Monday Log – Today’s Trades & Trader Tips Begins

Today I will begin to post a “Trader Tip”. I’m not certain if it will be daily or just frequently that I post the tips but I want to capture aspects of trading that I find important.

Trader Tip: Market internals are an important part of a day trader’s basket of indicator’s. The pro’s monitor these indicators each day. Learn about and be aware of Advance/Decline, TRIN, TICK, VIX.

Still shaking off some cobwebs after the long weekend so I wanted to be conservative while I get my brain acclimated back into the game. First trade was prior to ISM eco announcement but did not stay in the trade. Was it a MO? Hindsight says it was but volatility got a bit crazy and I scratched.

Next trade was long in 887 area thinking 2nd candle of day would be support. Price continued down, realized I was wrong and got out as price went lower. Result: -1.5

After EDRP and first pullback to mid-upper KB, I went short on this first TC set-up of the day at 885.25. Price entered a chop zone and closing in on lunch time lull so had a stop just below 887 and stopped out. A three point stop would have kept me in the trade but as it turns out it was a poor entry and profit would have been minimal. Result: -2.0

Final trade of the day was going long in 886 area once double bottom held in 885 area around 1235. Price came up to previous high of 888, knocked on the door a couple times before going thru. First PO1 was 888.25 and hit. PO2 was discretionary with max being in 900-901 area in which a trailed a manual stop. Total trade sequence Result: +6.0

For the day +2.5. I’m exploring a new system to compliment my trading as I signed up for the Emini Wizard System over the weekend. I’ve been following ‘E’ for a few weeks, communicated with him and have been intrigued by his call outs of how the market will likely behave. He has communicated promptly to my tweets/emails and believe he is one of the good guys. I look forward to learning his system and picking his brain. It looks much more complicated than other systems I’ve been exposed to but that’s probably because it’s so unfamiliar.

Trade Well !