Archive for Strategy
After a fairly lengthy time off the grid, tonight I provide some reflections and perspectives on trading, the markets, and plans for 2017.
As we approach the end of the summer trading season, today’s returning 26 minute video covers a lot of ground including optimizing personal momentum, balancing life and trading priorities, current market rhythms, U.S. RTH (Regular Trading Hours) vs. ETH (Extended Trading Hours) opportunity, social media, trading distractions, personal lessons from 20 years of trading, and more.
And here’s the John Wooden link referenced in the video.
For those who missed it, here’s a summary of yesterday’s catcher’s mitt trade narration posted live on Twitter as it was developing and executing.
Please read from the bottom up in sequence.
Given I talk about it quite often and it’s one of my staple trading sequences, I hope you find it useful!
11:42:19 From Don : flat 0250
My chat posts from this AM as the rhythm continues. As I tweeted last week, we HAVE to press when in rhythm and while the window of opportunity is open. Note the adds to size up once confirmation appears which I feel remains an art lost to most traders. Average WITH the move … NOT against!
09:56:21 From Don : fwiw ES opening on major 60 min trend support
10:02:48 From Don : L ES on the 60 min 88
10:03:00 From Don : lod stop
10:04:13 From Don : adding
10:06:31 From Don : heavy on pos
10:13:01 From Don : heavy off 91 from 88 will wait for ib break now
10:14:50 From Don : bak L 91
10:14:52 From Don : heavy
10:15:29 From Don : will trust 60 min w/triggers until she stops working
10:16:33 From Don : reentry actually
10:16:47 From Don : 60 min looks huge to me
10:16:53 From Don : sizing accordingly
10:17:20 From Don : 95-96 tgt for heavy off
10:18:10 From Don : took partial 94
10:18:12 From Don : jic
10:18:13 From Don : just in case
10:18:46 From Don : rest looking for onh poke
10:22:11 From Don : conflicts seem to abound on timeframes and instruments, so TMAR for now biased w/60
10:30:43 From Don : 90 stop on my ES now
10:34:28 From Don : added 94 for onh probe
10:36:12 From Don : vix down tick
10:36:17 From Don : delta shift green
10:36:53 From Don : added 95
10:36:56 From Don : pushing this
10:37:06 From Don : scaling out into 98-00
10:37:55 From Don : correction 96-00; some off 96 jic
10:38:29 From Don : holding most for 00 approach off 91
10:38:53 From Don : heavy off 97
10:39:42 From Don : offering 98-00 on final
10:40:24 From Don : 98 filled; 91′s now flat
10:41:17 From Don : back to I-don’t-care size now
10:42:40 From Don : shorter-term than np and size comments should reflect conviction
10:42:47 From Don : but hopefully aligned most of the time
10:43:45 From Don : NW (now what)
got what I wanted, FOD with tiny pos now
10:44:52 From Don : essentially, that was longs off the 60 min support, using 1 min price and 3 min Delta triggers to target ibh probe, catching carry-over wind from Friday … now I have no clue
10:45:49 From Don : plus averaging up w/colnfirmation which I feel more traders should learn … but it’s a diff than np’s single on … all good though
10:46:27 From Don : and if I ever post without an advance premise comment, feel free to slap me
The CN futures team will be presenting a free webinar Wednesday 11/12 at 4:30pm ET to review their charting platform that I discussed in this week’s Weekend Trader piece.
Here’s the sign-up link for those interested.
Some have asked lately why trade Globex? Many have also said they’re “a-scared” of doing so.
As I’ve stated 1,000 times, the prime MATD entry on key prior day support typically occurs during the Europe session, and you have to simply do what others can’t, won’t, or don’t know how to do … as in putting in farmer’s hours if you’re in the U.S.
The ONLY three things keeping the small minority of successful traders who have figured this business from earning consistent income remain motivation, focus, and simply showing up when most others won’t.
It’s been a while since we’ve done this, so let’s take a look at today’s trade plots with zero commentary so you can try to determine trade premises, what worked well, what stunk it up, where losses were nipped, and where gains were pushed. (Hint, have your hourly chart handy as well.)
Some find this more helpful than the actual commentary, since it … ummm … forces you to think!
The chart is a 5-minute chart of ES (click to enlarge), courtesy of FuturePath Trading’s Photon platform, and the sequence I’d like you to really think about is the very last batch on the far right. (Oh, and see if you can find the three sequences that were losers and required stops and the two mini-outliers that more than paid for them.)
We’ll discuss more via Twitter at @millerdon.