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Why…So…Seriousss?
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Why…So…Seriousss?

by The MoleDecember 13, 2013

We’re in the final stretches of the year and this is some of the best tape we’ve been seeing for weeks now – perhaps months. You guys should be having fun stainless steel rat style. But I’m not sensing that and it’s a bit puzzling. Not to complain but I personally decided long ago to live my life embracing every single moment and to excel at whatever my future had in store for me. That applies to pretty much everything I do – no matter if it’s leisure or work related. As the old saying goes – if you do what you love then you never work a day in your life. So why so serious?

Try to have fun with it. I’m not saying you shouldn’t take it seriously – no sirree. Trading is a pretty serious endeavor with little margin for error – but it’s one you have to enjoy in order to make it through to the other side (i.e. banking coin). So ask yourself – what made you want to be a trader in the first place? The money? The independence? The challenge? Those are all great reasons but if you don’t enjoy parsing charts or crunching numbers to create a trading system then you may be in the wrong room buddy.

So yes – work your ass off – learn as much as you can – do whatever it takes to get there. But enjoy the process and most of all – take the damn setups! 😉

If you took yesterday’s inside day short on the TF then you came pretty close to a stop out just an hour ago. Good job hanging in there as we’r descending lower and it seems buyers are nervous about holding for a holiday weekend. If you haven’t taken the entry then you may cheat a little and get in around here – it has triggered technically and this way you get a cheaper entry. But remember that you’ll have to do your own R calculations based on your entry. Hope that makes sense. And yes – have fun with it 😉

Copper – as we touched the 2R mark and then pulled back it looks like we’re going to close this one out for approximately 1.8R. You can hold it into the close in hopes for a few more ticks – up to you.

Gold – that campaign ended earlier today for a nice 2R – congrats!

Some of you took that inside day on crude although I had missed to post it. EXCELLENT job and that is what I want to see! (Mole wipes a tear) Now you know the drill – we did drop quite a bit and went below the 2R mark. And unless there is a late day sell off you are going to conclude this campaign today.

And yes – I do have setups – nice ones too! Please grab your secret decoder ring and join me in the lair:

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Alright folks – we’ve had an excellent week and I hope some of you played along and banked some mighty coin in the process. Now it’s time to kick up your feet and enjoy your weekend. See you guys early Monday morning all bright eyed and bushy tailed.

Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • Rightside_ot_trade

    Well put mole.What’s not to enjoy in trading?
    Even though these are mainly reversal setups, I’m on board.
    I didn’t take the /PL reversal the other day. Gave myself a good talking to, we’re still not on speaking terms 😉

  • BobbyLow

    OK, after being Long Oil from 11/20 and having a nice roller coaster ride since then, I finally took profit and flipped to being Short just as some of you are close to covering a short in /CL. I do not believe that there is any right or wrong here but just different.

    And speaking of enjoyment, if I didn’t enjoy what I was doing, I would have bailed many years ago. I don’t think there is any middle ground here and either a person loves working in the “Romper Rooms” of the markets or hates it. 🙂

  • Sean

    With respect to trading futures based on index setups, ToS will let you put in a conditional order based on the price of another symbol… so what about placing orders for the index future based on triggers in the cash index instead of the actual futures price? This might help avoid pre-market shenanigans? Any thoughts on this?

  • Rightside_ot_trade

    /ES Looking a bit short squeeze on the 10 min and tick charts

  • bdoone

    So true. Have lost some love over the years but trading in front of a computer in office is nothing compared to being options index market maker in the pits. Everyday was new and different. We called it ‘Daycare for Adults’.

  • bdoone

    Funny Christmas story: Company Xmas party 15 yrs ago. Windows on the World. I pick up my place card with name and table #. I introduce myself to some serious looking traders (they put people from different int’l exchanges at each table). I said ‘let me know if you see T.P. because I’m a little crocked from being out all day and need to straighten up.’ One guy says ‘that’ll be tough since you’re sitting next to him.’ I said, ‘haha, funny’. He said, ‘no really, is your card Table 1?.’ Everybody knew Table 1 is for T.P.’s specially invited traders at xmas party. I kinda forgot…T.P. is Thomas Peterfy, billionaire owner of Timberhill & now, Interactive Brokers.

  • https://evilspeculator.com molecool

    To be expected – they’ll try to bang the tape ahead of the weekend. Nothing unusual.

  • https://evilspeculator.com molecool

    Yeah and instead of powdering your butts you used your noses 😉

  • bdoone

    True. On Friday afternoons the bathrooms stalls were usually pretty full and peoplewere not in there pooping.

  • https://evilspeculator.com molecool

    This ought to be good for a few laughs… enjoy!

    http://youtu.be/ZPWH5TlbloU

  • bdoone

    EDIT: when my boss came over T.P. says ‘by looks of all these serious and sober faces at my table you’re the only floor manager that didn’t keep the secret they were supposed to and not tell who was sitting at my table. Good for you, not so much for them. And this young man (pointing to me) is lucky he is the crazy SOX trader I’ve heard about that is making us so much money. Don’t worry, all is good, just keep making money.’

  • stovis

    Question. Why were you not stopped out of /HG at the 1R mark of 3.2890 when you moved your stop there after Thursday’s close? Friday’s candle traded below that and should have stopped you out for 1R per the rules, right?

  • Dyellowflash

    Haha… had never been serious. Taken profits for the YM long on Thur (love dead cat bounces – over 100 pips) n Gold long looking great – but also taken profits – not keeping anything over the weekends 😉

  • https://evilspeculator.com molecool

    Pips? On the YM? 😉

  • Dyellowflash

    Yeah… I use a forex platform to trade YM, though its simply called WS30 over there. I dont really like the spread and terrible swap rates, but it the platform is a lot faster than my futures platform – which I use now mainly for longer term positioning (i.e. it means it is not being used since there aint technical signs of a recession bear mkt starting in the ES yet imho).

  • https://evilspeculator.com molecool

    Ha – that’s interesting…

  • Skynard

    Spoos on the move:)

  • phylum

    So is EURAUD

    Edit: CT move ….C wave IMO or turd of turd:)

  • Darkthirty

    Got a target?

  • phylum

    Yep … 1.528

    61.8 fib & bottom of channel (hr)

  • Skynard

    25 BB will not hold, 100 easy pickin:)

  • phylum

    Timeframe?

  • Skynard

    Could fall off a cliff, this week most likely. If that sucka gets taken out look out below:)

  • phylum

    Been waiting, although Newby will accuse me of top picking:)

  • phylum

    First goal pivot @ about 1.535

  • newbfxtrader

    About time…..

  • Skynard

    Chart?

  • newbfxtrader

    LOL. You are playing with fire when markets are risk off….

  • phylum

    Yep. different rule set:)

  • Skynard

    Will know tonight when spoos are down 20pts:)

  • phylum

    messy but it’s mine:) bottom left is 6 hr fyi

  • Skynard

    Hehehe, classic! glancing some news and trashing gold. Now watch all the bad news come:) 10 yr climbing

  • phylum

    Stops moved to 1.53746

  • Skynard

    Looks like a good target:)

  • phylum

    Who knows:) can’t take any damage now….let her ride

  • phylum

    Stops moved to 1.53608

    Edit: 15 min and expect to be stopped out:)

  • phylum

    There you go, that’ll grab some beer for the week:)

    Looking to re-enter on retrace … there’s more to come … look for the 1.5385 area

  • phylum

    Maybe no retest?

  • Darkthirty

    FYI moon is full 0328 CST Tuesday…..

  • Darkthirty

    4 of 3 is my count YM ES is skitchy

  • phylum

    Daily?

  • Darkthirty

    minute… scalping

  • phylum

    K:) check out that 5min, time to join Newby again…long @ about 1.534 .. what will the tea leaves show us:)

  • Darkthirty

    9:00 drop was due to 10K SP block trade

  • phylum

    60/30/15min plenty of pips on offer … I’ve been implementing Ivan’s top down ruleset (60/30/15 as well as 360/180/60mins), when combined I have been amazed at the clarity. Protect R is now a given ….. i.e. no more “the are bold traders & there are old traders but there are no old bold traders”

  • phylum

    Already got my stakes (steaks) ready:)

  • http://www.ProfitFromPatterns.com/ Ivan K

    Thank you

  • https://evilspeculator.com molecool

    Yup horizontal correlation works well especially near overlapping inflection points. The more the merrier.

  • http://www.ProfitFromPatterns.com/ Ivan K

    One important aspect of my TDR approach is choosing the appropriate sub-division of the timeframes … it was not by happenstance that one is the 60 30 15 … you will / should find that by adding another one of the RBTs I mention in my many CyberTutorials to the TDR many drawdowns are reduced in magnitude … in terms of time and well as depth.

  • Darkthirty

    Nice pump!

  • Dyellowflash

    Wow… ES up 20 points from the lows. Hope it lasts for another 3-4 hrs until the opens for me to TP my VIX puts, then makes a higher high for me to ride a good short down to my target for filing longs by eod. Oh well… its still 9 days b4 Xmas, so a bit too early to be too hopeful… 🙂

  • Darkthirty

    computers died?

  • https://evilspeculator.com molecool

    Anyone having trouble getting into TOS this morning?

  • newbfxtrader

    No boss.

  • https://evilspeculator.com molecool

    Yah – seems all fixed now.

  • https://evilspeculator.com molecool

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    ¨°º¤ø„¸F R E S H „ø¤º°¨

    ¸„ø¤º°¨ M E A T“°º¤ø„¸

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  • Peter Levchenko

    Just so you know I have coded up the 60/30/15 TDR and backtested it during only the optimal time window and it does not work. If u take every setup and every entry unfiltered then results are quite terrible. It suffers from over trading. I’ve tested it on all major FX pairs. Tested with protectR.

  • phylum

    I hear what you say. Personally I don’t think any “black box system” is infallible. But what there is are guidelines. Setups if you like, then management. I don’t think any business operates otherwise.