Disqus - Latest Comments for MiniReaper

Re: Trades for 10/16/09

MiniReaper — Fri, 16 Oct 2009 11:51:51 -0000

Dutch that was nothing but panic selling and the only real gamble would be to assume that the entire rental car industry would go bankrupt. Somebody would survive...that is the "real" way that Warren Buffett made his money...by looking at beaten down sectors and buying the best of breed in that sector. Same thing he has just recently done in both the financials(GS, WFC, HSBC) and the transports(BNI, NSC, & UNP).

Re: Trades for 10/14/09

MiniReaper — Wed, 14 Oct 2009 09:54:40 -0000

Updated chart...gap still fading and hit my initial projected target of the 1078 zone which is the daily R2 and is now support...I'm getting long at 1080.25 on a buystop. I'm just scalping for a pt or 2 at these levels. Still early so take it as it comes. Should be a good trading day for the objective traders among us.
http://tinyurl.com/yj5srbd

Re: Trades for 10/14/09

MiniReaper — Wed, 14 Oct 2009 09:44:50 -0000

Got back short on a sell stop at 1081.75...and back out of it at 1080.5...I'm not taking any chances here...I like to start the day on the good foot. Get a few points in your pocket early helps to take the edge off. 3 pts is actually my daily goal.

Re: Trades for 10/14/09

MiniReaper — Wed, 14 Oct 2009 09:27:55 -0000

Out of the short at 1082.25 for +2...catching support at this level so I'm taking my money and running. When you countertrend trade first you must realize that u are going against the trend and second you must keep your targets and stops tight.

Re: Trades for 10/14/09

MiniReaper — Wed, 14 Oct 2009 09:21:10 -0000

Morning guys...just popping my head in and giving my plan of attack for today. My charts are still guiding me and so if it ain't broke don't fix it. We are at my upside target at the 1084 zone so I am fading this gap. Short entry at 1084.25 and gonna use a 2 pt stop this time at 1086.25. 1078 zone is my target for this short but I will continue to monitor the action and take profits as they come. Better be careful fading this gap since a lot of stops will get triggered at market on the open. 1090 is still a possibility for today. Hopefully most of you on this blog have been heeding the warnings of the traders here and are going with the orderflow. You can't fight city hall and you better not fight the tape. Have a good trading day.

http://tinyurl.com/yhlnjk3

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 13:20:27 -0000

OK class a couple of you guys inquired about my 1.5 pt stop and wondered how I can trade with a stop that is so tight. We will use our pal Pink as an example for today. He shorted the ES and got stopped out for a 2 pt loss.
" TRADE ALERT
snap, just got back and saw I was stopped out for -2 after getting avg'd in @ 66.75 short ES. Back to drawing board"

Did he get stopped out because his stop was too tight(no because he would have been stopped out even if he had a 5 pt stop). He got stopped out because he was on the wrong side of the trade. A disciplined trader(which Pink has proven himself to be) wants to get off the wrong side of price action ASAP. Traders make money by trading...not by staying in bad trades and trying to hope and pray it back to profitability. As they say there is nothing wrong with being wrong just don't stay wrong. In my book a stop is a trader's best friend. If you are constantly getting stopped out with a 1.5 pt stop the problem isn't your stop but your methodology.Either change your methodology or better yet just do the opposite of what your methodology tells you to do...LOL. I hope this helps someone.

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 13:08:58 -0000

1.5 pts is not tight at all Aviat...I could probably use only a 1 pt stop and have the same success. It's all in experience and screen time. I am a very discretion/intuitive trader when it comes to entry. My only hard rules are don't fight momentum and know the s/r levels on various time frames. An uptrend on the 5 min may only be a retrace of a downtrend on the 60 min. Too many traders get tunnel vision and focus on only 1 chart. Just like now...some bearish swing traders have been wanting to short based on the daily chart but failed to realize the buy signals on the weekly and monthly charts. My entries are taken on a 1 min and I also have a 244 tick chart on a screen so I see where the momentum is beginning to turn very quickly. I have studied and taught virtually every form of T/A that there is but the longer you do this the less you will use any of it.

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 12:52:59 -0000

Working on a video and some friendly pointers for those interested in daytrading...and its all going to be FREE of charge...lol. Nothing magical...the most important part of a system is the man(or woman) that must implement it.

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 12:43:04 -0000

I had a meeting to go to but it got pushed back until 2pm so I took a nap. I did see where u were shorting but figured you'd get stopped out which isn't so bad for a disciplined trader like yourself. BTW I wanted you guys to beat the Gators.

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 12:38:31 -0000

1.5 pts is my max stop....99.9% of the times. I never say always...lol. 1.5 is plenty of room as long as you are not fighting momentum. Wide stops are for people that like to pick reversals before the market has actually begun to reverse. If my stop needs to be 3-5 pts on a trade I would make that stop my target and try to capture that move instead of fighting it.

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 12:25:47 -0000

Love it when a plan comes together...out ES long from 1063.50 to 1071.50. +8 pts. +15.25 on the day and that will probably be it for me. If I were to make another trade it would probably be short since we are back at the top of the range and below the daily pivot. Here's the chart.
http://tinyurl.com/yzhyxt6

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 10:08:45 -0000

Out of ES short at 1063.25 +7.5. In long at 1063.50 stop at 1062....gonna let this long ride til the end of the day. You guys be good...I've got some bizness to tend to so I'll be away from the desk the rest of the day.
http://tinyurl.com/yzphknw

Re: Trade 10/13/09

MiniReaper — Tue, 13 Oct 2009 09:58:58 -0000

Pink I've been on mini vacation due to the wife's bank holiday...I'll be shooting you an email a lil later today as time permits. We are trapped between the pivot and S1 but we are at the top of the range. Below the pivot I trade with a bearish bias. 1063 is a confluence zone but may get front-ran.
http://tinyurl.com/yk5a9ah

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 12:31:50 -0000

Thnx Taz...turned out much better than I had expected.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 12:27:34 -0000

thnx & u 2.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 12:26:08 -0000

Give me a shout whenever about whatever. I live in Charlotte and have many friends that still work at BAC and some that got downsized as you did. In Charlotte they have been calling traders and analysts back. My wife is still at BAC (VP in Home Equity) but she got shafted out of a promotion after the Countrywide acquisition. Hope you are able to get back on track...have you checked out any prop firms...I know a few have been actively recruiting and you may be a good fit for one of them. You can be as successful as you desire...you have just got to find your niche and work on getting consistent results. You are in a very good place with many good people from which to learn. Real traders in here which is why you don't see a lot of nonsense in the comments.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 12:08:57 -0000

Out of all trades and gonna call it a day. Nothing left but scraps for the tick scalpers now. Managed to end up with 15.25 pts so outperformed the high to low yet again. May just call it a week but we shall see what tomorrow brings. Continue to plan the trades and trade the plan. Have a good day all.

Re: Semiconductors

MiniReaper — Thu, 08 Oct 2009 11:57:30 -0000

They smoking that Purple Haze or that Afghan Cush and it has to be laced with some PCP or LSD. But what's worse is that their followers have to be on crack to listen to that BS.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:52:28 -0000

No just using regular pivots...they are all I've ever used and they haven't failed me yet. If it ain't broke don't fix it. I don't think the values are too different between the two. The key thing to remember that pivots are zones and not exact numbers to be adhered to for traders.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:44:24 -0000

Doing some mentoring this morning and had to trade the ES since that is what he trades. He is intrigued by the QM but he has to crawl before he can walk with the big dogs. Crude moves very strong and easy to get targets filled very fast. Check out the DAX also Pink you will love it...ES on roids. Take a look at this blog when you get a chance... http://13oldeminitrader.blo...

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:39:40 -0000

How's trading TT? Long time no see. I understand you had been giving the blogs a rest so as not to bias your trading if I recall correctly? I have to do the same thing at times myself. Moo's place is much better for traders and has very little bias other than the price action and chart patterns(technical analysis) and I love that about this room.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:36:39 -0000

Glad to see you making some money this morning. There's enough money for everyone.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:27:18 -0000

It's not hard Teich...you just got to be open-minded and proactive. Trading is about control and management. I leave as little as possible to the whims of the market. Just learn to read price action and be willing to admit when you are wrong ASAP. Trading is about consistency and repetition. We are over the 1063.50 trading hours high which spurs more buying and short covering.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:08:56 -0000

I started to trade the QM or CL this morning. Making money but if I'd traded crude I'd be making a killing. 70 is a very easy pivot to play on crude.

Re: Trades For 10/8/2009

MiniReaper — Thu, 08 Oct 2009 11:07:29 -0000

Stalled tape at resistance plus a rounded top. Automatic short with an easy stop placement. Short at 1062.50 stop at 1063.50...here is the chart
http://tiny.cc/zpwNN