Monday Log - Under the Influence

Went on an extended weekend jaunt to ACY (Atlantic City for those not familiar with airport codes). My bride wanted to visit with a couple relatives who were planning a trip there so we decided to make the 5 hour drive. So, I'm reporting from Harrah's Casino Resort.

Started my trading day at 0830 by setting up my trading plan and looking to trade the primary move only. I reviewed the overnight action, last weeks range and in particular the Friday range and close. I was tempted to go long from the open around the 54's looking for the half gap move but held off. Instead, I had my short loaded in the 67's which hit at about 0945. Scaled out in 65's, 63's and was looking for last C off at 51's but missed the buy to close by one tick. Once price began to gain some support, I closed the trade in 53's. Result: +9.75

One trade sequence, conservative entry and exits. Well planned, virtually no emotion and I let the trade work. Initial stop was 1.5 points then moved to B/E on balance once 1st profit objective was achieved. One thing I need to consider in the future in regards to my trade management is to take part of my position off by about .5-1.o before a key S/R level. Just missed my final target by one tick, which was one tick above the overnight low. To many traders were running for cover about 1.0 before that support level so might be prudent to exit prior to that price area and leave a runner on (or add) in order to capture additional profit potential.

In the end, I felt good about the trade, my patience and planning for the trade. Maybe being under the casino environment influenced my perspective? Not sure but it sure felt good to trade for no more than an hour and then hit the other game in town.

Probably no trading or post on Tuesday as we'll be driving back to VA.

Trade Well !