Thursday, August 14, 2008

Thursday Notes - In Rhythm

2:23pm Not sure if it's me, the market, or both, but I seem to be in fairly decent sync with the markets today. Not a home run day, but good consistency. Got off to a better start this time in the DAX, which has transferred well to ES. Primary bias at this end has been long once I let the first 30-60 minutes play out -- I essentially gave up potential early profits to see the market tip its hand more. Sort of like not betting until the turn. Several solid pullback opportunities ES on the 5-min climb, although that bias is weakening heading into the final 90 minutes.

Going into early gain preservation mode a bit early here as my conviction has lessened. $7K thus far and earned much easier than yesterday. One complaint I may have is my continuing August contract sizing issue, as I remain reluctant to trade very heavy in the whipsawing market and am still playing more defense than offense. Still though, a solid read day which I seem to have sleepwalked through a bit. That in itself can be dangerous and I continue to be concerned about possible complacency.

3:31pm Tried a couple of ES scalps on the 2:46pm breakdown, but frankly am tired and not very focused. Calling it a day. Held onto gains which is a plus. Solid reads and good early decision to let the market tip its hand both on target. Continued concern about complacency though heading into Friday.

Boring blog today ... so be it :-). Poker night tonight and I'll blab a bit more over the weekend.


Anonymous said...

Hi Don,

Thx for a great blog about trading. Just wonder if you use the same tools while trading DAX as the ES? Do you use a DAX Tick and a DAX Vix or something similar? Does it even exist?

Just curious...


Don Miller said...

Hi Samuel.

Yes, I use most of the same tools for the DAX, but I don't use a TICK or VIX type of indicator for that. So it has to be largely price patterns and volume.

Note Friday's early post re: more on the DAX.