Trade 1: Short 88.5 (9:49)
Why: I got good selling pressure on the tape, & we dropped back under the open
Result: 1 scale & stopped flat
Trade 2: Short 89 (10:04)
Why: We had econ # at 10, got selling pressure, dropped back under open
Result: 1 scale & stopped flat
Trade 3: Long 90 (10:22)
Why: We couldnt even make it down to the IB low after the #, & we got back above the open & held.
Result: Closed most of the trade at the gapfill at 05, & got a lucky fill to close out just in front of mondays high from a spike in the Euro.
Trade 4: Short 98.5 (12:20)
Why: Couldnt even make it to Mondays high on that spike, & we dropped back into the IB
Result: Took a 8 tick loss, got headfaked
Trade 5: Short 98 (12:24)
Why: Same as trade 4
Result: Closed it at the IB low because it held to the tick on the 1st try
Trade 6,7,8: Short, Long, Short 82.5 (12:56)
Why: I traded this 1 live on twitter if you remember, at first just barely lost IB low were I got short, but we didnt get any real sellers so I took the long right when we crossed back into the IB, we broke below it again w/ good sell pressure this time, so flipped for a 2nd time short. The context clues that I should have just been looking short was that the open pretty much held, we couldnt even get to yday high, & o/s low was holding to the tick...
Result: Closed it out 2 tick off the lows. Look back on my twitter feed to go over it if ya want.
Trade 9: Long 78.5 (1:49)
Why: Support held in the 65 area, & we got back into mondays range, mondays low was 77.75.
Result: Scaled at the Open (89.75) & later added
Trade 10: Added Long 84.25 (2:07)
Why: Mondays low held on the re-test, we got back into the IB again, I only had a 1/4 left from trade 9 & I was looking for a balanced day.
Result:Closed trade at the IB high.
Thanks for another great post!
ReplyDeleteHey Ben, I have a few questions for ya
ReplyDelete1. I'm looking for some insight on stops and scaling. With this methodology you can keep stops tight and I have been using 6-10 tick stops do you think that is about right for this method?
2. Scaling, could you give an example of how you typically do it? The only method I am familiar with is trading 3 lots, and scaling out of the first 2 lots at +half the distance of the stop, so once you are out of the first 2 you have a break even total if you get stopped out of the last. ex. 3 lots with a stop at -10 ticks, first target is +5 ticks on 2 lots and the last is the runner.
3. Do you use Think or Swim for all of you charting including Vol. Profile?
4. What Broker do you execute your trades with?
5. You always post the previous days regular session H/L are they more important than the overnight session H/L?
Thanks!
1. I usually use a 10 tick stop, 20 ticks is my max pain on any trade.
ReplyDelete2. For scaling I usually like to let my winners run, I try to wait til im up 20-25 ticks to take my first scale. I've found that P/L wise its better to have 1 big winner then 5 small winners.
3. I just use Think or Swim for intra-day charts, you can use them for VP, but the best for VP is InvestorRT.
4. I use CTS for my broker just because they give me the cheapest commissions.
5. Regular session is always more important then overnight. Most days unless something news wise happened overnight I dont even pay attention to what the overnight action was.