Not feeling well, I just should have left things alone but I figured we could have either I fast run higher or lower seeing we were going into a holiday weekend.
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I thought the trade had really good promise. The purge from the highs was on high volume. The recovery was on much weaker volume. I assume if the low was taken out, the market would go to the morning lows with no problem.
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I put the order in to go short at 12880 because I did not want to get my order hit by a new low being only a tick or two. I got filled on a low tick anyway. I had a 20 tick stop and was taken out 4 minutes. I was going to scale out at +5, +10 (move stop to BE) and let the last part run.
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After I was taken out, the low taken out again where my first two pieces would have been filled before I got stopped on the 3rd. Right after that, the market did fall to the morning low and a lot more.
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Damn. Right trade - wrong excution.
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The numbers:
Stocks: none
Stock Futures: gross -300 net -315 contract 6
Other Futures: none
Forex: none
4 comments:
the futures were a beast to trade this week. we did alright on Monday, but traded too much on tuesday and the market whacked us. We lightened up on our size and number of trades Wednesday, only to get hit again.
this week was hard to trade. hopefully things will settle down and normalize next week.
http://www.10kthrownaway.com
Yikes! Trading was crazy this week, that's for sure (low volatility = large price swings).
I did want to point out the beautiful (textbook) measured move pattern you indicated at the far right of the chart. Price was so weak that it couldn't form a proper bear flag and just rolled over. There was a small bear flag right at the end but the broader structure revealed immense weakness in price. Combine that with the tendency for major funds to unload major positions at the end of the day and voila! massive sell-off into the close.
The too low taken out again where my first two pieces would have been filled before I got stopped on the 3rd.
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