Monday Log - Scalps Only

Tried a couple trades in AM session and called it quits for the day. Difficult to get a read during the higher volatility periods of the first hour. More success in lower volatile periods. Result: -2.0

I'll have minimal postings for the next month / thru the holiday period. Holiday trading periods are difficult, going out of town for 2 weeks and jury duty will make daily postings difficult as the flow will be difficult to keep in rhythm with.

Trade Well !

Tuesday - Friday Log - Expiry Week

Minimal trading this week and needed a little break from posting in my journal. Tight ranges, expiry week and long periods of time with minimal movement is difficult to engage in all day.

Next week is Thanksgiving holiday. Opportunities for decent trading expected on Monday, Tuesday and Wednesday AM session. Enjoy the weekend.

Trade Well !

Monday Log - Expiry Week

Entered a short trade early in 99's after the open planning for half gap. Internals were strong and there was no significant profit taking after 0900 so I was guarded. Stopped out and turned position around immediately as I went long from 1101's. Scaled out prior to R2/04's and in 06's. Two trade Result: +5.5

Attempted a couple lunch session scalps. Ended as a scratch. Tried one more scalp in late lunch session entering long in 08's and exited high 09's. Result: +3.0

Friday the 20th is expiration Friday. Expect volatility during the week.

Trade Well !

Friday Log - AM Only

Did not enter a trade until after the 0955 Consumer Sentiment report was announced. Waited for the market to tip it's hand. Went long in 86's once angel formed and price tested the GLO and RTH opening price areas of 87-88's with two point stop. Scaled out in 88's and 89's just under PP. Result: +5.50

Tried a couple more scalps in mid-late morning which cumulatively resulted in a virtual scratch. Closed it up for the day prior to lunch session.

Trade Well !

Thursday Log - EOW & Friday 13th

Started the day shorting about 18 minutes after market open. Entered in 94's with stop above PP. Stopped out. Waited for market to run its course and started running out of momentum around 1100 level. Re-entered short in 99's and scaled out down to PP. Two trades - Result: Scratch

Tried a couple quick scalps in late morning with little success. One long and short trade each as I played (or they played me) around the PP area of 96. Result: -2.0

Internals and price action was saying short so re-entered short in 95's around 1100 as price had gone thru PP and I shorted on first re-trace back to PP area. Scaled out using combo thinking and S1 as support/profit target areas. Result: +10.0

Came back for the final hour of trading session. Tried a long in 84's thinking it was the bottom as it was a good support area with TWM and S2 but was too early. Stopped out in 83's. Re-entered in 82's as new low was made on lessor down volume and slight divergence in Stochastics and $TICK. Anticipated shorts to take profits before market close. Scaled out in 85's and 87's. Two trades - Result: +4.75

Tomorrow is EOW and Friday the 13th. Just another trading day except for the superstitious?

Trade Well !

Honoring Our Vets on this Veterans Day

Thank you to those that have and currently do serve in our military!

Tuesday Log - Range as Anticipated

First trade taken about 10 minutes into the session. Went long from 89's on pullback from penetration of yesterday's close. Scalped out in 91's and 92's. Tried holding out for 93.75 but long tailed doji on the 0950 print got me running. Result: +5.0

Scalped short in late morning only looking for 1-2 points. Sold the 88's and out in the 87's. Was thinking a test of combo low or test of PP but stuck with my plan for 1-2 points. Result: +2.0

Came back for late afternoon stab at another scalp using tight stops and some small profits from earlier in the day. Bought in 90's and closed the trade in 92's. Result: +2.0

The day after trend day played out into a 9.5 range as anticipated. Days like this one needs to be nimble and reverse thinking quickly. Scalps, 1-2 points when price is range bound can add up.

Trade Well !

34th Anniversary of the Sinking of "The Fitz"

November 10th marks the 34th anniversary of the sinking of the Edmund Fitzgerald and the loss of all 29 crew members who were aboard her when a severe storm quickly formed over Lake Superior.

Quite an intriguing story and a familiar song which has helped preserve the memory.

Monday Log - Looks Easy in Hindsight...But Tough Day to Trade

No trades today. The shorts were getting a slow squeeze all day long as the noose tightened around their position without letting go. Pullbacks weren't much more than 2 points if that which makes it very difficult to participate in a low risk entry.

I was waiting for a 3-5 point pullback once the overnight high was penetrated but did not see an entry. The only place I was considering entering was in the overnight high area once price pulled back just after it broke thru.

Tomorrow should be a consolidation day which usually follows a trend day. We'll get 'em tomorrow.

Trade Well !

Take a Look at Success, It's In The...Man in the Mirror

Sometimes we need to occasionally look in the mirror to bring out the person (trader) within and make necessary adjustments to be successful and consistent. Keep trying as the realization of success is within all of us in whatever we do. It's passion, persistence and continuous adjustments that eventually break down the barrier and get us to where we want to be.

Side Note: Went to see M.J.'s movie "This is It" last week. Awesome! The film really captured the talent this guy had. I was never a big M.J. follower but have developed a new respect and appreciation for what he brought to the music world.

Friday Log - Take What Mr. Market Gives Me

Somewhat of a frustrating morning session. Employment numbers came out at 0830 creating volatility. I could not get a feel for the market until 1030 when I went long in 59's. Good trade but failed to let it work properly. Scalped for a couple points, entered another long (instead of letting original work) in 60's and stopped out in 58's. Long again in 59's and scalped a couple. Three trades - Result: Scratch

Tried a couple more trades long but had no patience to let the trades work or take small profits. Thinking small combo trades but failed to take what the market was giving me. I see the set ups, entries are in decent lower risk areas but I had a problem closing with a scalp profit...expecting too much in what turned out to be a range day after the first hour or so. Result: -2.0

So closed out the day in late morning. Again, need to re-think my ability to take what the market gives me. I seem to be much better at identifying the entry areas, stops are under control albeit at times too tight and seeing the combos and targets fairly well. I continue to have issues with letting the trades work and/or taking the profits the market is giving me.

Beginning Monday, I'm again going to try and concentrate on just taking 1-2 point profits, let one C ride to try and capture an additional point or so based on entry and combo thinking. The profits are there, I'm just not taking what I'm given by Mr. Market quick enough.

Trade Well !

Thursday Log - Steady

Missed the opening short fill in 53's for shot at the half gap which played out within a tick...close enough. Waited until after 1000 for next trade. Once price penetrated R1, I waited for pullback to 56's where I entered long. Stopped out in mid 55's as price went back thru R1 deeper than anticipated. Re-entered long in low 55's and worked off combo thinking for quick hit and closed all in 56's. Two trades - Result: +1.50

Re-entered long from low 57's once price again penetrated R1. Scaled out using combo thinking from regular session low with 1/2 off in 59's and balance off just below R1 1/2. Result: +5.25

Worked a scalp over lunch session again using combo thinking. Working off the 56's, waited for retest of 61's, Entered short high 60's and looking for quick hit. Result: +1.25

Making some steady profits this week. Staying out of high volatility situations, anticipating price action, planning the trades are all reasons that contributed to a steady, consistent bagging of profits. We'll work to close it out tomorrow with continued success.

Trade Well!

Wednesday Log - Take it and Run on Fed Day

Only trading the AM session on Fed day. Generally the morning session is the primary trade(s) before chop settles in as the market waits for the 1415 FOMC announcement.
Took a few scalp trades in the morning session.

Went predominately long with a couple shorts thrown into the mix with longs in 50's, short in 54's and taking a couple points each time. A couple trades did not work but had tight stops and small size once profits were bagged.

Took the rest of the afternoon off as FOMC can be too difficult to play with the high volatility. No methodology identified yet for these high emotional fluctuation periods so best to stay out. Take the profits you've made and wait to play again next day.

Trade Well !

Tuesday Log - Excercise Your Privilege

Entered long from the open in 32's looking for half gap trade. Did not give it enough time to work as I squeezed my stop under the regualr session low. Re-entered long in 36's on pullback after PP was tested and penetrated. Two trades Result: +2.25

Once yesterday close was penetrated, looked for another pullback to go long. Entered in 37's and again in 34's as I averaged in based on anticipated support and combo. Scaled out in 37's and closed trade once price failed to get much beyond yesterday close. Result: +1.50

Went into scalp mode after 1100 using the dance around the PP and small combos as a guide. Took two trades, both longs but the timing was not as good as I would have liked on the last of the two. Net result: +1.25

Backed off for a while before getting long again near pivot during lunch session. Went swing long in 39's and took some heat as price again dipped below PP. Held the trade until after the PM session began. Had defined targets and plan. Scaled 41's, 42's. Result: +6.0

Tried a couple scalps in PM session with small size and tight stops. Did not fair well as I did not get a good read on the market and probably tried to do too much. Pretty much chopping in a range all day which calls for being nimble and taking small bites. Result: -3.25

Today was our opportunity to exercise our privilege to vote. Not only in the off year election but also in market direction. Although it's an off year election, it could be interesting to see market reaction tomorrow as results are realized and the FOMC announces at 1400.

Trade Well !

Monday Log - FOMC This Week

Economic reports at 1000 kept me out of the market for the first hour. Missed the move up and waited for long set-up once pullback to PP occurred around 1100. Entered long in 41's and scalped a point on 1/2 position and closed trade prior to the retrace back to 47's. Result: +2.0

Missed the close/open set up first time thru as price slammed down to 26's. Waited for pullback to 32's. Scaled out in 31's and 30's before going flat as price rebound to 35's. Result: +3.0

Reading combo setups better and expanding the range albeit need to take a couple more trades without pressing. Over the weekend I reviewed my rules and working to tighten up my discipline and trade plan for each trade. Of late I've had a problem with trying to get too much on each trade. A review and update on my rules should help refocus my efforts.

Looking for 1-2 points on half of position should be mechanical and absolute. Been giving away too many profitable scalps as I try to squeeze for the extra tick or two. Not worth the irritation.

It's the beginning of the month, earnings begin to wind down and FOMC meets on Tuesday with macro results announced on Wednesday at 1415. I'll be out of the market that afternoon as I meet a fellow trader for our monthly "FOMC" lunch.

Trade Well !

Happy Halloween

Friday Log - Trending Liquidity on Different Time Frames

Only took a couple trades in AM as I prepared to participate only in the morning session. First 30-60 minutes was confusion factor as EOW, EOM and eco reports contributed to high volatility. Got in on a couple of scalp trades which was ill-advised due to the quick reversals and difficulty getting a read on what the market wanted to do. Result: -2.0

Tried another long and then a short trade but basically a scratch. Could not hang around after 1130 due to some obligations and as it turns out the day was a 3rd trender in a row. The liquidity has been there as well as the opportunities.

Something that is very clear is not to get caught up in the high volatility swings as was the case in the first hour or so. Long shadows on most 5 min bars with 4-8 point ranges. Unless we capture a fill on an extreme edge, develop a quick profit with a cushion as well as have a little luck in direction, it's extremely difficult to trade this heavy chop. Best to wait for the next opportunity...and it will come. Just need patience.

Always consider views from different time frames. Larger time frames trump smaller.

Trade Well !

Thursday Log - Late But Good to Wait

Got a late start today. Did not get in front of the trading platform until shortly before 1000. Quickly identified overnight price action and the first half hour of the regular session. Found the respective angel and demon in play and sized up the current price level. After watching for about 5-10 minutes, I felt the market and took a long from the 48's shortly after 1000. Set scaling targets of 52's and 54's. Got too impatient with the 54 target as it hit my order level but was too deep in the queue for a fill. Result: +8.00

Tried a 1:2 ratio short scalp around noon. Went short at 53.75 looking for 2 points but expecting market to continue up due to strong internals. Price dropped about 1.25 from my entry and ended up getting stopped out. Result: -1.0

The last couple days I've waited and sized up the market 15-30 minutes before entering. I continue to monitor the FF and first hour targets on the EWS spreadsheet and continues to provide good guidance for targets. Had to leave after my attempted scalp trade so that was my last trade of the day.

The new planning sheet is complete and now I'm getting familiar with working with it and determining how best to use/prioritize the information. I continue to focus on combo thinking and letting the trades work although I could have done a better job with my final trade leg. Good to wait and get the feel for the market.

World Series is in full swing and enjoying the games so far. The teams match up well on paper and hoping to see some good games. Can't wait for the series to get back to the National League park so we can suspend the lousy DH rule for the next 3 games.

Trade Well!

Wednesday Log - Be Prepared

Took the first trade at 0945 as I anticipated price to touch 59-60's. Filled short in upper 59's and quickly scaled 1/2 in 57's. Housing report due out at 1000 so had a bit of a cushion and profit to let remaining portion ride. Had heavy target of 52's planned as I anticipated test of overnight lows. Worked the overnight combo range as guide. Result: +9.25

Tried a couple of low risk scalps in lunch session but many distractions during the day. Call the two trades a scratch. Getting more of a scalping mentality after primary move. Been trying for too much during lunch/PM sessions and need to just go for the 1-2 point moves. Watching combo moves during slower periods and seems to be strong indication of opportunity.

Expecting continued volatile market the next couple days as we close out the week and the month. October 28 and 29, 1929 marks one of the great drops in market value in history. October has a reputation for big moves. Good traders anticipate what might happen, what could happen and what to do when something happens. The motto of the Boy Scouts serves traders well..."Be Prepared".

Trade Well!

Tuesday Log - Limited Participation

Tried one trade late in the morning but hit the wrong side. Went long when it should have been short a point from entry. I'm struggling with a bit of a psyche challenge lately. Not sure what I'm seeing, how to react or getting a feel for the market. Amazing how one week I can trade well, another week not seeing the trades as well. This consistency thing is a tough nut to crack. It's all between the ears.

So limited participation in the market today, finished my new planning worksheet and used it during today's session. I realized to tweaks to the system I need to make to the tool as well as learn to interpret the information plotted. Very promising though.

Trade Well !

Monday Log - No Rhythm

I could not get into any groove today. No trades taken although I had a couple set that were not filled. Short post today as I work on my revised planning tool which is 90% complete. Plan to put it into action within the next 1-2 days.

Be aware of EOM/EOW price games during the week.

Trade Well !

Rush - Free Will

Friday Log - Plan

Missed the primary trade and did not chase it even though price went thru yesterday close set-up. 1000 eco report loomed and did not want to get caught. After that it felt like I would be chasing and did not get a feel for the price action although I "saw" a nice combo I had in my head play out.

Spent the next couple hours working on my new planning tool and will continue off and on over weekend. Have a relaxing weekend all.

Trade Well !

Wednesday & Thursday Log - Combo Post

Failed to enter Wednesday post and trades so combining with the Thursday post. Wednesday I played the open/close set-up that worked well. Once price tested the prior day close around 89, I entered long on the slight pullback and scaled out in 91's and 93's. Result: +6.0

Scalped a couple other trades over lunch for small gains after feeling the rotation prior to the Beige book. result: +2.25

Thursday no trades made. Working on a new planning tool for me to use in preparation of each trading session. Combining EWS system, key price levels, etc. I currently use a daily worksheet as part of my routine. As with the EWS spreadsheet, my worksheet helps me map out the ES, identify key levels of interest and awareness of scheduled economic reports, major earnings announcements, etc. It is an evolving document as I tweak the layout and information while also making it more automated.

Planning minimal trades on Friday. Probably only the primary AM trade if any.

Trade Well !

Tuesday Log - Recovery Mode

First worked a long shortly after the open from the 1/2 gap. Quickly stopped out. Once stopped out near yesterday close I failed to turn my trade opinion around fast enough and work the close/open set-up which would have been short from 1090.5. Result: -4.0

Had to wait for the next set-up(s) and chip away to recover early loss. Scalp mode entered long near reversal time of 1020 and second leg bounce. result: +5.0

Got in short too early prior to lunch session after doji formed. Enter low 85's with 1/2 position and stop in 84's. Result: -2.5

Chipped away off and on in late afternoon session buying off of 83 and 84 bottom and scaling out 86's and 87's. Result: + 5.0

Closed the day with a late day long expecting shorts to release and capture profits. Entered long on 1/2 position in low 87's with 1 pt stop in 86's. Scaled out 88.75 and 99's. Result: +3.5

Still need to work on patience for edge set-ups. They are there most every trading day and occur after 1-2 re-tests of bottom/top. Also, watching the VPOC relationship with these edges which after two days is providig some clues. Combining EWS combo and FT71 VPOC areas helped me have a successful recovery mode today.

Another thing I need to re-visit is not being too anxious to trade within the first 10-15 minutes. I want to play for the gap trades but my timing is off.

Trade Well !

Monday Log - Let The Trade Work

Waited for market to settle a bit after open looking for short side. Took a good fill in 87's near opening high area. 1st target was 85's and second target was 83's. Target one hit and moved stop to breakeven. Ended up closing trade prior to T2 ultimately being hit. Did not let trade work to full potential. Result: +3.50

Failed to pull trigger on reversal around 1015 time frame and 84-85 area. Thinking combo's but did not execute plan knowing 82-83 area was good support zone. Felt the market fairly well but did not let 1st trade work and did not "listen" to intuition on reversal idea. I continue to be aware of my problem letting these trades work and revising rules to reflect the issue.

Trade Well!

War - Low Rider

Trading is a war. We win the battle by staying low, ride the wave of patience and strike when the odds of success are bouncing with us.

Friday Log - Better Fills With Patience

Opened the session going long from 82's looking for 1/2 gap fill. Consumer Sentiment report out at 1000 so needed to be nimble. First target was 84's but tightened stop prior to price moving 2 points short of 1/2 gap. Result: +1.0

Was frustrated with myself for tightening stop as I was pressing just to get a winner in the bag. Had idea to go short from 85-86's but could not pull the trigger, eco report announced and priced dropped without my idea onboard and would not chase it. So missed the prime move into anticipated T1 area of 81-80's.

Waited for one last set-up near lunch time and looked for combo set-up and 50% retrace short. Did not want to get into the late short arena so waited for 82.25 short fill that hit about 1120. Scaled out at 81, 80's and runner for 76's to complete a 10 and 20 combo. Stopped at break even as I left for the day with trade limits on auto pilot. Result: +3.0

One thing I thought of re-focusing on is working on my patience and getting better fills along with better identified risk management. Stops have been too thin, entries have been sporadic at times due to impatience to trade "something". Gotta remind myself that it's quality and not quantity of trades. If I get good entries, I'm more apt to let a trade work, identify the risk more sensibly and relax more.

Trade Well !

Thursday Log - Missed the Move

Felt I had a good afternoon fill in 1086 and planned out the trade to scale out. First target was the previous high in 88's, then 89's (2 points above previous day close) and have a runner for test of high in 90-91 area. Got the 88, scaled out, adjusted stop to not break even which I should have done but set stop at 1086.5...which was stopped out by a tick before price ran up to anticipated targets. Result: +3.0

Missing trades, not letting them work, pressing too much for a "winner" only to not give myself a chance. Not sure what has happened to my pysche. One week things clicking, next week the inconsistency shows its head. Will continue to sort thru and re-evaluate.

I am printing charts and reviewing the combo moves in relation to chart patterns and flow. This process is frustrating but yet rewarding. What a business. Not expecting to trade past first hour or two on Friday due to possible expiry volatility in afternoon session.

Trade Well !

Wednesday Log - Eluding Rhythm

This week I'm really feeling off. The deeper into the week I get, the less patient I have been with my trades. Not letting them work and/or getting in a point or two too early. Today I took a short, then long and long. All stopped out. Good stops as far as capital preservation goes, but the entry areas were suspect.

Was long in late morning/early afternoon at 1083. Stopped out at 1081.75. Low for the period...1081.5. Saw H & S forming on 5 min, measured move was 88-89 which coincided with combo thinking. Missed the move. 3 trade Result: -6.0

I have some frustration building. Rethinking my approach. patience and timing. Need to make some adjustments as I find myself being right with many of my trade ideas but either not having enough patience and waiting for the proper entry or not getting in after "good" signal bars print and taking a shot. We'll try again tomorrow with many eco reports looming as well as expiry Friday two days away. I will find the rhythm again but this week the rhythm eludes.

Trade Well !

Tuesday Log - No Handle

Missed a short fill for the first trade of the day by about a point in 72 area and never really got into a position to enter remainder of day. Thought about entering long in bottom area of 63-64's but missed the opportunity and did not chase. Had a short set up for 67's as it was 50% ret zone from bottom but did not like the price action and internals so took off the trade as price chopped the rest of the session in a tight six point range.

So I could not find the handle today. Did not chase, observed for most of the AM and late PM session. Options expiry this week and earnings continue to throw confusion at us. Until the picture becomes a little more clear to me, I'm keeping the powder dry.

Monday Log - "Holiday" Trading

Planned to only trade the first 2-3 hours max. I let the market work for the first 15 minutes after open before going short in upper 74's with one point stop at demon's feet. Looking for 1/2 gap and scale out out below that. Was stopped out with high reaching 2 ticks beyond my stop before rotating between 74-75 for the next couple hours. Result: -3.0

I called it a day as I performed some tasks around the house and checked back in around 1500. My inclination of 1/2 gap filling was and ultimately the full gap was hit...but without me along for the ride. In reviewing my one trade, it was a decent fill although I was thinking 75-76's for initial fill but did not wait. This caused me my "Holiday" trade. I figured if I could get in during the first hour, I could have the patience to ride it down to at least 1/2 gap.

Columbus Day "holiday" is not a big one but it certainly limited market action. I planned properly by getting filled in "decent" area but should have waited for a point higher. I anticipated a fairly tight range and rotation before moving one way or the other. Everything happened as expected but without me on the ride. Win some, lose some. We'll get 'em tomorrow.

Trade Well !

Friday Log - Didn't Work So Let the Weekend Begin

Tried a short, tried a long, looked to the open/close but nothing worked. The range was tight and I got caught in what ended up being a 4-6 point chop zone. I was anticipating the market would first test 57 - 67 edges within the first hour but didn't happen. Here I started to press a little bit so as not to "miss it". Stops were good but as it turns out, entries were about 1-2 points earlier than what would have been optimal. 3 trade Result: -6.0

So begins the weekend. My daily limit was hit within the first couple hours and no reason to press. I'll post a chart later if warranted.

Trade Well !

Thursday Log - Half gap & Half Sap

Traded after the open expecting the half gap to be filled but couldn't seem to get a feel for the market again early. Price opened in 61's and eventually dipped to 58's without the 1/2 getting filled. Took a shot that half gap would not fill and went long from 59's only to be stopped out in half gap area. Price went approximately a point thru the half gap before climbing up albeit slowly. Turned out to be a sappy trade. Result: -6.0

Went long again once the bottom printed with doji and confirmation around 1015 in 60's. Another two point stop expecting the open to be tested and if price was able to pierce it, then looking for overnight high test and R2. Scaled out in 63's and 64's and 65's. Market looked strong with internals indicating higher but lunch session was coming and market slowed. Result: +12.25

As price rotated and gradually move higher, was thinking combo from low of 56 and watched as IWM led the way with new highs before the rest of market. Russel can many times be a good barometer. A strong A/D (2000+) is also provides a great clue.

More play-off MLB this afternoon so not expecting to trade much if any in PM session. Will post if this changes.

Trade Well!

Wednesday Log - Daily Limit + MLB

Waited for the market to open before entering a trade but in the end I should have waited longer. I could not get a feel for the market. I had what I thought was a good plan but did not turn my ideas around quickly enough when the range did not materialize . Initial trades were short then long but I found myself getting faked out. Two trade Result: -6.0

Tried a couple more trades in mid morning session one in each direction but found myself pressing which is never good as the market rotated, head faked and got the best of me. Result: -4.5.

The rhythm of the market could not be captured by me today. I realized anxiousness creeping in and combined with some late morning interruptions as well as my plan to watch afternoon MLB play-off baseball, I decided to shut down early and re-group for Thursday. I feel I do have a better handle on my discipline to stop trading when "I'm not in the game". I the past I would continue to trade "to get even". No more. Daily limit of loss hit and we wait to trade another day.

Trade Well !

Tuesday Log - Trading Guru's and Wizards

The trade left over from Monday was stopped out so I ended with a scratch between two trades.
Today started out with a couple attempts pre-market long but failed to make anything out of it. Waited for the market to open after getting stopped out on two trades. Needed to respect the demon until broken. Result: -5.0

Was not feeling the market in the early part of the session. Tried selling near a master pivot area with stop set just above it as well as R1 offering additional resistance in the area. This too was stopped out. Result: -6.0

Once price went thru R2, I was looking long for the immediate session as internals and price action further confirmed. Waited on pullback 49's and scaled out in 52's with break even on remainder. Result: +6.0

Other than the AM trades, no other trades executed until PM session. A little aggravating waiting for the set-ups but it paid off. I began seeing the market better after stalking it all afternoon. Put on four trades between 1410 and 1550. Shorted from 46's which was a bit later and higher risk than I wanted but had 43 area as target. Took 2/3 of position off in 43's and had trailing stop on last C in 44's. Result: +8.5

Went long from 43's around 1430 once the opening price area held which was also R1 support. Those pivot areas are nice targets for overshoots as the MM's flush out known "natural" stops usually by 1-2 points. Went with a heavy position and scaled out in 45's, 47's and 49's. Closed this sequence by 1510. Result: +10.75

Thought I was finished as it was 1545. I wanted to short from the stall out in 52 area but could not pull the trigger. Price pulled back to the 48's and I liked the low risk area and used combo thinking to help measure the move. Quick hits in late afternoon for 1-2 points usuaaly works the best due to volatility. Result: +3.0

Managed stops well during the day as well as organized good targets and trade plan(s). Working pivots and combos during the day helped me get back my early loses and turn this into a profitable day. Kind of a sloppy start but perseverance and not letting fear inhibit my decisions due to a couple early losers was the difference today.

Also, monitored S&PGuru during this once a month free trial day (first Tuesday each month). He doesn't "say" much but when he does, it is very interesting to watch his calls. Unlike 'E' and EWS chat where he teaches us how to trade and not so much what to trade, the S&PGuru does not fully explain his trades. But with my understanding of EWS, I could understand many of the levels/targets he was shooting for and some of his logic used...although his call outs of what time price should or will move was uncanny.

So between monitoring the Guru today and using the Emini Wizard System, it turned out to be an interesting and profitable day. Trading Guru's and Wizards. Ya gotta love it.

Side note...inverted head and shoulders on 5 min. Measured move targets 62-65 area.

Trade Well !

Monday Log - Earnings Season

Trader Tip - This week earnings season will ramp up for 3rd quarter reporting and future outlook. Be aware of major company earnings announcements particularly if holding positions pre and post market.

Not much to report today. No trades in AM, one long trade in afternoon before having to get to an appointment prior to market close. Put on a short position prior to leaving for the afternoon and it remains active. Worse I can do is scratch as it's a high 37 fill. Missed fill on partial position in 34's by two ticks. Still holding for a retest lower.

I had a hard time getting a rhythm for the market today. For that reason, I was ultra conservative and SOH most of day. We'll see how the market responds tomorrow.

Trade Well !

The Weekend Shmooze

Just wanted to add a few thoughts that popped into my head that I feel might find some use within this forum. A few quick hits of information FWIW...

• We don't know what we don't know
• 38 Steps to Becoming a Successful Trader...what stage are you at?
  
• For those who trade the ES and are not familiar with or follow "FuturesTrader71" on Twitter, I suggest you look into monitoring his tweets. FT71 recently started a blog which I've added to "My Blogosphere" list below.
• Towards the end of my blog you will find a list of trader resources. I should probably try to organize the information in an easier format. But for now, peck around and click on a subject title that might be of interest.
• Wait 'till next year Cub's Fans. As I've always said "you gotta love baseball before ya love the Cubs"
• Consider joining the Eminiwizard Community. Look around 'E's public site to get a feel for what his system has to offer. His system, daily tutelage and consistent presence in the live chat is second to none and has taken my trading to the next level. Check it out and if you have questions, drop 'E' an email or post here.
• The more we get into trading the more we realize how parallel trading is to life. "Does life mimic trading or does trading mimic life"?
• "Trading is a journey, not a destination"
• Why do I end each post with Trade Well? We want to always be in control and have a plan for each of our trades. All trades will not be winners. We will have losers and this reality is part of the biz. But even the losers can be a "good" trade. When we "Trade Well", we plan the trade and trade the plan, analyze the results and move on and wait for the next high probability set-up.
  

Peace and out, enjoy the weekend and remember...Trade Well !

Classics

Classics to get the blood flowing.

Friday Log - Scalps After Trend Day With Combo's

Began the day with pre-market longs after the employment eco report was announced and market settled down. Went long from 12's and 14's and looking to scalp 1-2 points on each sequence. Took all off at one level on each of the two trades: Result: +3.25

After the open, I was waiting to get a feel for the price action. Wanted to go long from 15-16's in anticipation of 1/2 gap but didn't get in as I waited with good patience. In hindsight I could have entered with stop just below the 15 open.

Forgot about the factory inventories report @ 1000 and was long just prior to the announcement in 18's, got lucky with stop not getting set as price action was quick. Scaled out in 20's and 21's. Result: +3.25

Tried short from 23's in anticipation of yesterday low not being taken out. Stop was 1 point and got stopped out. Result: -1.25

Failed to re-enter under next "natural" entry area of below yesterday close. But waited for pullback using combo theory, went long in 20's and scaled out in 21's and 22's. Result: +2.25

Used combo thinking on each trade. Looking at middles and key levels. Continues to amaze me how the combo's play out over and over again. EWS proves profitable again. So, since I had a good morning and it's a Friday after a strong trend day, I expect range and chop during remainder of session. For those reason's, I am starting the weekend early. Learning not to over trade and especially once profits are bagged. Have a good weekend.

Trade Well !

Thursday Log - Trend with Interruptions

I was not able to get a feel for the market once the bell rang and was on the wrong side looking for 1/2 gap try from 45's. Stop was below overnight low by 2 points which was knocked out quick. 1000 eco reports loomed and needed to be out by then regardless of trade position. Result: -6.50

That was the end of my day as household interruptions and pressing errands were attended to.

One observation regarding this trending day, there were pullback areas during the day which provided opportunity to go counter trend for a couple points once the price action "rested" as well as areas to re-enter short. The trend had nice interruptions in it in order to gain some trades. Internals supported the down move with steep angles.

Should be able to be in position to trade most of the day Friday although expecting range bound day which is usually the case the day after a trending session. Employment report comes out in pre-market which could influence the day.

Trade Well !

Wednesday Log - Wild Day

Began the day trying to trade the pre-market economic report announcements. Price did not get to my long or short "hot-box" trade levels which are usually very conservative. Missed the 0830 stab up by 2.0 points and came no where near my short side order. Jumped in for a quick scalp but that was all for pre-market. Result. +1.0

At the open I played the half gap from 59's. Out with 2/3's of position in 56's with remaining C in trade for gap or break even. The b/e won before market plunged without my trailer. Result: +5.50

Rest of day I was in and out of office. Tough day to trade with EOQ and EOM balancing of big boy accounts. They did not disappoint for orchestrating a wild day in the market. I am shutting down early and will wait for another try tomorrow. I'll post chart later.

Trade Well !

Tuesday Log - EOQ Means Earning Season Begins

Started the day trading near the open with a long from 61's. Just looking for some quick scalps. Scaled out at 62's and 63's with a runner remaining which broke even. Result: +4.25

Re-entered long from 56's near the 1000 hour. Again, looking for scalps as market was in a tight overnight range that never really broke. Result: +3.0

The rest of the day was stuck in a horrid range. Tried a couple scalps but unlike the AM session, I did not feel the market well, got a bit impatient as I wanted to trade and forced a couple. The decision to trade in such tight ranges today was not a good one and intuition told me to back off but I failed to "listen" to myself. 2 trades Result: -4.0

End of month and quarter on Wednesday. Earnings season begins in October which can be a volatile month. Be aware of major company earnings announcement schedules as well as protect against possible wild swings during the month.

Trade Well !

Monday Log - EOM & Eco reports Loom

During the weekend, I was able to catch up on some chart reading and EWS website review. I was in a position to watch the Globex open at 1800 and peeked back in around 2300 late that evening. Saw support in the 35-36 area so took a paper trade for overnight. Put on 4 C's (which I am beginning to gradually incorporate into my live trading) with pre-set exits.

After entering in 37's, I scaled out 50% in 40's, 25% out next morning around 0730 in 44's, added 1 C in 44's and took last C from original entry off in 46's. Ended up b/e on added position. Result: +22.0

Not as good results after the regular session began. Was expecting 1/2 gap to fill but missed by a couple ticks. Stop was a bit too high (at MP level) and modified my stop rule so my stops are set no more than angel/demon feet / head respectively and maximum 2 pts. Shorts were squeezed and so was I. result: -7.0

Tried another short in 51's but that too was squeezed. Result: -3.0

From there it was a matter of nibbling back my losses in a market that had lighter volume due to Yom Kippur. Price was range bound for most of the lunch and PM sessions so only scalps were appropriate. Came up short recovering loses but felt comfortable "getting back on the horse" and getting what I could and what the market wanted to give me. 5 trades - Result: +9.25

Today I continued to feel confident even though I had to dig out from a deep hole I had dug for myself. I am revisiting my rules and honing them in order to create a little more discipline with my losses and trade management. I felt the market fairly well today and was "playing" with Mr. Market by scalping for 1-2 points and one final mini-swing trade at EOD.

With end of month quickly approaching as well as major eco reports to be announced this week, I am expecting price games and volatility. I'm ready to go at it again tomorrow.

Trade Well !

"Trading's Been Good So Far"

Friday Log - No Panic Button

Made a couple points on the open/close set-up early in the regular session. Put into account previous days resistance in the 47-49 area so I wasn't expecting much to upside. Lack of quick action let most of the opportunity dwindle. Hit first long target with remainder break even Result: +2.0

Went long again using 43-44 area as support as well as combo thinking from overnight high. Got on the wrong side and then failed to use my stop "thinking" 41 was the extreme bottom. Wrong again. I averaged in as price continued down which wasn't a smart move. Had a stop set in 35's but from previous observations and experience, anticipated price to retrace to around 50% of the move...which it eventually did. Thought price would bust through 44's and test the 46-49 area and maybe get to 51's. Price never made it and I stayed in a bit too long. Result: -5.50

A couple things I learned today was even though the position went against me and I did not play the trade sequence in a smart, well planned manner, I did not panic like I used to do in the past. I saw I was on the wrong side of the combo, saw the H&S forming on the 5 min but stayed fairly cool and collected. I'm finding myself becoming more familiar with the rhythm and flow of price action and anticipating what it might "logically" do even though course was not reversed today as I should have.

I was aware of EWS combo, the perils of averaging in on a losing position and still need to develop better habits to avoid those negative situations. Still, what I got out of it was no panic. Emotional stability seems to have been achieved even in adverse trading situations. Now I need to see if I can continue the emotional calm while also improving my trading habits...no doubt I will. Life is good.

Trade Well !

Thursday Log - Voo Doo Economics

I began my trading day planning 63 area to hold as resistance. Waist, PP and weekly mid lined up nicely along with a couple other clues as outlined within EWS. Anticipating the jobless eco report at 0803, I locked and loaded to go short at 62.75 which was below PP and beyond the overnight high(anticipated the "normal" 1-2 point overshoot). My stop was at 64 and only put on one C to test the water.

The trade triggered and was stopped out. Price went to 64's where it seemed to lose momo so I re-entered short @ 63.75 with 2 C's. Scaled out at 61's and 59's. Two trade Result: +4.75

Bought near support level of 54's but stopped out on tight stop. Re-entered long in 47's for scalps at this point. Went to the well again long in 47's around 1038 but got in too early and took 5 point hit but my stop was controlled and planned. Took the short side to gain back some loses which worked out well. 4 trade Result: -1.25

Went short in 44's over lunch session for a scalp with anticipation of stab thru 43 low which did fill. Runner ended break even. Next went long in 43's during PM session once price hit another support area and doji formed. Scaled out in 46's and 47's. 2 trade Result: +9.25

Was looking for long pop from 45's and 46's last 45 minutes of session. Only worked with one C, kept trying to get a couple here and there, worked tight stops and took 5 trades during final 30 minutes. If I was quick and more nimble, I could have easily carved out 1.1.5 scalps but was thinking a run to 49-51. Result: -2.25

Overall a good day but my trade economy was not as sharp today as last couple sessions. A few more trades than I needed to be involved with during final 30-45 minutes which was rather voo doo-ish but risk was small and only played 1 C to insure bulk of profits were preserved.

It was another day of seeing the market pretty well, having a basic plan, realizing a comfort level with my confidence and trade execution. I've been very satisfied with my emotional stability the past few days/weeks and putting EWS techniques into play daily. Combo thinking is getting sharper but still need to work on expanding the concept into larger frames and letting those trade ideas "work". The best way to do that is by creating leverage with more contracts. This will be a work in progress. With some luck, skill and some "voo doo economics", the market is becoming much less scary and much more predictable.

Trade Well !

Wednesday Log - The Fed Frenzy

Returned from the long weekend today only to be greeted by good old Fed Day. Went into the trading day looking to get involved with the morning move thinking there wouldn't be much more until the emotion of the FOMC announcement at 1415.

The first hour was pitiful as the market was basically in a 4 point range. I adjusted my "1st hour" range to reflect the low as of 1040 which proved to be more accurate a range to work from. Looked for the close/open trade to scalp a couple early points with about a 2 point stop in 69's. Once price went thru yesterday's close, I waited for a slight pullback and entered in the 67's. 1st target was 65's where I took 2/3 of position off with runner remaining for stab at overnight low area in 63's. Price stalled, I didn't like the "feel" of holding the short so went flat in lower 65's. Result: +5.0

Waited for Fed announcement before getting into another trade. Went short @ 1421 in 73's after emotional spike up. I was only looking for a quick scalp with lighter position than first trade of the day. Scaled out, re-set stop to breakeven which triggered before price stabbed into 75's. Result: +2.0

$TICK reading hit +1300 at about 1430 and again about five minutes late on divergent volume as price made new high in 75's. Went short again in high 74's with smaller position than 1st trade of the day, trying to preserve profits already bagged. First target was 72's and last target was a runner for 68's. Result: +7.0

Another day of planning, patience and getting a good feel for the market produced good profits. Using my experience from watching previous price action during Fed Day helped me work the "Fed Trade" without the emotional frenzy.

No losers again today and good trade execution, management and sequence economy. I've been seeing the trades better, my confidence in letting the trades work is sharper and my trade management has seen improvement as I go for the initial target and scale out with a plan in mind. We'll see how the rest of the week goes but feeling strong these past several days...Fed Frenzy or whatever the fuel source, I'm prepared with confidence, not cockiness.

Trade Well !

Monday Log - Under the Influence

Went on an extended weekend jaunt to ACY (Atlantic City for those not familiar with airport codes). My bride wanted to visit with a couple relatives who were planning a trip there so we decided to make the 5 hour drive. So, I'm reporting from Harrah's Casino Resort.

Started my trading day at 0830 by setting up my trading plan and looking to trade the primary move only. I reviewed the overnight action, last weeks range and in particular the Friday range and close. I was tempted to go long from the open around the 54's looking for the half gap move but held off. Instead, I had my short loaded in the 67's which hit at about 0945. Scaled out in 65's, 63's and was looking for last C off at 51's but missed the buy to close by one tick. Once price began to gain some support, I closed the trade in 53's. Result: +9.75

One trade sequence, conservative entry and exits. Well planned, virtually no emotion and I let the trade work. Initial stop was 1.5 points then moved to B/E on balance once 1st profit objective was achieved. One thing I need to consider in the future in regards to my trade management is to take part of my position off by about .5-1.o before a key S/R level. Just missed my final target by one tick, which was one tick above the overnight low. To many traders were running for cover about 1.0 before that support level so might be prudent to exit prior to that price area and leave a runner on (or add) in order to capture additional profit potential.

In the end, I felt good about the trade, my patience and planning for the trade. Maybe being under the casino environment influenced my perspective? Not sure but it sure felt good to trade for no more than an hour and then hit the other game in town.

Probably no trading or post on Tuesday as we'll be driving back to VA.

Trade Well !

Profits - You Want Some Too!

Friday Log - Let the Trades Work

I missed the open and the down side slide so had to wait for the next opportunity. The only thing that was a bit irritating was the fact that I entered a long trade around 1030 in the 60's and 63's hoping to be done trading by lunch time. It was like the trade that would never end until EOD.

Was waiting for price to test the open and/or overnight highs at some point before 1500 and I planned to be out of the trade by the final hour of trading. I gradually peeled off my C's after taking some heat around 1200 as price dipped into 59's with stop in 58's.

The sequence of this trade took over four hours which was a bit frustrating but at least there was profit involved. Scaling out as price ran up from the lows and finally closed the final C of the trade in 64's. What a price game/battle zone in that area. I wasn't going to get trapped in the final hour so started the weekend at least in the last hour of the regular session. Result: +7.25

Again today I had a good feel for the market as I continue to use intuition and trade "what I see" not "what I think" to help drive my trade decisions. Also, I continue to see development in my ability to "let the trades work". This is a result of having a better handle on patience, intuition and being familiar with reading/interpreting my internal indicators that provide great clues.

Trade Well !

Thursday Log - Quadruple Witching Expiry

Today I again saw and felt the rhythm of the market pretty well. Used quick reverses when my bias was wrong a couple of times and managed good stops. Entered the day thinking down towards PP and even had a trade for that area that I took off too early.

Went into the day thinking mostly scalp trades so I put on several RT trades through the day. A bit too quick on exits but overall entry areas were generally sharp and low risk. I'm getting more and more comfortable with tighter stops and getting back into the same trade idea while limiting risk. Although the commish costs stack up, it's part of the business and learning process.

After several round trip trades (7) during the three sessions...Result: +5.25

Quadruple Witching expiration day is tomorrow, Friday. This scenario happens four times per year on the third Friday of each March, June, September and December. The "quadruple" expiration involves Index Futures, Index Options, Stock Option and Single Stock Futures. Could be a volatile day in the market, particularly during the late afternoon. This trader plans to get his trades in during the AM session and take the PM off. We'll see how it pans out.

Trade Well !

Wednesday Log – Steady as She Goes

Trader Tip – Trading is simple but what is difficult is getting to the point where simplicity is achieved, then recognized and finally practiced. We all start out in a similar manner, trading with multiple indicators, hunting for the “Holy Grail”, moving from indicator to indicator, system to system and strategy to strategy. Like a bee pollinating a field of flowers, we search for that “secret” that will bring home the honey pot. Like the bee, we need to concentrate on one “field” (strategy) and become proficient with one plan in order to become efficient. Finding simplicity is the goal, getting there requires an expedition.

Started the day trying to work the pre-market eco reports @ 0830. Went short at an edge thinking we might dip towards the overnight low or the PP. I was wrong and got out once a doji was formed. Not a real bright entry but, had an idea and a plan that did not work out…move on. Result: -4.0

Waited for the regular open and played the half gap which has been a good, high prob trade. Entry was short in 52’s and scaled out down to 48’s. Added an extra C due to the higher probability trade and what I perceived as a good entry price. Well planned trade, specific targets and good patience. Result: +10.25

Waited for a pullback to re-enter short for a scalp, although market seemed as though it wanted to climb higher. Went “back to the well” short in 52’s for a 1 point scalp in 51’s with a runner left of which ended B/E. result: +1.0

Went long in 53’s once market pierced intraday and overnight highs. Had specific targets based on EWS and pivots with a one point stop below the breakout. Played it somewhat conservative with 2 C’s. Could have added a third as a runner once the final target was hit but didn’t. Looked like trending day once 1058 area was taken out. Result: +5.0

Put on a couple short scalps from 63’s in the PM session. One was profitable, 2 were B/E only using one C. Playing the combo strategy and played out nicely. Only looking for a couple. Result: +2.0

Not trying to force my trades, taking what the market gives me, getting in touch with intuition and the market rhythm while better planning my trades is beginning to create more confidence and steady profits. Over trading used to be a problem but I seem to have that aspect under control. So it’s “steady as she goes” the last few days as I implement a better mapped out course of action as well as emotional neutrality.

Trade Well !

Tuesday Log - Pivots of Intuitive Opportunity

Started the day with a short about 10 minutes into the session with a fill in 46's. Set stop above 47.25 which was previous high. Stopped out to the tick before price fell to anticipated targets. A little frustrating but moved on and waited for next opportunity. Result: -2.0

Waited for the first hour range to set in while trying a couple short and long scalps in the 38-40 support area while looking at various timeframes and determine which chart was in play. Turned from scalps to more of a swing bias once price bounce off of PP. Result: +1.5

Bias was now long as I plotted my zones of entry and exit using pivots and combo theory. Got in long in 42's and out with all in 44's while waiting for test of previous regular session high. Result: +2.0

Went long again in 44's and 46's once price tested previous high area which was accompanied by STO and ADX divergence. Scaled out in 47's and 49's as my thinking was that overnight high would be tested and taken out by 1-2 points. Internals had a bias upward and provided the confidence to stick with the trade. Result: +7.0

Took a short off the high in 51's and moved the stop down as I looked for minimum of a couple points which was achieved. Had idea of 45's to be revisited but only put on 1 C for this short otherwise I would have scaled and capture a few more. Result: +2.0

This week I began focusing more on using the MM fractals and pivots to help define my trade ideas and trade management. In addition I find my intuition and "feel" for the market becoming more honed. Although my stops are at times maybe too narrow, the losses are much more under control, anxiety is low and confidence is strong.

Using the pivots, EWS combo system, intuition and getting a feel for market rhythm are becoming much more clear and recognizable for trade opportunities. Trading the edges is the key. I've realized ongoing improvement with my patience to wait for the set-ups while also controlling losses with better entries and stops. Also being able to turn my bias around continues to improve.

Trade Well !

Monday Log - Shoulder Day

Boring trading day today as I participated in the morning primary move and the afternoon small pop. Tried a few scalps mid-day but for the most part I'll call those a scratch with commish covered. Looking for only 1-2 points, I went long on both the morning move and afternoon move scaling out in the AM and taking it all off in PM as momentum was waned. Difficult day to watch and participate in as the moves were on the shoulders of the intraday chart. Result: +4.50

Looking forward to see how the market reacts in the 1050-1060 area as this was the drop off the shelf last October. There are some resistance areas as well as psyche levels to be aware of. Overnight session should provide so clues as well as the support levels and range today.

Trade Well !

To Be Well Armed is to Be Well Informed - Understand the Issues & Get Involved In What You Believe is Right. Voice an Informed Opinion!

Friday Log - Out For Tea

Pulled off a couple decent trades on Friday with the best one being the participation of the plunge out of the 40's and 38's. Shortened day. Result: +6.5

Had to leave early Friday (thus the late post) in order to get to Washington, DC ahead of possible traffic and to participate in the "tea party" protest on Saturday 9/12 against big government. Glad I went and was there to be counted.

The experience was incredible and hopefully the protests against a government that is out of control will continue to gain momentum, support and participation among all citizens who are beginning to take notice of sensing that "something just ain't right".

As trader's, we need to pay attention to the current discussion by congress to further tax investors/traders. If passed, H.R. 1068 could have a devastating effect on those of us making a living from day trading. The government will be looking for "creative" ways to increase taxes and we need to get informed be be active in voicing our opinion. Review the link provided as well as the petition link regarding the proposed "Trader's Tax".

Trade Well !

Thursday Log - Modus Operandi = Confusion

Entered the day looking for reasonable low risk entries but with more caution than usual. With this being rollover day it was a transitional period between contracts and the M.O. of market behavior on these days did not disappoint. Waited for first 15 minutes after open before first trade made. Got on the long side (wrong side) from 25's and had two point stop as I had expected price to reach 29's before testing lows. Result: -4.0.

Got back in long at 24's on doji candle signal and scaled out at 27's and 28's. Once price busted through 30's waited for re-test of breakout area in low 29's. Scaled out at 31's and 32's. Used the breakout area, combo thinking and PP area as support for second long trade idea. Two trade sequence results: +6.0 / +5.0

Tried a long trade in afternoon session from 34's but tightened stop to break even after price moved a point through 35. Took me out of the trade before hitting 37 target area. Had the right idea and as it turns out a fairly good, low risk entry but didn't let it work properly.

Through EWS, I/we learned a lot these past couple days regarding market behavior on rollover day. The modus operandi worked out as explained/anticipated by 'E' and 'Z' during the past two trading sessions. After more questions and dialogue between members, I feel I/we will be much more prepared and organized for the next rollover period as the market makers play out their M.O. by creating confusion and slight-of-hand.

Trade Well !

ES Rollover

The E-mini contract is divided into four quarters; Mar (H), Jun (M), Sept (U), Dec (Z)]. On the 2nd Thursday of these month's the contract "rolls over" from old to new. This is a transitional period that can provide big swings and high volatility as the market makers adjust positions and play the gap between contracts.

Transition into the new contract by adjusting charts, be aware of previous days "old" contract HH/LL as well as the "new" Globex open from Wednesday 1630 and the overnight HH/LL. There are many transitional considerations to be aware of during the day before and, day of, rollover day. Be prepared and plan for it and we can trade like any other day.

Using EWS has helped take the mystery out of these transitional periods as well as being able to plan better for the trading day ahead.

Trade Well !

Wednesday Log - Get Some Z's

Participated in the AM move by going long from 23's. Saw support in 22's so hopped onboard the move with 2 pt stop. Scaled out on the way up to 29's. Felt good about the trade although stopped out on runner by one tick. Was targeting runner for FF T1 but did not get back in.
Result: +9.0

Tried a low risk divergence short later during lunch session but stopped out above AM high. Sto and volume were divergent so good clue to downward move coming. Maybe (probably) got in too early with too tight of stop (stop set one tick above recent high). Ultimately a 2.25 stop would have worked from my entry but that would have been too much risk for the trade idea. I wasn't going to risk more as I find my legs not to over trade which I must say I've been much more in control with. Result: -0.75

Thursday is "rollover day" where we transition from the ESU9 to the ESZ9 contract. Expect volatility and big swings as the market makers move and groove. So don't forget to transition to the new contract on Thursday. Set your charts and orders by getting some 'Z's!

Trade Well !

Tuesday Log - Scalpers Delight

Today I participated in a few quick scalps that worked out well. Kept my targets to 1-2 points max all day with runners at B/E. Divergent indicators, price dipping up and down over VWAP...just no real indication of any breakout although I was surprised last hour did not at least pop and test overnight high. All day result: +7.50.

Short post today as not much coming into focus to comment on. I'm sure Mr. Market will provide some interesting opportunities to trade and write about as we get deeper into this shortened trading week and traders get their mojo back after a long summer.

Trade Well !

September & October Directional Market Bias?

September and October can be pretty wild. Have a plan, fasten seat belts and enjoy the ride!

Friday Log - Trade Labor

Missed the move off the 0830 employment report by 1 point. Had my "Hot Box" trade in place with a long in area of PP/99. So waited for market to open regular hours. Put on three live trades. Two long, one short between the 01-07 areas. Identified the framework as outlined by EWS and played it nicely as I "felt" the market and had good trade ideas going into each sequence. I did not try to do too much, identified targets and scaled out of 2 of the 3 trades using profits from first 2 trades to get a little more from the third. Result: +9.75.

Thinking more and more about this combo concept and seeing how it works time and time again. Slowly building confidence in what I see and getting a bit more in touch with the intuitive side.

Next week will be a short week due to long Labor Day weekend and possible extended time off for this trader in order to see some Cubs baseball in PIT. Waiting for some friends to confirm. In the meantime, have a great weekend everyone! Next week could be a wild one as the "trade laborers" come back from vacation.

Trade Well !

Thursday Log - Watching Paint Dry

Short entry today. Tight range again today probably due to anticipation of monthly employment report tomorrow morning at @ 0800 as well as last week of summer coming to an end. Planning to see low volume tomorrow and the only significant trade opportunities should be in AM. I'm planning to start the long Labor Day weekend early tomorrow as will most other traders.

One thing good about slow days like yesterday and today is that it's an excellent opportunity for the Emini Wizard to conduct class for his membership. Very educational thoughts and observations shared and he really does teach us how to trade. Not what to trade. He's awesome and so is his system!

Took two trades today but both were scratches as I did not like the way they "felt". Listened to the "intuitive" trader and in the end, it was the correct move. Back tomorrow with a short post.

Trade Well !

Wednesday Log – The Day After Hangover

Trader Tip - Generally after a large move the previous day, look for the next day to “recover” by digesting the move and trading in a fairly tight, choppy range. This is a scalp only type day we should plan for unless proven otherwise.

Identified the overnight range and played long in live account off the bottom a couple time pre-market. Stopped out on first trade once the emotion hit after 0830 eco reports were announced. Got back in at 92’s once overnight low was taken out by a couple ticks and did not go lower. Held thru the open and scalped and scaled out. Pre-Market Result: +1.5

With another eco report due out at 1000, I was just looking for scalps with tight stops in place. Identified the PG area and worked my trades off of the pivot for 1-2 point profits and one point max stops. Once the emotion started to work its way out and new low was made (thinking stop run), I got back in long in 92’s (back to the ‘92’well again) and scaled out at 94’s 95’s and 97’s. Result: +9.5

Waited for short side trade 999-1001 area. Got in short just before 1100 in 99’s with stop above 1001 (overnight high). Still in scalp mode and scaled out in 97’s and flat once 96’s closed the trade. Result: +4.0

The market put on a nice “bender” yesterday and due to internet connection problems I was having, was unable to belly-up to the “bar”. Made up for some of it today with some good scalp trades and a good feel of market “rhythm” in AM session. Not trying to do too much and taking advantage of Mr. Market’s “morning after hangover”.

Trade Well !

Tuesday Log - Project EON

Due to my internet provider performing upgrades to the area cable system, my connection was sporadic at best during most of the morning thus no opportunity to follow the market let alone get into the rhythm of it. What a day to miss (or maybe not?). These types of days look easy in hindsight but can be very difficult in real time.

So today went to Project EON (Extenable Optical Network), I guess it's a fancy term given by my internet provider for fiber optics upgrade (FOU?). It was a good day to catch up on my reading.

Trade Well !

Monday Log – EOM

Not too much to report today as this EOM trading day comes to a close. Tried a few trades both sides with short bias. Both live and sim pretty much scratch with some pocket change collected on each. Good for a cup of coffee and pay for the comish.

Could not find a real good rhythm today as price was trapped in a ridiculously tight range all day including the primary AM move. Narrow EWS combo trades worked well for scalps if you played them.

So the end of August is here and the final week of summer for most has begun. EOM trading day was short and sweet and so is today’s post. Looking for a little more to bite on tomorrow from Mr. Market.

Reminder: Labor Day three holiday next weekend. Markets closed on Monday Sept.7.

Trade Well !

A Tribute to Woodstock & Next Week's Trading Theme for Our P&L

Tunes to trade by!

The Weekend Shmooze

As I grow and develop my trading prowess, naturally so does my blog. It is my intention to enhance the benefits of this journal so that I and others can find some meaning, organization and answers to questions that will help map our course during the trading journey. Thus, the creation of "The Weekend Shmooze".

Shmooze (also spelled shoomz) is Yiddish and defined as "to hang out with; to chat; engage in casual talk". So I find the title to this new component of the journal to be apropos in reference to what I want to accomplish...sharing odds & ends of information.

On occasion I'll add some references to this forum via posts which will supplement the many great resources I have listed near the end of this page.

I recently found some great posts within a couple of my favorite blogs that I regularly visit and wanted to share in my forum. The referenced trading blogs are ES specific and the posts I'm sharing were written by "guest" authors.

The first guest blog entry is found in the "Don Miller Trading Journal". This was written by one of his "Jellies" who, if I didn't know better could have been writing by a member within E-Nation (Emini Wizard System). I recognized many common experiences and associations this guest author describes regarding his learning experience.

The second guest post was found in "E-mini Player: Emini S&P 500 Futures Trading Journal". Previous comments I've read by author Ziad, found him to be a very astute trader who shares much wisdom and practical trading advise. In addition, I've seen "E-mini Player" and his blog develop and evolve into a worthy resource for serious ES traders to visit and add to their arsenal of learning.

The aforementioned posts will be a nice introduction to these informative blogs. I would suggest you consider adding these two blogs to your regular reading routine and believe you will definitely find many gold nuggets of useful information within these journals if you decide to visit them regularly.

Trade Well !