Thursday, August 6, 2009
Trades for 08/06/2009
the labor report came in a little better than expected this morning. I wasn't paying much attention, honestly. I didn't get to the screen until about 10 because I had a job interview, which was a flop! They sold off the market. someone must have told them that 6.3 million people are still sucking on the government teat. Tomorrow is a big day in the market. Bears might be able to get something going If jobs numbers suck. From what I am hearing people are worried that January and February numbers are going to be revised MUCH LOWER like 1million+ jobs lost. Either way, I will trade it with the trend which so far has been up...on to the trades for today
First trade Short 995.50:
This trade was a mistake that ended up working. The proper short was where I drew the white arrow on the chart and the break of the trendline I drew. I thought I saw something I didn't and took a short so far from resistance I almost got stopped for -4points. As you can see I got one point on two contracts for +8 ticks. risking 4 points to make 1 was bad. By the time we got back to my entry I just wanted out. If I picked the better (proper) entry I would have got 3 or 4 points. But "would have" doesn't count and the trade goes in the books at +8. Lesson learned BTW.
Next and Last Trade Long 991:
This one was off oversold conditions. A lot of buying came into the market at the 990 level and I just waited for the indicators to confirm. When they did I took the trade. The very next bar I got filled for +4 and +6 ticks. Traders using 3 contracts today could have stayed in for 3 or more points. I'll explain why I used two today in the next paragraph.
Today we traded in a range once we found value. I drew horizontal white lines on the chart to show this range. This kind of trading sucks in my opinion. You have to pick just the right points or you get chopped to death by the market makers. I traded two contracts instead of three today because I expected a slow and choppy day, and that's pretty much what we had. I would have taken more trades, especially because we had some great set-ups throughout the day, but I was watching my 4 year old daughter all day. You want a trading challenge? Try doing this while Dora The Explorer is on in the background! Not recommended for newbs... I prefer absolute silence, or sometimes NPR on the radio.
Today turned out ok. +18 ticks on two contracts. Ill take it, better than losing money right? As always, thanks for reading and please click the sponsors if you like what you see. If you want to know more about my indicators and charts visit Big Mikes Trading Blog http://blog.bigmiketrading.com/. Have a nice night everyone