Monday Log - Sixth Month

This first day of a new month, June and Monday was not very interesting. Many scratch trades today as once the clock struck 1030, it was a range bound market.

All my trades today were long since most indicators were pointing hard long. First trade entered @ 0935 but did not give it much room. Tightened stop to just better than B/E before getting stopped out and price left without me. Result: +.5

Attempted two more longs around 0950 and 1005 but scratched both of them. I did not see a great entry set-up so I went in the direction of momentum with very tight stops. Could have and should have possibly traded for swing to R2 since price opened and bounced off R1. Result: 0

Price was basically locked in a five point trading range for the next three+ hours. Was waiting for pullback which finally came around 1430. XLF broke below MA's and VIX was beginning to climb possibly due to shorts covering. Mixed signals in the PM session although A/D line and TRIN were indicating strong chance for more upward movement. NQ and TF were not making new HH along with ES during parts of the day.

Missed TC set-up at approx 1300 but did not trade it due to very narrow KB channel. Turns out PO 1 and 2 would have been hit.

Went long approx. 1445 only to be stopped out and long again within a couple minutes but stopped out a second time. XLF was turning up and XLK and XLE were also beginning to climb again so I entered long one last time (third time a charm?). This time the trade worked. However, I should have swung half the position. Was trying to get back B/E in the afternoon session but could have rode it up for a couple additional points. No real patience with this last trade of the day since I new it was Monday, I was behind most of the PM session and ended the day slightly positive. Result: B/E (combined all PM trades) +2.0 on the day

Didn't feel a very good flow today. Went into the day trying to scalp 1-2 points but even that was difficult. The "barb wire" between 1030- 1300 proved to be good fades in the channel but I did not capitalize. I did do one paper trade using the fade technique with stop entry which worked as planned.

I'm looking forward to tomorrow.

Trade Well !