ym short from 583 ended up +1 went up 10 no follow threw
- #9,402
- Jan 7, 2016 8:52am Jan 7, 2016 8:52am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
I had to leave some on the table today as my platform kept freezing and I had no idea whether I was up or down for 20 to 30 seconds at a time. So I just put a 4 pont limit in and hoped for the best during one of the brief moments when things were working.
I bought the bull flag breakout about five and a half minutes or so after the wall street open. I had a limit to take profits at 58, which would have been 9 points, but given the situation, I'll take the 4.25 gross which gives me my 4 points net for the day. I see my 58 limit would have just been filled now. Oh well. When prices freeze and I don't know what is happening out there, I want to be out of the market, not it. A great trader - perhaps the best I have ever met, once said to me "I would rather be out of th emarket wishing I was in than in the market wishing I was out!" I agree.
Here is the p/l and the chart showing how I traded it and where my fills were:
EDIT: Starting balance $2000 current balance $2539, or net 10.78 points
I bought the bull flag breakout about five and a half minutes or so after the wall street open. I had a limit to take profits at 58, which would have been 9 points, but given the situation, I'll take the 4.25 gross which gives me my 4 points net for the day. I see my 58 limit would have just been filled now. Oh well. When prices freeze and I don't know what is happening out there, I want to be out of the market, not it. A great trader - perhaps the best I have ever met, once said to me "I would rather be out of th emarket wishing I was in than in the market wishing I was out!" I agree.
Here is the p/l and the chart showing how I traded it and where my fills were:
EDIT: Starting balance $2000 current balance $2539, or net 10.78 points
- #9,405
- Jan 7, 2016 8:57am Jan 7, 2016 8:57am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,406
- Jan 7, 2016 9:01am Jan 7, 2016 9:01am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
Viewing the 5 minute ES as a line on close, you can see that the bull flag breakout contained a 2B pullback long set up:
- #9,409
- Jan 7, 2016 9:18am Jan 7, 2016 9:18am
- | Joined Feb 2006 | Status: Trader | 1,392 Posts
Viewing the 5 minute ES as a line on close, you can see that the bull flag breakout contained a 2B pullback long set up
My trading this week remains far from perfect, but at least was only 30 mins to maintain my low-ball target - I'm leaving it to The Two Sluggers, dd & Big D, to hit it out of the park...
- #9,411
- Jan 7, 2016 9:21am Jan 7, 2016 9:21am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
{quote} nothing like a flag in a trend
- #9,412
- Jan 7, 2016 9:24am Jan 7, 2016 9:24am
- | Joined Feb 2006 | Status: Trader | 1,392 Posts
ym is the bomb...
They now have tradable volume (more than the DAX) at that time (although screenshot shows 10.20 Central time) : DAX fills can be challenging, because liquidity is not great. I'm really hoping the new miniDAX FXDM will become the "European NQ", but it's only been going a few months...
- #9,414
- Jan 7, 2016 9:33am Jan 7, 2016 9:33am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
Bull flags can give nice risk:reward profiles as the stop loss is the low of the flag and the profit target is a test of the last high.
In my opinion, failed flags (flags that breakout but reverse through the stop loss) are very often good set ups in the opposite direction.
In my opinion, failed flags (flags that breakout but reverse through the stop loss) are very often good set ups in the opposite direction.
- #9,416
- Jan 7, 2016 9:35am Jan 7, 2016 9:35am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts