Joey's MP Journal

[Joey25]

Thoughts going into the open

Pending home sales data out at 9.00am.

I'm looking at the following "big picture" trade:

Sell at 1267.25, Stop at 1271.25, Target: trailing stop

It's the intersection of a trendline on the daily bar chart and a big level just above yesterday's value area, so if responsive selling is going to occur hopefully it will be here.

 

[Joey25]

Potential scalp trade

I've just put a new order in:

Sell at 1255.50, with a stop at 1258.50 and a target at 1252.75.

The objective is to short the current session's Point of Control.

 

[Joey25]

July 8th Trade 1

Sold at 1255.50
Stop at 1258.50
Exit at 1254.00
Gross p/l: +1.50

 

[Joey25]

July 8th Trade 2

Sold at 1267.25
Stop at 1271.25
Exit at 1267.50
Gross p/l = - 0.25

I have now entered the following order:

Sell at 1279.25, with a stop at 1282.50, target trailing stop

(This is the Point of Control from the 2nd July)

 

[Joey25]

End of Day 8th July

Trade 1
Sold at 1255.50
Stop at 1258.50
Tgt at 1252.75
Exit at 1254.00
Gross p/l = +1.50

Trade 2
Sold at 1267.25
Stop at 1271.25
Tgt: Trailing stop
Exit at 1267.50
Gross p/l = -0.25

Total = +1.50 -0.25 = +1.25

 

[Joey25]

EPU8 Value Area for use 9th July

Value Area High = 1259.75

Point of Control = 1256.25

Value Area Low = 1247.75

 

[Joey25]

Thoughts going into the open

"Big picture" trade is:

Sell at 1279.25, with a stop at 1282.50, target: trailing stop

This is the intersection of the 2nd July Point of Control and the downward sloping trendline on the Daily bar chart.

 

[Joey25]

Potential scalp trade

Potential trade:

Sell at 1267.25
Stop at 1271.00
Tgt at 1263.75

Entry is targeted at the mean of a small balance area that has formed since about 11.30 Chicago time.

 

[rathcoole_exile]

Joey, was this a limit order ?

judging by the time of your post you didn't get triggered ?

I had a similar order in, but a stop sell order

went to bed, found out i'd made 4.5 points in a 20+ move......ah well......... :-(

if i'd been able to stay awake (i'd like to believe) that I may have kept a portion of the trade open and gone with the runner.

but it's interesting observing the role of weekly S1 in all this - I'm sure MP shows the same thing, but S1 was the exact point that Monday's price dropped to like a stone, it was the approximate point of the bounce on Tuesday, then the precise close yesterday

garry

 

[fbutera101]

Hi Joey. I just wanted to say that I'm new to T2W. I've come here to look for some chatter with others who are profile trading and I found your journal. I've been a profile trader for quite a few years now and I look forward to chatting more and following your trading journal.

Best of luck to you.

Frank

 

[Joey25]

Hi Joey. I just wanted to say that I'm new to T2W. I've come here to look for some chatter with others who are profile trading and I found your journal. I've been a profile trader for quite a few years now and I look forward to chatting more and following your trading journal.

Best of luck to you.

Frank

Thanks for making contact Frank. Any feedback more than welcome!

The specific pattern I'm struggling with is: you get a breakout from balance on the 30-minute chart and then a pullback, with a long set of single prints between the breakout point and the pullback point. There doesn't seem to be an easy place to put a stop, in that if the market can overcome the pullback point it tends to fill in the single prints quite easily.

What do you think? A vol stop perhaps? Just accept the trade has failed if the single prints start to get "gobbled up"?

I was left on the sidelines with my high volume trades yesterday which was very frustrating.

Cheers,
Joey

P.S I'm an experienced options trader and that's how I make my living, so this stuff is pretty new to me!

 

[Joey25]

Joey, was this a limit order ?

judging by the time of your post you didn't get triggered ?

I had a similar order in, but a stop sell order

went to bed, found out i'd made 4.5 points in a 20+ move......ah well......... :-(

if i'd been able to stay awake (i'd like to believe) that I may have kept a portion of the trade open and gone with the runner.

but it's interesting observing the role of weekly S1 in all this - I'm sure MP shows the same thing, but S1 was the exact point that Monday's price dropped to like a stone, it was the approximate point of the bounce on Tuesday, then the precise close yesterday

garry

Hi Garry,

I've been following your notes and the Point Of Control seems to often correspond to a classical pivot point.

Sadly, yes limit orders for both entries, missed the high of the day by 2 ticks.

Suffering a bit from paralysis from analysis at the moment and my methods make me look like a chimp if there's no retracement!

I like your stuff and I'm thinking of switching to Tradestation. Did the software manage the entire trade through to completion for you?

Cheers,
Joey

 

[rathcoole_exile]

Hi Garry,

I've been following your notes and the Point Of Control seems to often correspond to a classical pivot point.

Sadly, yes limit orders for both entries, missed the high of the day by 2 ticks.

Suffering a bit from paralysis from analysis at the moment and my methods make me look like a chimp if there's no retracement!

I like your stuff and I'm thinking of switching to Tradestation. Did the software manage the entire trade through to completion for you?

Cheers,
Joey

to be honest i usually use the infinity price matrix/ladder for my trades, i find it much more user friendly, but i prefer TS charts ....

 

[rathcoole_exile]

My Trading Network

I wouldn't recommend this to a newbie as it's important to understand how PPs are calculated and important to learn by hand.
but since you obviously do know what you're doing: check out this site, they cut out all the hard work and provide daily updates on POC, PPs etc

 

[rathcoole_exile]

Point Of Control seems to often correspond to a classical pivot point.

yep, Mondays POC corresponded almost with the daily R1
Tuesday's with PP & yesterdays with S1

now that would be very significant if only POC remained a relative constant ...

 

[Joey25]

yep, Mondays POC corresponded almost with the daily R1
Tuesday's with PP & yesterdays with S1

now that would be very significant if only POC remained a relative constant ...

Possibly merge the last 5-days profiles? The trouble is I'm stumped on what to do with the overnight session TPOs.

 

[Joey25]

EPU8 Value Area for use 10th July

Value Area High = 1278.75

Point of Control = 1273.25

Value Area Low = 1262.00

 

[Joey25]

Potential setup for Archive: "New Beginning"

I probably won't trade until at least 9.05am Chicago time today, probably later, because Bernanke is speaking.

Therefore I want to archive this setup in case the trade occurs in the meantime.

The trade is: Sell at 1267.25, with a stop at 1271.00 and a target trailing stop,

I like this because I believe this is what Steidlmayer refers to as a "New Beginning".
It is where price breaks out of balance, usually from the mean, and a long low volume area occurs before development occurs again.

 

[Joey25]

Today's "Big Picture" Trade

There is an intersection between yesterday's Point of Control and the big trendline again today.

The trade is: Sell at 1272.50, with a stop at 1276.25, target trailing stop.

 

[Joey25]

Potential Scalp

Sell at 1257.25
Stop at 1260.00
Tgt at 1254.75

I'm viewing the overnight highs as a failed auction into yesterday's single prints. Also, the entry level is near the top of a 7.30am data spike and is in the region of the 24hr Pivot Point (HLC/3). Protective stop is above the overnight high.