Benedict Chen

Looks like the 3rd wasn’t the date of the drop and I could still be wrong.  Luckily I use stop losses and if indeed I am wrong, I shouldn’t sacrifice any more than 2.5%.  The Gann date specifies the 3rd until the 10th.  Unfortunately it doesn’t specify up or down.

Monday will be the real test to see if we’re correct or not.  The 14 point rally was quite a shock and we’ll see what happens from here.

The Gann Date calls for tomorrow and if the estimates are accurate, the prices will tag around the 1093-1095 region before dropping significantly until ultimately a 80 point drop which won’t happen all at once.  Perhaps in one go it will likely drop to about around 50-60 points first.  A good price target first would likely be around the 1055 area first but ultimately hit around the 1013-1015 range.

9/3/2010 Gann Date (Click to Enlarge)

August 5-8, then August 14-20

September 3-10, then 21-28  <—-Let’s see what happens [Edit September 27th in Japan: Breakout Upward on the 3rd and then Drop Occurred on the 21st. ]

October 7 to 14, then 21-30 <–

November 5-10, then 20-30

December 3-10, then 15-24

I’m  really beginning to hate Tradestation’s policies.  I’m caught on the sidelines watching my perfect positioning and planning go to complete and utter waste and HUGE amounts of profits slip out of my fingers because TS won’t let me trade off hours.  This vexes the hell out of me.

As I write, Wave 1 and 2 have finished…Wave 3, the BIGGEST and most prominent wave is just beginning to establish.  And I’m caught watching it all happen.

Finally, I was forced to exit as I cannot trade off-hours.  Tradestation kicked me out after a substantial profit and I guess no complaints, even though I know I only made slightly above half of the total I could have.  The target is not yet met and if I were allowed to jump back into the market I definitely would.  Until then, I’m going to sleep on it.

6 points left on the table.

It’s been almost a good 5 or 6 months since I’ve been in Japan.  I had to take a long hiatus from trading as there was far too much drama from too many characters in life.  It is good to finally have things calm down so I can focus on making money rather than wastage from people who routinely overpromise and underdeliver.  It was a good lesson in loyalty and knowing who is truly on what side.

Business and politics truly cannot remain separate.  Anybody who suggests otherwise is completely full of it.  Life, love, and business truly is a battlefield.  The reality is that true performers do not advertise their skills.  They do not need to as their results will speak for themselves.  Eben Pagan was right.  If somebody talks a good game, they are seldom true “A” players.

Left Brain

• Oscillations (Pendulum) Between Undesired and Desired.
• Survival
• Problem Solving (Destruction Focused)

Right Brain

• Progress
• Creative
• Focuses on Results (Creation)

My new system seems to function quite well, saving me from quite a few whipsaws and definitely showed me the bigger moves of the day.

Before sleeping last night, I got a signal to go long that eventually produced me a good solid $237.50.

I was looking at some of the tick charts  (@ES 4096 Tick) that had the same indicators and my strategy requirements were fulfilled.  All the requirements were met and I got a little impulsive.   Eventually, after I was in I started looking at the other charts and none of the other timeframes that were minute based showed anything.  I exited my position at a $50.00 loss that I felt was a good fold because I wasn’t sure.

I later saw the buy signal come across the 30 Minute chart and the 60 Minute Chart.  All criteria was met: Momentum was up, RSI crossed the 50% line going upwards, Exponential Moving Average crossed over, Spinning Top Candle formation at previous support level, and prices moved away from Bollinger.

I put in a buy order and set a price target conservatively for the previous high and went to sleep.  I woke up this morning to find a nice profit.

‘Twas a Good Morning!

Major inefficiencies.  First Ubuntu goes down, then windows doesn’t work….then wordpress locks me out for half  a day.

I wonder which components of trading play which roles in trading.

For Example:

Fundamentals (Set Bias) => Western Chart Patterns => Indicators (Give Clues) =>Japanese Candlesticks (Timing)