When I came back from lunch, I saw ES trading in the 835 area, and without analyzing the price action, and without even looking at the balance chart (balance chart plots all the S/R levels like 1st Hr high/low, mid-point, etc), I initiated a short; purely out of impulse. In less than a minute I was stopped out for -2 points. One loss usually isn't enough to drill the lesson into my head, and I re-shorted at 838.25 a few minutes later, and again was stopped out for -2. This time, I paused and switched over to the TPP Balance chart and cursed at myself for a minute since I had failed to follow my rule of staying out of Short positions above the mid-point. But there was also an exception to that rule; which meant I could short around 846.50 since it was a strong area of resistance. I shorted around 841 for a quick +2 point gain. Unfortunately, I got pulled into an impromptu meeting (someone walked up to my desk and started asking questions) and wasn't watching the market when price got to 846-47, so I missed that short setup. I could have shorted a little lower around 844, but figured I would stick to the rule and short closer to 846 since price could easily bounce from 844 to 847 and stop me out. I'm sticking with my 2-point stops. They're doing a good job of keeping me out of trouble. Overall, ended the day down $100 + commission.
IB - Real$ Trade Executions
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLVwUyEGBJ58DQtVbHEG2qvfgwUMvxStOgX_iEYYIecIWHmFefyx0PI6TxZSMkztN2QKdvBFdjhFINTkD8bZWEYhijuv7Z2cNZlptpgloyykCNUkTLvLXOjfIi-EZPxoztQmoKbpWjYbGh/s400/20090115_Trades.gif)
And on to the charts...
TICK/VIX Chart - 1:39 PM Central
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiW2mwUvmDeKCNo1RS9kcTrLPKQxDePn2uVTGoRvBtV4tVPsaSoRCk85N1ixfp94SRuBbd-wCjpK71jDt7MBra92T6qU2kG-8waI4lEB01wJD1XPaD5wugW6hUdlGgjaiFoQySgMl3pNPhW/s400/20090115_1339PM_Tick.jpg)
TICK /VIX Chart - End of day
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhpF_yDNSLz2T7o3-DaUv2oxFf9QaeVWSuUry8Xy0Kto58qMnDCDDe3fJ8cYaxEkJRH0uFfkwMbYDs9uC_RjpTfN2Ha62MgBrruZP4vrq4-MqAhVj2d8vFgn9KK_OCDoZOQ-w3ABVgd2bA/s400/20090115_1500PM_Tick.jpg)
TPP Sync Indicator - 11:41 AM
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB0ECLP-A4t2yE4XlnPLL4udAx_VNA5oXcd7h4iEz5omDVmEBvUnOxaPtJkxgOw0QPPty-L12foWoZgHDf36boppbsorAkED5nsCQmwVLGLFdfqzAG4DWTinux2QS5Q8R_q_3GMntSbirv/s400/20090115_1141AM_Sync.jpg)
TPP Sync Indicator - 1:24 PM
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUc-xJtXZDgGR5OoOd8zh5h9DJwa5YGWip2KTJKlRuSklAgnXidOKNRhzGb7eUkxZ_lP5BSa4ebC-MjtnvtBh4fblgFeZQFgHRzkjMz91pSj7QUkzc1tNeVz675Zc0dmmyb4RcraVh-LZR/s400/20090115_1324PM_Sync.jpg)
Market Balance (5-min)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5RyCmQtdAwuI9FZe-3_7rxID8jYZ7v25xea61wAgua7Sq5K6mJ5r_fBbGyyqgnVIn3uu-FNPYbxOW3ToiN2ux9tKBmHIkxksH1AcdaryyMTlMEQZjOTxAbqg-BsI7AZL1PKjmq4jfTmea/s400/20090115_Balance.jpg)
Well I think you're still making good progress. A 2 pt loss is nothing compared to what you have been known to rake in on one day.
ReplyDeleteIf we can kill your bad impulses and keep your good instincts I think the LLC will have a solid performing partner.
But if I keep hearing of these mistakes i'll be forced to hitch hike up there with my baseball bat and oversee your trading for a day.
I think I would definitely trade better with the fear of a baseball bat to the face :D
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