Joey's MP Journal

This is a discussion on Joey's MP Journal within the Trading Journals forums, part of the Reception category; Originally Posted by Joey25 Sell at 1257.25 Stop at 1260.00 Tgt at 1254.75 I'm viewing the overnight highs as a ...

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Old Jul 10, 2008, 4:10pm   #41
 
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Joined Jun 2007
Quote:
Originally Posted by Joey25 View Post
Sell at 1257.25
Stop at 1260.00
Tgt at 1254.75

I'm viewing the overnight highs as a failed auction into yesterday's single prints. Also, the entry level is near the top of a 7.30am data spike and is in the region of the 24hr Pivot Point (HLC/3). Protective stop is above the overnight high.
ha ! you're going to be selling just where I am buying - i always wondered who took the other side of my trades - it's YOU !!!
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Old Jul 10, 2008, 6:44pm   #42
Joined Mar 2005
July 10th Trade 1

Joey25 started this thread Sell at 1257.25
Stop at 1260.00
Exit at 1255.75
Gross p/l = +1.50

Have now moved onto proposal 1 mentioned earlier.
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Old Jul 10, 2008, 8:03pm   #43
Joined Mar 2005
Potential scalp

Joey25 started this thread I've put this order in:

Sell at 1254.50
Stop at 1257.25
Tgt at 1252.00

It's the top of the 13.00pm spike bar on today's chart.

The best I could come up with for the stop is above the 4th July Low, which seems to be a bit of a pivot.
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Old Jul 10, 2008, 9:19pm   #44
Joined Mar 2005
10th July Trade 2 / End of Day

Joey25 started this thread Sold at 1254.50
Stop at 1257.25
Exit at 1254.00 (market order before close)
Gross p/l = +0.50

Total for the day = +1.50 +0.50 = +2.00
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Old Jul 11, 2008, 1:40am   #45
 
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Joined Jul 2008
Why don't you try dropping the pattern down a bit and looking for smaller break points? If you don't get that, and you don't get your pullback, then you just deal with it. You can't have them all ya know.

Also, you are taking such small winner it makes me wonder if you are truly benefiting from using the profile at all. Seems like you're sitting and waiting all day for tiny scalps. You're taking advantage of noise and not the directional edge the profile gives you.

Just my two cents.

Frank

Quote:
Originally Posted by Joey25 View Post
Thanks for making contact Frank. Any feedback more than welcome!

The specific pattern I'm struggling with is: you get a breakout from balance on the 30-minute chart and then a pullback, with a long set of single prints between the breakout point and the pullback point. There doesn't seem to be an easy place to put a stop, in that if the market can overcome the pullback point it tends to fill in the single prints quite easily.

What do you think? A vol stop perhaps? Just accept the trade has failed if the single prints start to get "gobbled up"?

I was left on the sidelines with my high volume trades yesterday which was very frustrating.

Cheers,
Joey

P.S I'm an experienced options trader and that's how I make my living, so this stuff is pretty new to me!
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Old Jul 11, 2008, 4:30am   #46
 
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Joined Jun 2007
Quote:
Originally Posted by Joey25 View Post
Sold at 1254.50
Stop at 1257.25
Exit at 1254.00 (market order before close)
Gross p/l = +0.50

Total for the day = +1.50 +0.50 = +2.00
good calls Joey !!
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Old Jul 11, 2008, 10:50am   #47
Joined Mar 2005
Joey25 started this thread
Quote:
Originally Posted by fbutera101 View Post
Why don't you try dropping the pattern down a bit and looking for smaller break points? If you don't get that, and you don't get your pullback, then you just deal with it. You can't have them all ya know.

Also, you are taking such small winner it makes me wonder if you are truly benefiting from using the profile at all. Seems like you're sitting and waiting all day for tiny scalps. You're taking advantage of noise and not the directional edge the profile gives you.

Just my two cents.

Frank
Fair play Frank. That's part of the reason I'm doing this journal - to expose myself to some positive criticism and hopefully improve.

Joey
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Old Jul 11, 2008, 10:58am   #48
Joined Mar 2005
Joey25 started this thread
Quote:
Originally Posted by rathcoole_exile View Post
good calls Joey !!
Cheers Garry.
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