread Trade 1: Trade Type: Daily Point of Control
Sold at 1261.50
Stop at 1264.50
Exit at 1262.50
Gross p/l = -1.00

Total = -1.00

This type of trade, even though a loss, was more manageable than the trade yesterday because price has a tendency to slow into a high volume area.

I've put the Overlay on the backburner for the moment as it's not adding much more value (for me anyway) beyond the daily levels, the historical levels and the intraday levels I'm already using.

Felt quite calm today and looking forward to gradually expanding the targets over the next few months.
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Old Jul 23, 2008, 3:50am   #101
 
5 Posts
Joined Jul 2008
Joey,

Been busy but I wanted to check in and see what you were up to. First off, I'm assuming you got the 5-day overlay idea from Cisco? That's fine but I have come to the conclusion that this particular idea is very circumstantial. It's so much more viable to dynamically build the merge on demand. So, at one point you may be using a 5 day overlay and another day you may be using a 3 day or maybe a 4.5 day overlay. Other times you won't even be using an overlay because the market is currently in discovery when you do your homework. My main work detailing splits, merges & counter trend trades is based upon this.

As for your one trade today. I'm not sure how you managed it. I, in fact, took the same trade (more or less) and ended up with a decent sized profit on it. It wasn't anything to write home about, but it was a winner. It was helluva tough trade to take too but it worked out OK. No big follow through to work runners but a decent "scalp."

I'm curious why you didn't jump on the move up today?

I'll try to keep checking in to see now you're doing when I have time. As always, if you want to chat, please feel free to be in touch.

Take care,

Frank
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Thanks! The following members like this post: fifty2aces
Old Jul 23, 2008, 7:55am   #102
 
8 Posts
Joined Mar 2004
Split/merged profiles are the evolution of MP, but I think many institutions/traders who use MP for their trade still look at daily/weekly/monthly profiles.
Gordon G. is offline  
Old Jul 23, 2008, 8:45am   #103
Joined Mar 2005
Joey25 started this thread
Quote:
Originally Posted by fbutera101 View Post
Joey,

Been busy but I wanted to check in and see what you were up to. First off, I'm assuming you got the 5-day overlay idea from Cisco? That's fine but I have come to the conclusion that this particular idea is very circumstantial. It's so much more viable to dynamically build the merge on demand. So, at one point you may be using a 5 day overlay and another day you may be using a 3 day or maybe a 4.5 day overlay. Other times you won't even be using an overlay because the market is currently in discovery when you do your homework. My main work detailing splits, merges & counter trend trades is based upon this.

As for your one trade today. I'm not sure how you managed it. I, in fact, took the same trade (more or less) and ended up with a decent sized profit on it. It wasn't anything to write home about, but it was a winner. It was helluva tough trade to take too but it worked out OK. No big follow through to work runners but a decent "scalp."

I'm curious why you didn't jump on the move up today?

I'll try to keep checking in to see now you're doing when I have time. As always, if you want to chat, please feel free to be in touch.

Take care,

Frank
Frank,

Good to hear from you.

Because I'm using an all-in, all-out strategy the trade management is designed so that I trail behind the entry level once the trade is onside a decent amount. Therefore the -4 loss.

I was just a couple of ticks from tightening the stop right up close, but the 1259.00 proved difficult to overcome. I'm aiming to get more out of the winners, like you and others have suggested, so I'm not too worried.

Since there's an asymmetry between long and short strategies in the equity markets, I'm using a short-only strategy at first. Plus it enables me to get in the queue quickly, and since a lot of these ideas don't even go past by a single tick that's quite important.

So in essence, it's a forward-tested project holding several variables constant and trying to identify the key value drivers. Even though I'm not trading them, I'm observing the signals in reverse and watching the long side intently.

I've come to the conclusion that the merge side is where the pioneering work is being done by yourself, Steidlmayer and others, so this is probably running before I can walk!

Regards,
Joey
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Old Jul 23, 2008, 8:47am   #104
Joined Mar 2005
Joey25 started this thread
Quote:
Originally Posted by Gordon G. View Post
Split/merged profiles are the evolution of MP, but I think many institutions/traders who use MP for their trade still look at daily/weekly/monthly profiles.
Hello Gordon,

Do you use MP in your trading?

I'd be interested to hear which concepts you're using.

Joey
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Old Jul 23, 2008, 11:20am   #105
Joined Mar 2005
Key Numbers EPU8 for use July 23rd

Joey25 started this thread Anticipated Resistance Levels
1351.75
1343.25
1328.75
1316.75
1308.00
1300.50
1290.75
1280.00

Daily Pivot Point: 1266.50

Daily Point of Control: 1260.25
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