CPI numbers make for interesting trade (12 Apr) - Closed

 After CPI numbers, prices jumped for the day. Tried to get in with a normal pullback, but finally entered with 4-tick reversal, as prices were moving so fast. At 0838hrs, Bot 1 x ZN @ 116'060.


Quickly stopped out as prices retraced. Sad 1 x ZN @ 116'010

Next plan was for the price to tag the Turning line, so put in a limit order and waited. At 0943hrs, Bot 1 x ZN @ 115'240


Then I noticed that I had not completed a good look at all timeframes, and the hourly is back below the cloud. I thought that with such a big move, it has to be bullish, right? Decided to stick with the trade. At 1029hrs, sld 1 x ZN @ 115'190. 


I am disappointed that I didn't properly confirm that the setup was good. Lesson learned, but I wish I had not done it.


Comments

Post a Comment

Popular posts from this blog

The pain has to stop - Closed

Image
 After mistakes the last few days, today's goal was to make only valid trades. Plan was to wait for the 0830 numbers, check all the charts, go in the direction of the hourly and trade the 2/5 if possible. After the numbers, waited for some dust to settle and then looked at the charts. All timeframes were bullish, but ZN looked best. Tried 8-tick reversals for 15 minutes, but price just wouldn't come back. So changed to a 4-tick reversal. At 0903hrs, Bot 1 x ZN @ 116'000. As price goes up, it will also come down. So at 1025hrs, stopped out at 115'270 I then bided my time and waited for another setup. Looked at all the futures, but ZF looked to have the best setup. Price looked like it was bouncing off the cloud on the 10M, and Std line on the hourly. I put in a 12-tick reversal, but price wasn't coming close (it was bouncing off some support). Switched to an 8-tick reversal, and was filled at 1157 at 110'047. Here is how the other time frames looked. Stop is set ...
Read more

Waiting for a setup - Closed

Image
First thing this morning, I made a plan to wait for the 1000hrs numbers to get assimilated, so I have been watching all morning as price declined but didn't enter. I felt frustrated on missing such a large move down, but kept thinking about trading only according to the plan, do didn't make any impulse trades. In the end, nothing really happened with Investor Confidence. But at that time, price was between the turning and standard line on the 10M chart, so I waited for a better setup, as price will do anything when between the lines. Prices on the 10M chart kept rising to the cloud, spent some time in it, then closed under. I waited for the 10M bar to close, and put in an 8-tick reversal (as 12 would have been way above the cloud), but price moved sharply down. As it continued to make new lows, I moved the sell level down, but after 4 moves, switched to a 4-tick reversal. Filled at 1200hrs: Sld 1 x ZT @ 109’095. Running with 10 tick stop (right or right out) and targeting just ...
Read more

Fast Overnight trade - Closed

Image
 So, markets were continuing to drop last night, so I thought I would use the 2-year notes to continue to take advantage of the drop. I looked at the price at about 2000hrs last night, and entered a 12-tick reversal. When I went to bed, it hadn't been hit, and the price had dropped, so I lowered the sell price and went to bed. Overnight, at 0001hrs, Sld 1 x ZT@103'060. Twenty tick stop, 50 tick target. And the price continued up, so was quickly stopped out. At 0034hrs, Bot 1 x ZT@ 103'085 for a loss of 1R.  These swings are getting tiresome. But stick to the plan for now, and see if the plan needs to change.  Since there are big numbers coming out this morning at 1000hrs, I didn't get into the current waterfall: I will see what happens just after 1000hrs.
Read more