Monday's Logbook - Scratch That Itch

A trader wants to trade and is itching to get in. But sometimes its best to scratch the trade rather than the itch and that's pretty much what I did today.

Today started out somewhat positive albeit tough to read first hour. Went short and scalped 1.75 pts first 30 mins on retest of intraday low. Internals were looking strong but did not see it in the chart although once Friday HH was tested and broken, a pullback entry could have been a low risk entry.

Nice set-up in 1200-1215 period. Looking for 95.25 long entry. Missed fill by 3 ticks. Trying to be too refined with entry. Plan was to buy more @ 93 area but never got it as train left the station. One good thing is I did not chase.

Was waiting for pullback to intraday 40-50% Fib areas but never materialized. SOH until set-up occurred once +1400 TICK triggered @ 1442. Followed price up until it got toppy and waited for close below high bar @ 1451 and entered @ 1506 with 03.25 short. Got greedy on the trade as initial target was 91.25 but instead tried for 90.25. 91.25 was the trade target as 91 was hit. Once again the extreme TICK readings pay. Need to take 1-2 pt scalp and set remainder of position to BE/swing.

Stopped out @ 04.25 with -2 pts (2 C's / 1 pt). Tried another short @ 1548 expecting longs to release prior to close. Warning signals to close trade (or not even get in) were there with IVB and XLF making fresh HH. Stopped out -1.

Overall -1.25 pts on the day. Had a fairly good feel for the market today but waited for strong low risk pullback which never came. Good patience waiting for good set-ups. We'll get 'em tomorrow.

Trade Well !