Friday Log – Trade Deadline

GDP eco report, Chicago PMI pre and post market open as well as last day of month trading deadline were on the radar today. Was ready to trade price action in live account. Saw a long opportunity once price headed south to 80’s. Although I entered in 81’s and could have waited for lower risk at 78-78’s, I was in as I looked at the weekly middle and hourly chart MA’s as support. Took a bit more heat than I wanted but I had my stop just under the weekly middle. Price bottomed at 78’s and so my thinking was EWS logic. I let the trade work, scaled out at 83’s and last of position out at 88’s. Result: +8.75

After 1030, price started to develop a range. I took one live and 1 sim trade, both getting filled in 87’s. First target was 86 as I was thinking 2.50 from the 88.5 high. The live account I did not leave a runner and was flat at 86. On the sim I scaled out half at 85’s and had a runner left to pick up the whole 5 point move. Paper vs. live, paper wins.
Result: Live +2.0; Paper +5.5

I’m starting to dip my tow into the live trades with EWS while also working the simulated trading. The scalp trade today shows me the difference in reward when I let the trade work to its potential. My intention is to let the sim trading help to adjust my thinking, trust and confidence in my live trading as I apply EWS logic as well as TC set-ups.

Today is full of deadlines. I wanted to have my trading done in the AM, did not want to get caught in the potential volatility of the afternoon (other than maybe a sim trade) since this was the last day of the week and month so anything could happen. There is also the MLB trade deadline, all of which were on the 1600-1615 cut-off timeframe. I was well ahead of making my trades while there was something there in the low risk category. Like a major league team, look for the good trades early, be aware of the deadlines and beat the crowd.

Trade Well !