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THE STRATEGY LAB
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October 2004 Key Trades
Charts below reflect profit targets (pt's) based on Japanese Candlestick s/r levels. Profit targets suggest where the trader should have exited.
However, the trader's actual exit that's posted below in the commentary will not always be exact to the profit target (pt) due to real trading conditions.
Simply, no matter how well the destination (exits) are mapped out...
The goal is to follow the trading plan outlined by the strategy as best as possible...the goal is not to be perfect because every experience trader knows that's not reality.
Remember this...if you are a struggling trader or a trader that wants to be more profitable...contact us about either IRC room mentioned below to help develop yourself into a consistent...profitable trader.
More importantly, we highly recommend you ask either NihabaAshi or any other #FuturesTrades member for help if your struggling trader not meeting your trading goals.
Attention: Not all members of #FuturesTrades are clients of TheStrategyLab.com
In fact, many traders are using their own trade methodology or the strategies from another website and we do not market our strategies in #FuturesTrades nor do we allow others to do the same...
Thus, #FuturesTrades is a spam free room.
Key trades of the month that's posted below represents trades by either NihabaAshi or trades by another user of the strategies by TheStrategyLab.com
No presentation is being made that other traders will or is likely to achieve profits similar to the trades shown below via becoming a member of #FuturesTrades realtime trade posting room. These highlighted trades are not based on points. They are based on a trader's ability to recognize a repetitive price pattern and exploit the trade management of the price pattern...initial stops, trailing stops, profit targets and any contingency plans (re-entry signals).
All trades were posted in #FuturesTrades realtime trade posting room and you can view archived past key trades.
You can also use the following to search for further explanation of any terminology mentioned at this webpage...
If the internet doesn't provide you with an adequate explanation to help with your trading...contact us us for additional trading tips and explanation about anything mentioned below.
October 7th Thursday 2004
Click on chart to see full size
October Complete Trade Journal
I don't use traditional support resistance levels like most traders that are using pivot point methodologies. My s/r levels (zones) are based upon candlesticks (not their highs and lows) to get a better representation of volume distribution for particular patterns that requires volume analysis.
Simply, it's just another way of seeing supply and demand.
This particular bearish candlestick continuation pattern I traded is very similar to a Falling Three Methods.
Short Entry ER2 @ 570.30
Japanese Candlestick patterns combined with price volume analysis is a competitive edge
However...the problem with this trade was that my broker execution platform had stalled on me (could have been internet connection problems) in which it caused me to miss my trade signal entry price...
Resulting in me chasing down the price beyond my designated chase range as defined in the trading plan.
Yet, via the momentum...trade management for this trade was very easy...initial stops, trailing stops and profit targets were by the book (trading plan).
Covered @ 569.30, 567.90 and 569.40
Trade Signal Source: Advance Price Action Only Report
Overall Trade Performance:
Key Concepts for your Homework: Falling Three Methods, Chase Range, Trading Plan and Volume Distribution.
If you need help...send email to questions@thestrategylab.com
Click on chart to see full size
October Complete Trade Journal
Often during low volatility trading environments...I will intentionally delay my entry for a better price after a trade signal.
Today the trade signal was @ 1008am est and I went Long @ 1015am est. My entry price was still within the residual price reaction of the trade signal and I was able to get a better price.
Long Entry YM @ 10175.00
Japanese Candlestick patterns combined with price volume analysis is a competitive edge
Like last month...Bullish Dark Hammer patterns seem to be in vogue (popular with lots of follow-through).
Once again...the initial stop was very tight due to getting a better price entry and price volume divergence gave the Long position plenty of reason for follow-through upwards.
Trade management for this trade was very easy...initial stops, trailing stops and profit targets were by the book (trading plan).
Last of all, I truly believe that no matter what type of price action only trader you may be...you should have at least one Japanese Candlestick pattern integrated into your trade methodology.
Exited @ 10180.00, 10192.00 and 10199.00
Trade Signal Source: Intraday Market Tendencies Report
Overall Trade Performance:
Remember this...there are successful traders in #FuturesTrades consistently making good profits each week in either of the following trading instruments...
CME Emini Futures ER2, ES and NQ
Many of these traders are either making a living in the markets via trading full time and others are just supplementing their incomes via trading part time.
There are others in the room as beginners or struggling just trying to grab a few trading tips from the veterans to help them turn the corner to profitability.
Last of all, there are a few in the realtime trade posting room that have exhausted their self-taught methodology without any success and are using the room to monitor NihabaAshi and other users of the fee-based strategies and free resources by TheStrategyLab.com to determine if such is what they need to get on the road to profits.
Sincerely,
M.A. Perry and Associates
The Strategy Lab
"Instead of spending all day analyzing and discussing the market, I just react to highly profitable situations and find setups of high probability with high reward to risk ratio situations." -Anonymous
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