Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Today, I'm introducing the Overnight Point of Control as a level, mainly to see how the market reacts to it. ...

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Old Aug 13, 2008, 2:27pm   #137
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Overnight Point of Control + Thoughts

Joey25 started this thread Today, I'm introducing the Overnight Point of Control as a level, mainly to see how the market reacts to it.

The level is 1291.00, pretty much in line with Yesterday's Close.

Also, today is interesting as there is confluence between yesterday's VAL and the Daily Pivot Point (1294.75)

The chart attached illustrates both levels.
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overnightpoc.jpg  
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Old Aug 13, 2008, 5:01pm   #138
 
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i'm heavily short from 1277.75,
this is easily the biggest trade I have ever put on - it just looked so right, price breaking through weekly PP, camarilla L4, DeMark L,
have already closed some contracts (1 point x 9 contracts; 1.75 points x 9 contracts; 2.25 points x 9 contracts; 2.75 points x 9 contracts - still have 64 contracts running...... oops ! but Stop Loss now at B/E for the remaining contracts )



ha ha, lol, stop got hit just as i posted this .... might look for another opportunity to get back in short again ....
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Old Aug 13, 2008, 5:11pm   #139
 
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short again at 1277.75 x 64 contracts

55 contracts all at staggered exit intervals all got hit so quickly, i've only got 9 contracts left alive !!!

i've brought SL to B/E and set the final TP target way down the ladder, just above 1273, the Floor R2

turning out to be a nice evening's work :-)



......

SL hit, closed out for a staggering 115 full ES points. this calls for a large whiskey :-)
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Last edited by rathcoole_exile; Aug 13, 2008 at 5:24pm.
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Old Aug 13, 2008, 5:20pm   #140
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Quote:
Originally Posted by rathcoole_exile View Post
short again at 1277.75 x 64 contracts

55 contracts all at staggered exit intervals all got hit so quickly, i've only got 9 contracts left alive !!!

i've brought SL to B/E and set the final TP target way down the ladder, just above 1273, the Floor R2

turning out to be a nice evening's work :-)
There's a guy elsewhere on this forum asking how he can cut down overtrading. I'm convinced the answer is to pick big levels/pivots and employ a scaling out strategy like you've done, Garry. Pick something you really believe in and max out.

I've been looking at the Bund and the 10-year note and the same things work...

Delighted for you by the way

Last edited by Joey25; Aug 13, 2008 at 5:22pm. Reason: preferred the word "big"
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Old Aug 13, 2008, 5:32pm   #141
 
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thanks, sorry to hijack your thread a wee bit there, but i knew you'd be the one guy to understand, our trading methods are so similar :-)
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Old Aug 13, 2008, 5:34pm   #142
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Quote:
Originally Posted by rathcoole_exile View Post
thanks, sorry to hijack your thread a wee bit there, but i knew you'd be the one guy to understand, our trading methods are so similar :-)
no, please do!
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Old Aug 13, 2008, 5:35pm   #143
 
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it's also a hats off to captain currency - i've been teaching one guy this week how to trade the 3 ducks, and so i noticed that 1277 was the point where a Stop Sell order would be triggered for the 3 ducks to all line up south :-) having all been pointing north up until the middle of last night



(my night being your day, or more specifically the US daytime, for those people who don't realise i'm in the Far East)
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Old Aug 13, 2008, 8:12pm   #144
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Joey25 started this thread Trade 1: Overnight Point of Control (1291.00)

Sold at 1290.75
Stop at 1293.00
Exit at 1293.00
Gross p/l = -2.25

Agonizing, as it fell short 0.25 from the target! I think this just has to be accepted as part of trading, especially as I'm very keen not to cut the winners short.

Pleasing to see a reaction off the OPOC.

Additional note: A great reaction off the DPP. This is looking like it may be my "bread and butter" trade, a trade with staggered stops and targets. As with cards, the true "edge" lies in the ability to vary the bet size according to the hand or setup dealt.

Last edited by Joey25; Aug 13, 2008 at 9:18pm. Reason: added note on DPP
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