Thursday, May 14, 2009

Thursday 05/14/09 - Easy reads today

Today was an easy day to trade, IMO. I wasn't able to trade the afternoon, but netted +10.00 pts in the first half of the day. Today could also have been a 15+ pt day but I got low ticked out of a Long at 885.25 in the morning; my stop was at 883.50, and that turned out to be the swing low at 9:51 AM (central), after which price headed straight up to 888+. I jumped back in at 884.50 but exited too soon at 886. My exits need a LOT of work. Aside from that, was busy finishing up the web development project I've been working on for most of the week (didn't trade or post yesterday since almost all day was spent on web dev). Here's how the Stats broke down today:

# of Trades 16
% Break-Even: 0.00
% Win 75.00
% Loss 25.00
Avg Win 1.21
Avg Loss -1.13
Largest Win (pts) 3.50
Largest Loss (pts) -2.25
Total Win (pts) 14.50
Total Loss (pts) -4.50
Net Gain/Loss (pts) 10.00
ES Daily Range 15.50
P/L as % of Daily Range 64.52

Turning 26 in a couple of hours here, while Matt's turning 23 at the same time (yes, we have the same b-day). Lets see if he changes his Blog title to "By Age 24" :D

I'm not sure whether I'll be trading tomorrow, but if I do, I'll be keeping an eye on 887 as support and 898 as resistance. It's options expiration so I'm expecting some see-saw price action. According to the Max Pain Theory, the S&P should be around 870 tomorrow. Consumer Price Index out at 7:30 AM, Industrial Production out at 8:15 AM, and Consumer Sentiment out at 8:55 AM (central).

ES/$TICK (3-Min)

ES (Daily) - Price still within bullish channel


  1. Glad you had a good day. Normally I do fairly well on rangy days but I made some bad reads today (Thursday). It's infuriating to be so far along yet still make stupid mistakes. P.S. Never saw that Max Pain calculator before. How do you figure a level for an index with it? (Dow for me).

  2. Chuck, I was just using the options on the S&P ETF, SPY to get an idea of max pain. You could use DIA to get a rough idea ($84 is max pain on DIA, so around 8400 on the Dow)


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