Wednesday, 8 July 2009

Trades 08/July/2009

Three winning trades today, hope you had a good day also.

HBC (gap down)

Barrow first after gap down but then two beraish candles which can't hold $40 level. The 4th is NR7 off OR low and is our short trigger. Closed partial near Fib (past 1R) then rest came back to stop at breakeven.

IBN (gap down)

After gap down the 2nd is weak and breaks OR. The 3rd is a NR3 pullback below OR low and is our short trigger. Closed partial near Fib just past 1R and left rest to run. This didn't do much as it chopped sideways for rest of day. Closed in last session at just under 1R gain.

ICE (gap down)

Missed some early entries on this, but it was weaker than the market and so likely to offer further chances. After gap down and trend past OR, we have pullback to ema. The 11th is NR7 off ema and is our short trigger. Closed partial near whole number for 2R and then rest at Fib level near end of the day for around 3R.

------Daily Stats -------------------------

8 comments:

Charlie G. said...

Congrats on the ICE trade. I saw it dropping like an anchor ten minutes in and had an order inputted to short just a small position of 100 shares at $93, but it was moving so fast and that's really NOT in my trading plan to enter so early on.

I use the 15 minute opening range, and ICE presented a lot of opportunities to enter around $91.50 on the third and forth candles on your chart. But my real regret was on the seventh candle, on a smaller time frame, you can see the nice bounce up to $90. 200 share order started - but not executed - to short, but did not pull the trigger!

Glad you capitalized!

Eyal said...

As Borat would say - "aa Great Success" :-)

I see that you use this setup alot. what exactly are you looking for in there?
i notice 4 things
1. you determine the OR by the first 15 minute candle
2. looking for a break of the ORL (does it work also for ORH?)
3. pullback to ORL and a narrow range candle
4. a break of the NR candle

TraderAm said...

Charlie G. > Thx

Eyal > See "My Strategy" post on right hand side under Blog Postings.

Anonymous said...

Hi TraderAM

Great blog!

Im trying to set up my tracking methodology and Im using the R as well. But looking into your chart performance I noticed that you add up all the R for the day and the week. But isnt it that misleading since in theory your R should be your average of trades... since every trade will have the same risk... instead of 37R, in theory should be more of a 2R.... what are your thoughts>

Thank you in advance

TraderAm said...

anon > don't understand your point.
Please explain further.

Anonymous said...

Hi TraderAM,

In this post you total P/L for the day based on the picture is 4.5R. This is basically adding up the R's for the day.

But in theory (according to Van Tharp) we should be measuring the R of the day or week, as the sum of your R divided by the number of trades. In this example 4.5R divided by 3 trades - your R for the day was 1.5R.

I guess is like adding up the sum of the risk in $ for all trades, and adding up the sum of the profits of all trades and then get the expectancy of the system.

Prrobably you are using it to measure something else, but Im just trying to find out the logic behind it.....

Thank you in advance

TraderAm said...

Yes I am working out the sum total of the R's. You are referring to average R per trade. Depends what you want to measure. If I risk $300per trade then I made $1350 on the day which is 4.5R. At an average of $450 per trade. I am just using it as a measure of total number of R's and hence profit I have made per day and per month.

Anonymous said...

Got it! - you focus is more on the profit side than on the expectancy of your trading.

Make sense - I will measure both then.... thank you