GREY1 P/L daily

[LevII]

Not such a good day today with extremely difficult conditions for trading. Generally, watching paint dry would have made the adrenalin flow faster. In the end we all lost a few $$ but G1 will report on that in more gory detail.

Buenos tardes senor market

 

[Grey1]

Hi Grey1,

Your Team seemed to have a fantastic trading day last Friday. Noticed that the INDU, during the last hour (hit the Trending INDU # > 50), made a big push to take it to another new high since yr 2K.

Congrates on your P/L also hitting an all time high (it was just phenomenal #$%@^&* just fantastic), while I’ve been on this thread, was it Strategy # 3 which provided the greatest gains?

Regards,
NAS

Thanks but i lost $2000 + commissions to day . The reason for the loss was the new pscholgical level which i found it much much less technical than what i am used to .

All in all this is my third loss in 6 month and I am reviewing my errors in taking to day's trades.

Grey1

 

[rajibde]

Hi Raj

I suppose that an option, while waiting to see if the 'globalvariable' tool cab be used/adapted for this, is you use an approximation for the 3min and 5min ATR which could be added to the above code quite easily. This could then display how many shares to sell at first scale-out and how many to sell at second scale-out etc.

From a reasonably quick analysis, the 3min ATR is typically 1.5 times the 1min ATR and the 5 min ATR is typically 2.5 times the 1min ATR. IF you (and hopefully others too) think this is satisfactory then I could write the new code up.

What do you reckon?

Cheers

Steve
PS Good luck fo Monday

As promised- I am attaching the executions- all of them was based on startegy 3; You might notice quite a lot of wastage of opportunities as I have exited my positions prematurely in almost all the profit trades. Its all a question of confidence I guess(a bit short of supply currently)

The loss maker was SNDK- the main reason was that perhaps my scaling out was not fast enough and scaling in left a lot to be desired (the price rise happened so quickly that I could not react fast enough). The scaling out as discussed in your last posting seems to be a bit too soon when I tried it today.
Please can Grey1 kindly let us know when is it best to start scaling out and do we start scaling back in at the same price levels at which we had scaled out?


Anyway, I am happy that I have come out with a profit (a small one) after trying out the strategy (the profit could have been a lot more if I had waited for the EE to give a signal- but this will take some time I guess to get used to).

Any constructive criticism + advice is always welcome.

Raj

 

[Nastrader]

Thanks but i lost $2000 + commissions to day . The reason for the loss was the new pscholgical level which i found it much much less technical than what i am used to .
All in all this is my third loss in 6 month and I am reviewing my errors in taking to day's trades.
Grey1

Grey1

Well with your Win/Loss record of 3 losses / 122 trading days / 6 mos) = 0.975 % Win, don’t think anyone would complain about that – LOL.

It’s no doubt that your mechanical system and trading strategies work extremely well in this market. I’m just trying to obtain some practice & skills with your strategies. Thanks for your guidance! Yes today was kind of a flatlined market, with a very narrow range. But with the INDU continuing to make new Highs throughout the day, and now another yr 2000 Hi, did have me fooled as well.

NAS

 

[Grey1]

This is the chart of SNDK against the market. Both as bad as each other and this was the strongest stock in our list..

No volatility what so ever and for a stock such as SNDK this is SAD

Grey1

 

[rajibde]

This is the chart of SNDK against the market. Both as bad as each other and this was the strongest stock in our list..

No volatility what so ever and for a stock such as SNDK this is SAD

Grey1

SNDK got me fooled because it continued to show a reasonably ok ATR during the session (was most of the times >0.05) and showed to be a divergent strong stock in the 5min TF but never managed to take off. There was no news also on sndk which would indicate a lack of movement.
Another learning point for me.

Edit- Does the 200days MA have any significance at all (just a thought-I am aware about the lack of effect of a MA on the future price movement)?

 

[evostik]

As promised- I am attaching the executions- all of them was based on startegy 3; You might notice quite a lot of wastage of opportunities as I have exited my positions prematurely in almost all the profit trades. Its all a question of confidence I guess(a bit short of supply currently)

The loss maker was SNDK- the main reason was that perhaps my scaling out was not fast enough and scaling in left a lot to be desired (the price rise happened so quickly that I could not react fast enough). The scaling out as discussed in your last posting seems to be a bit too soon when I tried it today.
Please can Grey1 kindly let us know when is it best to start scaling out and do we start scaling back in at the same price levels at which we had scaled out?


Anyway, I am happy that I have come out with a profit (a small one) after trying out the strategy (the profit could have been a lot more if I had waited for the EE to give a signal- but this will take some time I guess to get used to).

Any constructive criticism + advice is always welcome.

Raj

Raj

Respect to you posting your trades and comments. I will have a detailed look in the morning.

Regarding your point about closing the profitable trades too early; you are far from on your own with this. This is the classic 'need to be right bias' isn't it! We KNOW its one of the key things that makes the diference between been a winner and a loser but we keep on doing it eh. On the positive side, I guess knowing what one is doing wrong, and understanding it, is a key step in the right direction though.

Anyway, thanks again and good luck,

Steve

 

[vegas]

I'm sure not just speaking for myself, however, I want to thank Grey1 and Levll for continuing to post regarding their performance in trading as part of the 'Team'.

These postings generate both discussions and feedback and are very important to keeping alive and driving our learnings.

It can't be easy at the end of a Trading Day, especially one like today, however, it is most appreciated.

A couple of pleases though.....

1. Grey1 - if you could continue to provide any detail regarding Strategies utilised on the day

2. If any of the other members of the 'Team' could see their way to post their thoughts


Thanks.

 

[Nastrader]

SNDK got me fooled because it continued to show a reasonably ok ATR during the session (was most of the times >0.05) and showed to be a divergent strong stock in the 5min TF but never managed to take off. There was no news also on sndk which would indicate a lack of movement.
Another learning point for me.
Edit- Does the 200days MA have any significance at all (just a thought-I am aware about the lack of effect of a MA on the future price movement)?

HI rajidbe,

Thanks for your discussions and posting your trading charts, very informative.
I only have the 200 DMA on my Daily Chart, which I understand the Institutions do watch, as a reference and nothing more (IMO). I'm assuming you're discussing a Daily Chart, and look at it only for 52 Wk Hi when I'm about to trade a stock.

As for the SNDK I min Chart, the 5 min chart looked to me just as flat (consolidation). Many times I have been so involved with a stock that I get my head barried into the 1 min chart. The only constructive critique I can offer is that the higher time frames ( > 1 min, like 5 min chart) tell us when a stock is following the market, and then afterwards to go to the 1 min chart for an exact entry. Not sure if this is what occurred, so it's an observation.

Interesting blocked prices on the 1 min chart.
Regards,
NAS

 

[Trader333]

Edit- Does the 200days MA have any significance at all

For day-trading, in my view, absolutely none whatsoever. You need to ask yourself why would it in the first place.


Paul

 

[rajibde]

For day-trading, in my view, absolutely none whatsoever. You need to ask yourself why would it in the first place.


Paul

Point taken Paul

Cheers

Raj

 

[Nastrader]

Today's O/S Condition

Due to the strong INDU O/S condition this morning, just wanted to state/show the reason (IMO):

US Economic News:

08:30 "Core PPI" = +0.6% vs +0.2% consensus

08:30 PPI = -1.3% vs -0.7% consensus

The "Core PPI" listed above indicates a potentially strong increase in inflation. This in turn may cause the FED to raise rates.. This is based on one sample of Econ data.
PPI = Producers Price Index.
Usually I don't post news, but with the INDU showing a "Down Trend" (INDU > -50.0 pts), & yes there is profit taking.
NAS

 

[samtron]

Due to the strong INDU O/S condition this morning, just wanted to state/show the reason (IMO):

US Economic News:

08:30 "Core PPI" = +0.6% vs +0.2% consensus

08:30 PPI = -1.3% vs -0.7% consensus

The "Core PPI" listed above indicates a potentially strong increase in inflation. This in turn may cause the FED to raise rates.. This is based on one sample of Econ data.
PPI = Producers Price Index.
Usually I don't post news, but with the INDU showing a "Down Trend" (INDU > -50.0 pts), & yes there is profit taking.
NAS

cheers nastrader, and as you know:

The trend is your freind untill it bends :arrowd: :arrowd: :arrowu:

 

[Grey1]

A great day of trading with the group (IAN , STEVE,LEVII, FIBBO ) and a win of $2625 which recovered my yesterday's losses and gave me a net profit of 626 taking an awesome signal from the vwap engine on long RIMM/

The market during the consolidation period was boring and very very difficult to scalp and made few bad trade but what counts is the final results..



Mucha Gracias Mr Market

Grey1 can sleep much better tonight


grey1

 

[Grey1]

For day-trading, in my view, absolutely none whatsoever. You need to ask yourself why would it in the first place.


Paul

I agree with Paul ,,,

Ignore any kind of MA ...

 

[Nastrader]

A great day of trading with the group (IAN , STEVE,LEVII, FIBBO ) and a win of $2625 which recovered my yesterday's losses and gave me a net profit of 626 taking an awesome signal from the vwap engine on long RIMM.

The market during the consolidation period was boring and very very difficult to scalp and made few bad trade but what counts is the final results..
Mucha Gracias Mr Market
Grey1 can sleep much better tonight
grey1

Hi Grey1,
Great trading!
I noticed that there were two VWAP Longs w/RIMM today (after the fact, on my part), one at 14:51-ish (for 0.92 max gain, for apprx 20 min trade), & another at 15.37-ish (for a 0.75 max gain, but would have taken an hour). Gains listed (from MPD risk band to VWAP), trade times in EU, both trades were in O/S (3 TF’s) territory for the INDU & RIMM (perfect O/S conditions).

Coincidently, today I took a screen print of the DOW and my Core Stock List MACCI’s at 14:56 (EU). The following MACCI’s were from 14:56:
Dow (in 1,5, & 10 TF’s) were: - 85, -209, & - 69.
RIMM (in 1,5, & 10 TF’s) were: -168, - 143, & -101.

Just a question, which time did you trade RIMM?
Just trying to gain more knowledge & your style of trading. Both RIMM VWAP potential entries were both fantastic opportunities from the bloody (red) opening this morning. I waited for 2.5 hours till the market decline stabilized, since I felt like I would have gone bottom fishing, during this time (had long trades on my mind - wrong thinking). But by this time the market was in Lunch mode, and that's when RIMM made it's largest run (about 400c) till the EOD, with the DOW leading the way (at the same time, starting right at NY's lunch time). fwiw, one of my trading rules is not to trade during lunch, pd the market too many times previously.
NAS

 

[Grey1]

Hi Grey1,
Great trading!
I noticed that there were two VWAP Longs w/RIMM today (after the fact, on my part), one at 14:51-ish (for 0.92 max gain, for apprx 20 min trade), & another at 15.37-ish (for a 0.75 max gain, but would have taken an hour). Gains listed (from MPD risk band to VWAP), trade times in EU, both trades were in O/S (3 TF’s) territory for the INDU & RIMM (perfect O/S conditions).

Coincidently, today I took a screen print of the DOW and my Core Stock List MACCI’s at 14:56 (EU). The following MACCI’s were from 14:56:
Dow (in 1,5, & 10 TF’s) were: - 85, -209, & - 69.
RIMM (in 1,5, & 10 TF’s) were: -168, - 143, & -101.

Just a question, which time did you trade RIMM?
Just trying to gain more knowledge & your style of trading. Both RIMM VWAP potential entries were both fantastic opportunities from the bloody (red) opening this morning. I waited for 2.5 hours till the market decline stabilized, since I felt like I would have gone bottom fishing, during this time (had long trades on my mind - wrong thinking). But by this time the market was in Lunch mode, and that's when RIMM made it's largest run (about 400c) till the EOD, with the DOW leading the way (at the same time, starting right at NY's lunch time). fwiw, one of my trading rules is not to trade during lunch, pd the market too many times previously.
NAS

NAS

You have to look the market first before you take a stock trade ( TOP DOWN APPROACH )..

SO ,, to ask me what time I took the RIMM trade is not going to make you any wiser.. SO the question should be " WHAT CHARTACRISTIC market was showing when I took the RIMM trade?

We made few RIMM trade and took 30C run in nearly each trade during the consoildation ( that was not enough to pay for our losses on other trades as we lost around 50C in shorting JOYG )

Now,, I took the final LONG RIMM trade with a largish pos size to cover my losses from yesterday and today @ around 8 UK time for a $2 run when MACCI diverged from the INDU ( very bulish sign ) and RIMM rallied fast

Hope this explain it

PS:-- always start with market then move to stock .. THIS IS A MUST
Grey1

 

[Grey1]

BY THE WAY YOU ARE SO SO SO RIGHT NOT TO TRADE DURING THE LUNCH TIME >> THIS IS A SIGN OF YOU BEING A PRO (I have to stop doing that myself as most my losses are during consolidation ) )

 

[Trader333]

Iraj,

when MACCI diverged from the INDU ( very bulish sign )

Was this the MACCI of RIMM that you are referring to that diverged from INDU ?


Paul

 

[garethb]

Now,, I took the final LONG RIMM trade with a largish pos size to cover my losses from yesterday and today Grey1

This is something I just can't do. Position sizing based on amount required to cover a previous loss is , for me, a complete no no. I have to work so hard just to make each trade independent of previous wins or losses so I avoid fighting the market.

It is a sign of your great mindset in a trading environment that you can do that successfully("mental/emotional stability" is the only way I can think to describe it) .


Like Paul I would like to better understand the MACCI divergence that gave you the signal. Presumably your "top down" had decided the market was uptrending (took me a surprising length of time to stop "selling the rally") but you must have bought RIMM when the market was pretty close to overbought.

Gareth