16th May, 2013

10 yr treasury came to a very good price just before Initial Jobless Claims. (132.23.5 was the level; didn’t get fills there so took 1 lot 1 tick above, with a tight 3 tick stop). Claims much higher, so position spiked in my favor.
Instead of capitalizing and taking some short spread, I kept admiring my trade. Also, booked out too early even before the contract reached any intermediate resistance level.

1. On a broad basis, ended up slightly in gross loss from here. So not so good trading.
2. Took only short entries, playing for retracements at particular levels. While this in itself was not completely wrong, on a momentum day – I should have hit the adjacent contract and made an (intermediate, wrong side) short spread (since spreads almost always drift down in sometime), rather than risk actual loss by having a 1 tick stop in the outright (happened 4-5 times, so bled by a 1000 cuts).
Thought: Intermediate levels are not really respected during momentum moves, at least not to the tick.


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