Tuesday Logbook - Bulls and Bears Pulling on the Rope

Range bound trading today. Got off a couple decent trades but saw three others that I did not act on that would have added a few more points to the till. Seems like a fairly hard channel we're in right now. It will be interesting to see who breaks the bank first.

Charts were in-op for first 12 min so reverted to back-up charts. Went short @ 0935 and again @ 0937 for avg fill of 907.75. Anticipated heavy support in 901-903 area. Took all off @ 905.25 as I walked the stop down. Had initial close order on half of position @ 903.25 and was going to swing the remaining half. Missed by 2 ticks. At that point, stop was re-set from B/E to locking in profits. Once support held, buyers became bold and shorts threw in the towel.
Getting more comfortable with leveraging my positions. Better conviction and trade planning. Really helps take the anxiety out of the trade. Result: +10pts.

Nice set up in 1105 timeframe with two leg pullback from high and first pullback to mid-lower KB. Entered long @ 10.25 and ready to buy more @ 07.25. Target for position was 12.25 which was hit. Strong support with intraday Fib ret as well as trendline support along with KB set-up made for good trade. Result: +4 pts.

Good patience again today. Fairly satisfied with patience quota over past 4-6 weeks. Laying in the weeds much better and waiting for the higher-prob set-ups. Conscious about the trap of over trading, Going into each day at the opening bell with the mind-set that I’m digging out of a hole. I no longer check P/L until close of day as I focus on point management.

Missed Opportunities: Saw these set-ups but did not pull the trigger: 1. First bounce off MA @ 1257 (long), re-test short of high @ 1330 and another re-test and stop runner @ 1448. Divergence signals on SS, TICK and ADX. XLE was not making new high during the 1448 retest. Trade and learn. Must have confidence to trade what one sees. In addition, the 1448 set-up was a low risk trade. A few more points were there for the taking but...

Trade Well !