Joey's MP Journal

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Joey25

Well-known member
Mar 30, 2005
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#31
Hi Joey. I just wanted to say that I'm new to T2W. I've come here to look for some chatter with others who are profile trading and I found your journal. I've been a profile trader for quite a few years now and I look forward to chatting more and following your trading journal.

Best of luck to you.

Frank
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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Joey25

Well-known member
Mar 30, 2005
872
236
53
#32
Joey, was this a limit order ?

judging by the time of your post you didn't get triggered ?

I had a similar order in, but a stop sell order :)

went to bed, found out i'd made 4.5 points in a 20+ move......ah well......... :-(

if i'd been able to stay awake (i'd like to believe) that I may have kept a portion of the trade open and gone with the runner.

but it's interesting observing the role of weekly S1 in all this - I'm sure MP shows the same thing, but S1 was the exact point that Monday's price dropped to like a stone, it was the approximate point of the bounce on Tuesday, then the precise close yesterday

garry
Hi Garry,

I've been following your notes and the Point Of Control seems to often correspond to a classical pivot point.

Sadly, yes limit orders for both entries, missed the high of the day by 2 ticks.

Suffering a bit from paralysis from analysis at the moment and my methods make me look like a chimp if there's no retracement!

I like your stuff and I'm thinking of switching to Tradestation. Did the software manage the entire trade through to completion for you?

Cheers,
Joey
 

rathcoole_exile

Well-known member
Jun 12, 2007
3,924
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Krung Thep Mahanakhon
#33
Hi Garry,

I've been following your notes and the Point Of Control seems to often correspond to a classical pivot point.

Sadly, yes limit orders for both entries, missed the high of the day by 2 ticks.

Suffering a bit from paralysis from analysis at the moment and my methods make me look like a chimp if there's no retracement!

I like your stuff and I'm thinking of switching to Tradestation. Did the software manage the entire trade through to completion for you?

Cheers,
Joey
to be honest i usually use the infinity price matrix/ladder for my trades, i find it much more user friendly, but i prefer TS charts ....
 

Joey25

Well-known member
Mar 30, 2005
872
236
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#36
yep, Mondays POC corresponded almost with the daily R1
Tuesday's with PP & yesterdays with S1

now that would be very significant if only POC remained a relative constant ...
Possibly merge the last 5-days profiles? The trouble is I'm stumped on what to do with the overnight session TPOs.
 

Joey25

Well-known member
Mar 30, 2005
872
236
53
#38
Potential setup for Archive: "New Beginning"

I probably won't trade until at least 9.05am Chicago time today, probably later, because Bernanke is speaking.

Therefore I want to archive this setup in case the trade occurs in the meantime.

The trade is: Sell at 1267.25, with a stop at 1271.00 and a target trailing stop,

I like this because I believe this is what Steidlmayer refers to as a "New Beginning".
It is where price breaks out of balance, usually from the mean, and a long low volume area occurs before development occurs again.
 

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Joey25

Well-known member
Mar 30, 2005
872
236
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#39
Today's "Big Picture" Trade

There is an intersection between yesterday's Point of Control and the big trendline again today.

The trade is: Sell at 1272.50, with a stop at 1276.25, target trailing stop.
 

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Joey25

Well-known member
Mar 30, 2005
872
236
53
#40
Potential Scalp

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.
 

rathcoole_exile

Well-known member
Jun 12, 2007
3,924
766
123
Krung Thep Mahanakhon
#41
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 !!! :)
 

Joey25

Well-known member
Mar 30, 2005
872
236
53
#42
July 10th Trade 1

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.
 

Joey25

Well-known member
Mar 30, 2005
872
236
53
#43
Potential scalp

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.
 

Joey25

Well-known member
Mar 30, 2005
872
236
53
#44
10th July Trade 2 / End of Day

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
 
Jul 10, 2008
5
1
13
Illinois
#45
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

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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