Monday, May 4, 2009

Not a great first day...

But I made a tiny bit of moolah. Overall I hit the markets pretty well and I think took some good trades. Problem was that most of my wins were either in the NQ or the wins I did have in the ES were TINY compared with the loss I took in the ES. But overall, I played the positions as they were supposed to be, held for my targets, and even though I paid up a tick 3 times today to get an exit we got out with 90% of the move we had bargained for. As Awais would say - "Don't be a dick for a tick!".

Anyhow, here are some of the trades. The one loss i was p'eeved about in the ES was on a pattern that, yes, it was valid, but at the same time those bars that reverse hard like that from essentially the top of the swing are rarely good entries. I knew this... I didn't want to take the position... but this week is all about taking the trades and letting the outcome speak for itself.



Overall... 5 wins, 2 losses, and marginal profit - BUT I did turn a profit today and i'll take it.

Trade Results:

ES: -25.00
NQ: +55.00

3 comments:

Michael said...

Matt, On your ADX indicator, what's the blue area signal?

Matt said...

The blue is any area on the chart where the ADX has stayed under 20 for greater than 25 periods...

I found (especially in FX) that when it stays down there for a prolonged period of time reversal tendencies give way to outright chop.

The best reversals are in "trending" markets that dip out of the trending zone to give you an entry pretty quickly and then resume...

Michael said...

Good idea,thanks Matt!