Trading the Gaps

[ilir.shkurti]

First target, stop at break even

 

[ilir.shkurti]

Stopped on ROP

 

[ilir.shkurti]

Two targets on 9:34 short at 65.75.

 

[fgp]

my entry was 65.50. hit target but never got filled. B.E. I take BE day over losing day anytime!. but twice this week..hitting the target and didnt get filled not even 1 contract..great weekends!

 

[ilir.shkurti]

@fgp, one thing that affects immediacy of fill is whether you move the limit orders, something which i tended to do a lot of in the beginning. This alters your place at the queue, since the exchange operates on first come first serve basis. Either this, or your limit was at that precarious turning point, where the price merely flirted with that level and reversed. BE is tough to take, and it happens a lot to me, but as you said, it's better than a losing day anytime. Best of luck in the future, and have a great weekend as well!

 

[robster970]

I'll be on skype on monday ilir - I bailed the gap today because I could see that I was not going to get filled at my target and I had a feeling the price was going to run away and hit my stop (which it would have done).

I have had a rotten month on gap and the first in 7 months where I have taken a real beating. The all/nothing approach has hurt me really bad with the strong trend that's been around for the last 20 days. I think I need to think about this strategy a little.

I really do mean a beating, not a loss which is par for the course in this game.

 

[ilir.shkurti]

Due to non-trading activities, haven't had much time to peek by here and post. However, I continue to update my gap spreadsheet, where I enter the best of targets (when multiple) or stops where applicable. Here is a link: http://spreadsheets.google.com/pub?key=to0HdImpeQmE8OTzctxR_Vw&output=html

 

[ilir.shkurti]

Just got second target on 9:48 entry at 62.25. Stop at entry.

 

[ilir.shkurti]

Position remainder exited with 5 points.

 

[fgp]

nice to close em. all out on closing.

thanks for the comment. I do put exit and stop order as soon as im in position. it was those days which market hit the target but not enough trades to get me fill. Hitting the target and market turn aroound right after isnt a good feeling.

 

[ilir.shkurti]

First target on 10:01 short at 77.25

 

[ilir.shkurti]

Second target. Stop still at entry.

 

[ilir.shkurti]

Position closed 2.75 points in the money.

 

[dfenn]

First target on 10:01 short at 77.25

Have you noticed that on large gap days, it pays to wait and let the market keep going with the gap before trying to fade it? It's something I've observed, but haven't done extensive research on, and would like to know more. Seems like you seem to have a sense for when to enter early and catch gap fill and when to wait. How do you do it? Your spreadsheet is impressive.

 

[ilir.shkurti]

I could spew my checklist before entering a trade, but it would not make a sense unless you have the requisite screen time every morning. I talk a bit about it here: http://tradingfuturesblog.blogspot.com/2010/04/update.html

 

[fgp]

very nice. no wonder ur entry point has usually been great. I have just started to watch T&S. interesting stuff. I dont know what to make of it yet. where did you get ur information on how to read T&S? Any recommendation for books or online resource? thanks.

 

[ilir.shkurti]

There isn't much literature that discusses the T&S specifically. Just remember that time and sales is simply a play by play on the price/volume relationship, nothing else.

 

[fgp]

gotta love uptrending & gap down. this thing could trumble down fast and hard but untill then, keep on making money!!

 

[fgp]

long 82.25

 

[ilir.shkurti]

Great entry! Gaps have been performing, for sure. I haven't posted in a while here, have lost the habit of doing so, though still update my spreadsheet daily. Went long two ticks north of you and just got two points. I am flat on all fronts currently. Cheers all!