Friday Log – Trades, Weekend, Baseball and the 4th!

Began the trading day pre-market with “The Hot-Box” trade. Overnight price action was narrow. HH was 917.25. Weekly HH and daily HH were also in this area. Set sell order @ 918.75 and was filled right near top once eco report announced @ 0830. Identified first support area at 15.25, scaled out with next target just above overnight LL and target hit. Result: +8.0

Near the open I attempted an early CO trade but failed. Got in long 1 point earlier than previous day close but was stopped out below my support area. Maybe should have waited for confirmation? Result: -4.0
Next trade, I was still thinking long but forgot about consumer sentiment report announcement and got caught. Took opposite side when realized but not before taking net loss on the two trade cycle. I always have the eco reports written down but maybe I should set eco alerts on Outlook? I’ll consider. Result: -3.0

Went into scalp mode short and captured a bit of lunch money after first pullback after eco report. Felt choppy and uncertain so did not give it much room. Result: +1.5

Still looking long since I saw heavy support area in the 908-910 area from yesterday. I initially entered too early and price continued down to test the PP area. Once that area held and was retested, I got in long again and added to position. I was planning to take ½ off at 13.75 (bull trap area) but missed by two ticks. I was going to leave the rest on in anticipation of retest of HH area of 16 but I reset stop once price began to weaken after the spike up to 913 area. Within the hour, price ultimately hit my first target. In hindsight I guess I could have either held stop at BE or taken ½ off and let the rest work? I continue to see many of my trade ideas workout the way I planned but not before being impatient and/or insecure with letting the trade work. An ongoing issue I need to work on and improve. At least I’m aware of the issue and not in denial?

Starting the weekend early so I did not trade the afternoon session as I did not want to get caught up in anticipated end of week volatility and wanted to insure a profitable week. Next week will be a short trade week as it’s time to go see family and see a couple ball games in PIT as the Cubs and Bucs play at PNC. Outside of Wrigley Field, it’s one of the nicest parks in all of MLB to see a game. Friends coming in from Chi-town so looking forward to baseball and “The Strip”.

Friday July 3rd will be the 4th of July holiday observed by the market so there will be limited postings next week.

Trade Well !