Trade Journal 11-10 and 11-11

11-10-09













The arrows are entries, the circles are exits and the circles with the line through them are stop-outs. There were several stop outs on this day since I was continually trading against extreme early strength. Kept trying to fade it and finally caught it around 6:55am. It was a small losing day, but should not have been.

Early trades are VERY choppy and is the reason I was not able to hold on to the early long (Trade 1). That would have been a beauty had I let it ride, but the market did not feel right at the time.

As much as I would like to catch the daily trend as early as possible, it would be best for me to sit on my hands for the first 5 minutes. This way I can let the day develop and have a better feel/read on momentum.

11-11-09













Today's plan was to scalp unless a strong move presented itself. Took a few small scalps prior to the selloff around 6:45am. The downmove then based and since I expected the selloff to continue down to the 20sma, I was too late to catch the bounce back up. After 6:55, I scratched the last 3 trades. These should have been longer term holds since the market had made its decision to move back up. Need to hold my stops and not just throw in the towel.

Trade Journal 11/5/09

Trades 1-4 today were basically feeler trades to get myself into the groove. Indices were lower to rangebound for the first 15 minutes with the Q's acting the strongest and IWM/EEM weakest. I've noticed lately that my early trades have all been scratches/small losses and that the larger moves come 15 minutes or more after the open. The 7am economic reports really set things off (at least in the very short term).

I think it is hard to find that balance between being patient and being too patient and missing moves. Tomorrow I will try to be patient and let the market pick a direction before taking a position.

5. Symbol: IWM
Reason: I had been following IWM all morning, so this was my index of choice to play on an upside breakout.
Long/Short: Long
Time: 6:46
Entry: 57.03
Size: 2000 shares
Exit(s): 1000 at 57.17, 1000 at 57.30
Time in Trade: 1 minute, 4 minutes

Best Practice(s): Focusing on one particular ETF while monitoring the other indices. Scratching.

Worst Practice: Not noticing that the early range would produce a larger than anticipated breakout. The longer the period of chopping, the bigger the eventual breakout.

Trade Journal 11-4-2009

1, 2, and 3. Symbol: EEM
Reason: EEM showed bullish leadership on the open, so i got long. Then it couldn't hold the 39 level, so I got short (twice).
Long/Short: Long, Short, Short
Time: 6:32, 6:35, 6:39
Entry: 39.06, 39.00, 38.99
Size: 1000 shares each trade
Exit(s): Trade 1- 39.03, 39.02 scratched
Trade 2- 39.00 scratched
Trade 3- 38.98 scratched
Time in Trade: Trade 1- 2 minutes and 3 minutes
Trade 2- 2 minutes
Trade 3- 12 minutes
Looked to be a super choppy morning with all the scratched trades.

4. Symbol: EEM
Reason: EEM and the other indices were holding up near their respective LOD's, so I entered for a scalp long with large size.
Long/Short: Long
Time: 6:54
Entry: 38.93
Size: 2000 shares
Exit(s): 500 at 38.99, 1500 at 38.92
Time in Trade: 5 minutes, 6 minutes
Lightened up into the 39 fig. Scratched the rest of it as price dumped upon release of ISM manufacturing report.

5. Symbol: EEM
Reason: EEM started to hold the low .90's and began to move up along with other indices.
Long/Short: Long
Time: 7:02
Entry: 38.92
Size: 2000 shares
Exit(s): 1000 at 39.07, 500 at 39.05, 300 at 39.15, and 200 at 39.18
Time in Trade: 1 minute, 2 minutes, 10 minutes, 13 minutes

Best Practice: Focus on the indices and dollar to get a fix on direction. Scratches were good as well.

Worst Practice: ?

Trade Journal 11-3-2009

Trades

1. and 2. Symbol EEM
Reason: EEM showed strength on the open and the other indices were falling, so I went for a quick short.
Long/Short: Short
Time: 6:31, 6:32
Entry: 37.52, 37.50
Size: 1000 Shares each
Exit(s): 37.52, 37.50
Time in Trade: 1 minute, 2 minutes
Scratched both after EEM held up and other indices were moving higher as well.

3. and 4. Symbol: EEM
Reason: Went for a quick scalp to the upside and decided to add another 500 on the second trade. All indices were perking up at this point.
Long/Short: Long
Time: 6:39, 6:45
Entry: 37.56, 37.62
Size: 1000 shares, 500 shares
Exit(s): 500 at 37.58 (scratch 1/2), rest of position exited at 37.55
Time in Trade: 3 minutes, 3 minutes
Indices were making new HOD's at entry. There was some wavering, so I lightened up the first 1/2. Added 2nd half after detecting some strength, but exited entire position as price moved back to break even.

5. and 6. Symbol: EEM
Reason: Early breakout range in EEM held up, so I got long.
Long/Short: Long
Time: 6:51, 6:51
Entry: 37.56, 37.62
Size: 1000 shares each
Exit(s): 37.73, 37.74, 37.76
Time in Trade: 1 minute, 2 minutes, 6 minutes
Had 20 sma as target which was reached quickly.

Best Practice: Identifying momentum across indices and scratching trades quickly.

Worst Practice: Exiting 2nd half positions. I get so anxious holding these and esp. when they drop below first target levels. I will start selling out 3/4 of the position on first targets and hold 1/4 for secondary targets. This will make them much easier to hold.

Trade Journal 11-2-09

Trades-

1. Symbol: EEM
Reason: Detected weakness after early move up could not hold
Long/Short: Short
Time: 6:45
Entry: 38.00
Size: 1000 Shares
Exit(s): 1/2 at 37.84 (20 sma), 1/2 at 37.98
Time in Trade: 2 minutes, 7 minutes













2. Symbol: SPY
Reason: ?
Long/Short: Long
Time: 6:59
Entry: 104.46
Size: 500 Shares
Exit(s): 104.85
Time in Trade: 2 minutes
SPY, Q's, IWM, and EEM all rallied back from the early selloff. Q's and SPY held near HOD prior to econ report at 7am. Entered SPY and watched it chop back and forth for a bit before launching higher. It could have easily slammed down as well, but I was prepared with my stop at 104.26. Took profits right after the report as it held mid 80's. Should have looked to 105 fig as a natural target.













Best Practice: Identifying momentum across the major indices.

Worst Practice: Not thinking through targets esp on the SPY trade. 105 should def. been the target.

Trade Journal 10-29 and 10-30

10/29/09

1. Symbol: EEM
Reason: Early strength in EEM
Long/Short: Long
Time: 6:31
Entry: 38.50
Size: 1000 Shares
Exit(s): 1/2 at 38.66, 1/2 at 38.70
Time in Trade: 1 minute, 4 minutes
SPY, Q's, and IWM confirmed strength shortly after entry, but EEM was far and away the leader. SPY was testing 105.30's before sliding back down to test the 105 fig. This was my sign to exit the 2nd half. Should have paid more attn to SPY at 105, since that has been a major battleground number.

2. Symbol: EEM
Reason: Base and break setup
Long/Short: Long
Time: 7:00
Entry: 38.70
Size: 1000 Shares
Exit(s): 600 at 38.85, 400 at 39.00
Time in Trade: 4 minutes, 21 minutes
SPY, IWM, Q's all near HOD when I entered EEM. Took quick profits on first half and held the other half for fig, since we had strength in all indices.













Best Practices:
1. Ability to identify momentum via change % from open (ch%O) on the EEM, SPY, IWM, and Q's. EEM was strongest off open, while the others chopped slightly. When the others picked up buying I entered EEM and caught a quick move.
2. Allowing position to go for T2

10/30/09

1. Symbol: EEM
Reason: Early weakness in EEM
Long/Short: Short
Time: 6:31
Entry: 39.03
Size: 1000 Shares
Exit(s): 1/2 at 38.93, 1/2 at 38.94
Time in Trade: 3 minutes, 3 minutes
Early weakness with IWM=EEM < SPY < Q's. Exited as SPY picked up strength. UUP was also moving up fractionally.

2. Symbol: EEM
Reason: Early weakness and a sudden pop that didn't look sustainable (SPY popped .60, but EEM/IWM remained relatively weak)
Long/Short: Short
Time: 6:45
Entry: 38.90
Size: 1000 Shares
Exit(s): 1/2 at 38.74, 1/2 at 38.46
Time in Trade: 6 minutes, 47 minutes













Best Practice(s): Identifying weakness, Staying with position through pullbacks to 20 sma (very difficult for me)

Worst Practice(s): Not adding when EEM pulled back up to 20 sma in the 38.80 area. These are rare since I usually only trade the first 30 minutes, so this is something I should def. watch for in the future.

Trade Journal 10-28-09

I was anticipating a rally since we had sold off so hard the past couple of days, but right from the open the bulls were not able to show any strength. The selling began with weakness in EEM, which was followed by IWM, then SPY and Q's.

1. Symbol: BTU
Reason: Support buy triggered near open
Time: 6:32
Entry: 41.00
Size: 500 Shares
Exit: Stopped out 40.91
Time in Trade: 8 minutes
It almost ran to T1 (41.41), but missed by pennies due to selloff in indices. Chart on bottom.

2. Symbol: WLT
Reason: Support buy triggered near the open
Time: 6:34
Entry: 60.00
Size: 300 Shares
Exit: 59.82
Time in Trade: 8 minutes
Got stopped out after not being able to hold above 60.30. A second try on this name would have yielded better results, but due to the big spreads (.10 at times) I decided to look elsewhere.













3. Symbol: SU
Reason: Support buy triggered near the open
Time: 6:42, 6:45
Entry: 34.04, 34.31
Size: 600, 600
Exit: Closed it out at break even as the indices sold off
Time in Trade: 5 min / 2 min
Added second position as it crossed early high of day. SU could not hold above high of day, so I closed it out.













4. Symbol: BTU
Reason: Short on resistance at target number after not being able to stay above it twice before.
Time: 6:52
Entry: 40.97
Size: 1000 Shares
Exits: 500 at T1 of 70.72
200 at 70.72 (prior to 7am housing report)
300 at 70.50 (right after housing report)
Time in Trade: 2 min / 7 min / 8 min













Best practice today: 2nd add on SU even though it didn't work out. It was aggressive and the risk/reward was good. Also glad that I cut it at break even.

Worst practice today: Not scratching WLT and BTU after they failed to hold in positive territory and the indices were showing weakness as well. Stops were in place and kept the losses minimal, but I should have closed them out after not holding above resistance numbers. These trades are to be somewhat quick scalps off support.