Archive for December, 2006

And a Happy New Year

December 28th, 2006 Jason

I hope everyone has had a Merry Christmas and nice holiday season. Thank you all for your kind emails and comments. I had a nice one heading home to Charlottesville, VA with my wife to spend some time with my folks and one of my sisters who was able to make it home this year.

Sorry I haven’t been able to post much recently. I haven’t spent much time in front of the computer at all. I do have a couple new trading books that I’m working through though. I’ll be back trading and posting daily next week for sure though. Just thought I should drop a quick line as I see I’ve picked up a number of new subscribers this week and don’t want them to think I make a habit of not posting.

But Happy New Year to you all. Be safe & good trading!

~Jason

Posted in Uncategorized 80 Comments »

Have a Merry Christmas!!!!

December 20th, 2006 Jason

I am off for now until next week. While I may make a post here or there, I will not be trading until Tuesday at the earliest. I hope you all have a great holiday season & good trading between now and then.

~Jason

Posted in Uncategorized 12 Comments »

12-19-2006 Daily Trading Lesson

December 19th, 2006 Jason

My Embarassing Trade in All of its Glory

The 55-tick trend, 610-tick trend & 15-minute trend were all rising. The NYSE-TICK was rising. Hell, the TRIX on the 2-minute chart had just turned green on increasing volume and I choose these circumstances to go short! It was pure speculation with all remenants of a strategy or plan being thrown out of the window.

I was alert and traded well for most of the day today. Just goes to show you that 90% won’t cut it in this business. Lapses in judgement cost real $…Well, that is the one good news…that at least I was in simulated mode today. Hard to say whether I’d have made the same mistake in live mode…I’d like to hope not but have to assume that i would as that’s the whole purpose of the simulator. If you can’t control my impulses & emotions here, it only gets harder once I go 100% live.

Posted in Trading Lessons, Uncategorized 132 Comments »

12-19-2006 Trading Review & Analysis

December 19th, 2006 Jason

Today eneded with a complete mental breakdown. This morning I felt very aware and patient. I made a couple of mistakes but I was able to keep them small. Subsequently, by mid-day I was within $10 of my daily goal and only needed 1 successful trade to push me over the edge. I waited for hours for something to come up.

The market moved, yes indeed, but I didn’t see anything that really was screaming at me. Then around 3:00 E.S.T. I saw a little trade that I thought might do it. In hindsight, the trade was OK at best and soon after I entered the TRIX reversed on me which should have been the sign for me to cut my losses, keep them small, and wait for the next setup. Instead, I stubbornly held on until my original 1 point stop was hit and in an instant erased an entire days worth of profits.

Oh but I didn’t stop there. Still steaming from the loss, I then proceeded to jump right on into a trade 5 minutes later without ANY of the factors firing off that would have made it even an OK trade. It was simply a pure gamble and within another couple minutes I had taken my second full stop of the day and turned a +1.10 R-unit returning day into a -2.20 R-unit loss. There was just not excuse for that last trade, and I am embarassed to have made it.

Consecutive Days Hitting Net Daily Goal: 0
# Days Hitting Goal out of Last 20 (with goal of 16/20) : 3/6
Weekly PnL (Stop = -6.66) : -1.10 R-Units
Total PnL this Level (Stop = -10.00) : -3.54 R-Units

Posted in Results, Uncategorized 52 Comments »

12-18-2006 Daily Trading Lesson

December 18th, 2006 Jason

A Well Timed Pullback Fade

I’m combining my analysis & trade reveiw for today as I only made 1 trade today. I’m still not sure how i should rate the trade either (Good, Ok, or Bad). It most definitely had the desired result and there were a number of converging factors that let me to pull the trigger, but at the same time, it was a very risky play to go for a counter-trend long play today when the trend was so decisively down.

So I’ll let you decide for yourself today. Above is the trade, & here are my reasons for entry:

1.) Minor Trendline Break
2.) Positive TRIX Hook
3.) Positive NYSE-TICK Hook
4.) Much less volume on this leg of the move (Volume Divergence)
5.) 60-Minute Trendline Fade

That’s about it. I didn’t have any real strong signals, but just a number of little ones that caused me to go long. For a target I was initially looking for a pullback to the 610-tick trendline. However, eventually I noticed a very nice looking 55-tick Flash Formation Fractal forming & decided to exit as prices started its final move up towards the dotted blue line.

Overall, I was very pleased with how patient I was today. There was a lot of action going on and I could feel parts of myself being pulled towards making a hasty entry but I was able to remain vigilant and wait for a nice opportunity that helped me reach my Daily Goal in one fell swoop.

Consecutive Days Hitting Net Daily Goal: 1
# Days Hitting Goal out of Last 20 (with goal of 16/20) : 3/5
Weekly PnL (Stop = -6.66) : +1.10 R-Units
Total PnL this Level (Stop = -10.00) : -2.44 R-Units

Posted in Trading Lessons, Uncategorized 24 Comments »
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