'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Tuesday, December 28, 2010

Observe & Trade


Showing the concluding chart that I traded today in the YM e-mini.

Note that I am using DIA chart for they are almost identical in pattern.

I traded twice the YM, the first one I bailed out for it drops and I didn't wait to hit my stop and lost a couple of points.

I reenter again and made barely four points for I exited at the S1 because of the big red bar.

From there, it recovers and I am already out in the trade until it went up further.

I focus on the wrong index futures, had I focus on TF and the NQ, I could have traded a better pattern.

But that's how in trading, it's a matter of sound decision making because it involves human psychology.

Monday, December 27, 2010

Observe & Trade







I focused on the wrong instrument to trade today.

Whereas, if I explore the other instruments (TF; ES; NQ), I could have made a better trade.

I left my trading table after I exited my YM trade for I felt the volume was nil.

Anyhow, the three instruments made their nice decent move after that.

A very clear low risk trade on the three.

Real Time Trade Ideas

Exit YM for a gain of 4 points.

Real Time Trade Ideas

Looking for a 10+ point gain on YM. Will move stop to break even. Keep monitoring.

Real Time Trade Ideas

Moved my stop at 11478 at YM (115.38, DIA).

Real Time Trade Ideas

DIA looking good!

Real Time Trade Ideas

Get back at YM at 11481 again with same stop at 11473.

Looks like it's getting back to its feet again.