Monday Log - Surf's Up

Today I did a little bit of trading with the live account but most of it on sim. Both were successful although I felt I should have done better. On the sim I went long in the 997’s just after 1030 looking for a breakout to the R3 level but it stalled out. In hind sight it was a high risk trade buying at the top in resistance area. I did have confidence in the upward momentum even if price were to pullback so I averaged in once a TC set-up came into play. I added long at 94’s and 92’s in sim, 93’s in live account. Using the previous price action and EWS, set target on live account @ 94’s on ½ and 97’s on remainder. Once 94’s hit, I set stop to BE which was hit before price went higher. Sim I let ride to the 96’s with all off. Not very good sim trade management as I should have let at least 1 or 2 C’s run. Result: Live +2.0; Sim +10.5

I was distracted in late afternoon when price was making new highs. With EWS, we were looking at resistance in the 998 area. On the sim, I tried a short at 998.25 with stop above previous high and above the “Demon”. I was stopped out. Tried another short at 99’s around 1400 with stop above 1000 high. Got stopped out by 2 ticks prior to price heading south to my target of 97’s. Right idea, could have had better timing. Result: -4.5

I was thinking that price would penetrate the previous high of 1000 by 1-2 points and had thought of getting short in 1000.75 but instead went in at 99’s. Risk reward would have been 1 for 1 with higher stop so not a real good trade although good stop adherence.

So the day was up as it stayed in a nice range with an up bias. Good scalps to be had and good directional trades if you caught the right wave. The surf is up. Will the tide continue to provide more rides on higher waves or will we retest the weekly low. Stay tuned.

Trade Well !