Friday, May 8, 2009

Friday 05/08/09 - Focus on 3-min Chart

I missed the first 45 minutes, but then managed to put on a couple of good trade sequences between 9:30 AM and 11:00 AM resulting in a net gain of +10.25 points (half of that was from one trade). I stopped trading at 11:00 AM due to errands in downtown. I focused on the 3-minute chart today, which produces very nice setups but requires a slightly wider stop-loss (3 pts), which so far has produced decent results. I'll continue experimenting with it next week while I improve my execution. Here's how the stats broke down today over 7 trades:

% Break-Even: 28.57
% Win 57.14
% Loss 14.29
Avg Win 2.69
Avg Loss -0.5
Largest Win (pts) 5.00
Largest Loss (pts) -0.50
Total Win (pts) 10.75
Total Loss (pts) -0.50
Net Gain/Loss (pts) 10.25

No losing days this week, and a weekly gain of +38.75 points.

Going into next week, we have open gaps below at 907.75 and 876.50. Still looking for ES to hit 940; but trading what I see (momentum). Looking at the 60-min chart, I'm noticing an exhaustion in this up move and 927 is proving to be resistance. I'd like to see a 60-min candle CLOSE above 927 for continued upside action. Have a good weekend all!

ES/$TICK (3-Min) - Open Gap below at 907.75

ES (Daily) - Perspective


  1. You knocked it out of the damn park man! You must really be liking your new idea!

  2. Thanks so much for all the tips/help you provided.


  3. Matt, still playing with it in real-time. We'll see how next week goes, but it looks promising. What Everything in the market needs to be taken in context. I'm trying to build a framework that will allow me to view the market in the proper context based on the day's price action. I want to be able to handle range-bound chop and strong trends alike. I need to be flexible and fluid in my trading.

    Fadi, no problem man. It was cool meeting up...still can't believe you trade from Starbucks! I'd be too distracted to put on any trades LOL


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