Joey's MP Journal

[rathcoole_exile]

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]

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]

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]

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

 

[fbutera101]

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!

 

[rathcoole_exile]

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 !!

 

[Joey25]

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

 

[Joey25]

good calls Joey !!

Cheers Garry.

 

[Joey25]

Thought going into the open

3 stand-out levels for me in the overnight action so far:

Yesterday's RTH high (1258.75) through which there was a large failed auction spike

Yesterday's close (1254.50) which has formed a minor swing high

HLC/3 (1250.25) a clear support-turned-resistance level.

University of Michigan release a report at 9.00am, so no trading for me until then.

 

[rathcoole_exile]

i'm still cautious of that big fat weekly S1 sat at 1246 .....

 

[Joey25]

i'm still cautious of that big fat weekly S1 sat at 1246 .....

That's the overnight session's Value Area Low

 

[rathcoole_exile]

That's the overnight session's Value Area Low

so if price doesn't bounce off it, what's the VAH as a target ?

 

[Joey25]

so if price doesn't bounce off it, what's the VAH as a target ?

1258.25: pretty much the pit high from yesterday

 

[Joey25]

Potential Scalp

I've entered the follow sell limit:

Sell at 1249.50, with a stop at 1252.50 and a target at 1245.50

HLC/3 and a support-turned-resistance level overnight

 

[rathcoole_exile]

1258.25: pretty much the pit high from yesterday

oh, i like that as a target, that's the Midpoint between PP & R1

 

[Joey25]

oh, i like that as a target, that's the Midpoint between PP & R1

Did you just make a fortune shorting S1?

 

[rathcoole_exile]

not a fortune, but once price went above S1 I did put a sell stop in
same as I still have a buy stop just above PP ...


now i've put a stop buy at 1241 too


22:06 scratch all resting orders

 

[Joey25]

11th July Trade 1

Sold at 1249.50
Stop at 1252.50
Exit at 1245.50
Gross p/l = +4.0

Have entered the following new order:

Sell at 1253.75
Stop at 1256.75
Target at 1249.75

 

[Joey25]

11th July Trade 2

Sold at 1253.75
Stop at 1256.75
Exit at 1256.75
Gross p/l = -3.0

Pretty criminal as I was 11 onside. Oh well.

Next order is:

Sell at 1267.25
Stop at 1270.25
Target at 1261.25

 

[Joey25]

11th July End of Day / Week

Trade 1
Sold at 1249.50
Exit at 1245.50
Gross p/l = +4.0

Trade 2
Sold at 1253.75
Exit at 1256.75
Gross p/l = -3.0

Total = +4.0 - 3.0 = +1.0

Total for the week = -1.50 + 1.25 + 2.00 + 1.00 = +2.75