Mar 042012
 

I’m not going to post my plan every day.  I thought of several reasons:

  • My plan changes during the day
  • It’s easier to just draw my areas on my chart than write it out in text
  • I didn’t take many of the trades that was on my plan (missed some, passed on others, etc.)
  • I took trades that weren’t in my plan based on context (friday’s short at IBL)

Overall I just don’t think I can plan everything out.  I can identify the areas where I want to trade but I think most people can do that.  It’s what to do when it gets there and how to manage the trade that is difficult.

Last year I was a subscriber of eminiplayer’s site.  I liked his daily plan and I liked comparing my levels with his.   On January 20th I did not renew my subscription because I wanted to see if I could do well on my own.  I don’t know if this is a coincidence or not but that’s also when I started losing money.  The second half of January was not good and February was not good either.  Last week I rejoined and I did ok last week, a marked improvement from the weeks before.

A lot of times my levels line up with eminiplayer’s, and when they don’t his usually work better and I can learn from it.  And I think reading his plan and having his levels increases my confidence which is really important when it comes time to pull the trigger.  Last week I made enough trading at his levels to pay for many months of his subscriber fee.

Lately I’ve met a few other eminiplayer subscribers and have started exchanging some ideas.  I think this is a major advantage of his service:  By using a common set of levels, it’s much easier to compare the trades we took or didn’t take.  I’ve tried organizing forums here for people to share homework and trades but with everyone using different levels and approaches, it was a bit chaotic.  So I’m looking for ways to collaborate with other eminiplayer subscribers.  If you’re interested in collaborating please let me know.  I’m thinking about creating a private area for subscribers to post trades and give each other feedback.  Let me know if you think this would be useful.

Bund is building acceptance at the top of its trading range.  I have previously said longs are risky here, but it might be ready to break out.  So I have to be open for both scenarios.

Stoxx is in a similar situation as the Bund, which is interesting because these used to be inversely correlated.  Stoxx still looks bullish.

ES is looking like it’s getting weak.  I have noted lately that buyers are not willing to initiate at higher prices.  This is necessary for us to continue higher.  Well that or squeeze shorts.  Which is what happened after the drop on Wednesday.  1387 is a major reference above, the question is will we get there before pulling back.  I have no idea.  I’m more open to the short side though, provided I see some weakness (like friday breaking below the IBL).

Good luck to you in your trading.

 

 

  4 Responses to “Thoughts for this week”

  1. I agree with your comment about it’s easy to make areas to trade on a chart, but much harder once price gets there to know when to initiate. Then after you are in the position how to manage it. I like the idea of working and learning how other Eminiplayer subscribers manage their trades.
    Thanks Paul

  2. Interesting post, says a lot….

    Cheers,
    Markus

  3. ES Rejected Friday’s low and that was the weakness I was looking for.

  4. I’m interested in collaborating. Thanks.

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