Tuesday, June 21, 2011

Trades & Charts & About Letting Profits Run (Replaced 6A 5min Chart)

In blue boxes are trades that were up USD1000 (once, and 900 twice), 200, 300, 200 and 400 respectively before I scratched them for a small loss each.  Except for the 6J short, all were from yesterday's session. Had I taken all of yesterday's profits, I would have had a very happy +USD1650 (1100 + 800 - 250) June 20th.

CAD and TF shorts from Jun 16 and 17, and all the blue entries from yesterday were scalps (ie. positions that I didn't intend to hold even for 1 day) that gave decent returns (I mean, D used to be HAPPY with 3-tick CL and TF profits).  

Putting everything in perspective,  it makes absolutely no sense for me to continue to explore swing/pseudo-swing trading and holding for profits that are based on supposedly significant S & Rs . And I'm definitely done with trying to follow the trend (what a friend!!). After my final scratched trade yesterday, I concluded that I lacked the skills, aptitude and temperament to trade properly, and made one of the easiest decisions in my life : resume trading my old way ie. fading with wide hard stops, and getting out at/ before the nearest major/ minor S & R. And all has been good since.


 6C Short on Jun 16 at 4:50am ET (+525):

6J Short on (1) Jun 13 at 2am ET and (2) Jun 17 at 6:42am ET(-67, -192):

TF Short on Jun 17's US Session at 10:48am ET (+235):

ZC on Jun 20 (-105, -142, -67):

NG Short on Jun 20 at 1:00am ET (+5):

NG on Jun 20's US Session (-114, -74, +65, +205, +85):

6A Short on Jun 20 at 9:30pm ET (+335):

6A Short on Jun 20 at 10:23pm ET (+125):

ES Short on Jun 20 at 8:21pm ET (+45):

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FX said...

Wrong time frames feel very wrong. It's not easy to switch from something that you are used to. It's hard to unlearn stuff and very frustrating. I guess that we are forever "damaged goods" regarding some other style of trading then ours. Maybe something that isn't discretionary at all could be traded on some other higher time frame.

Jules said...

:-) FX. I definitely do not see us as "damaged goods". I'm always a little wayward, a little rash, a tad too curious, often fickle-minded, a little greedy sometimes...but I'm definitely not damaged. And neither are you. :-)

Anonymous said...

Letting profits run is over-rated. Repeatedly closing and buying dips (and v/v) until you are proven wrong is the way to go :-) Especially when the dips are > spread.

I know the charts are never that ideal but that doesn't stop me following the logic.

Jules said...

uh-uh, no dips for me, LW. I won't last a day if buying dips means having conversations with myself like this: http://longandwrong.wordpress.com/2010/06/09/buying-dips-buying-houses/


Anonymous said...

Ignore that...him and his imaginary friend both talk out of their backsides :-)

seabloke said...

I need some place to post my Happy Birthday message!!

May you grow wiser & a beard :)))

Always love you,
your mighty sister

Soullfire said...

Seabloke spilled the beans- Happy B-Day! =) Are you indulging any any cake or ice cream? ;-)

Swing trading is best applied once you've constructed the proper channels of support and resistance, then entering/exiting when you move from one side to the other.

Regarding your multiple NG trades, your 2nd long had a great run within a clear uptrend. What prompted you to hold it when the trendline broke along with a hammer/hanging man near the top?

You did a good job catching the a big chunk of the short move.