Thursday Log – It’s All about Looking Good

During my pre-market planning, I was expecting the Thursday Jobless report to offer a trade opportunity. The set-up was there as price was below the globex high around a pivot level. I set the “Hot-Box” trade short in 85’s and long 76’s. High risk but high reward. I wasn’t risking more than 2 pts on the potential move.

I filled in live account with 85’s short and was waiting for price to revisit 82’s. Reset stop once price went into 83’s to break even and was stopped out. There was a second surge up to 86’s on lower volume so I went back in short @ 86. Took the entire position off @ 82’s, just above recent support and EWS method. Result: +7.75

Back to the sim during regular trading hours, I missed the move up and waited for pullback. Got in long at 89.75 with TC set-up but only gave it a 1 point stop. Stopped out and did not take the upside move from 87’s which was angel support territory. Result:-2.0

Failed to pull the trigger in 91’s during the afternoon range chop. Very tough to fade a strong trend. Waited for the second time up and entered 91.75 with 1 point risk, 2+ reward. First target was 89’s and extreme target was 85’s. Thinking was 94’s wanted 84’s and I wanted out before the profit taking. Worked well and actually turned into the CE trade on the final C. Result: +8.0

These are the final days of the month so the “Big Boyz” will be looking to improve the look of their portfolios by driving the market higher. It’s all about looking good. For this trader, it’s all about trading well!

Trade Well !