Friday Log – More Points Left on the Table

Boy did I blow it today. I saw the market well but did not capitalize on my read. I did not trade well today. Began the day pre-market playing the jobs report @ 0830. Trading the anticipated emotional spike, I boxed the trade nicely with a long entry set at 940.75 (overnight & yesterday low area) and short @ 53.25 (approx 3 points above R2). At the announcement, the market spiked upward, filled my order and went another 3 points up before pulling back. Stayed in the trade and waited for retest of high and added short to the position @ 955.50. Great trade but poor trade management. Should have peeled off half of the position near 952 pullback but didn’t. Market came back to test 53-55 area and dropped back again to 50-51 area. Market gave me yet another opportunity to peel off but did not. I did not trade well at all on this position. I should have kept at least 1-2 C’s on while anticipating the gap fill but left many, many points on the table. Result: 4.5

After market open, sold @ 951.25 but not a great fill. Was thinking to let price go to anticipated PP level and gap fill but once again became too anxious to book a “winner” and took early profit. Result: +3.0

Market continued down with the next trade, the CO within sight. Got in on first pullback @ 941.75 (above yesterday close of 940.25) after first piercing thru it. The trade was fairly well managed with PO1 and PO2 hit, but again, could have left at least 1 C on for the further ride down as price headed toward PP and gap fill. Result: +5.75

Waited for next signal to get back in and saw a long opportunity once price bounced off a nice Fib confluence area from yesterdays HH-LL and MRAL and HH of 933 (also yesterday’s PP). Very nice doji and IVB (close enough) at 1012-1018 which was also an extreme TICK of -1100. The TICK trade set-up would have worked if I got in as I should have but delayed entry. Went long on TC set-up to mid-lower KB and bear trap area of 941. Entered at 941.25 with initial profit target @ 43.75. Missed my PO1 target by 1 tick and I then moved my stop to be assured of 2 points which ultimately was hit before hitting both PO1 and PO2. A three point stop below entry would have worked to maximize this trade. Result: +2.0

More points left on the table which is a broken record and I must improve on. Trade management is the key here. At least I am aware of the problem and will take the weekend to ponder how to improve. Making a plus / delta list might help as well as continuing to track my MO’s. One additional scenario I will begin to track more closely is the DLTW’s ( Didn’t Let Trade Work) so as not to leave so many points on the table. Those points are rightfully mine and there for the taking but I have to first earn them by becoming a smart trader.

Not over trading today and starting the weekend early with a profitable week albeit a tough start to the week.

Trade Well !

Thursday Log – Better Read

I had a better read today and “felt” the market better than the past three days. Played the gap / CO combo play at the open although my conviction at the open waned which cost me a few extra points. I saw 928 as a support area and initially had targets of 31.25 and 29.25. Target one was hit but failed to give target two the chance to work. A stop of BE would have kept the trade and target two would have been hit. This continues to be another opportunity for improvement as I leave money on the table. The need to win is outing weighing the smart way to trade. I’ll continue to work on it this issue to improve results. Result: +4.25

Saw the first hour as the best opportunity to trade. I had stepped away for the 1100-1400 period just to take a break from the previous days chop during that period. While gone I missed 1 TC set-up which in hind sight was one of the best of the day.

I scored 3-4 MO’s during the trading day and a couple trades I entered were scratches. Not quick enough to make a quick scalp or two. I’m still trying to hit more than a single on many trades and continue to be a downfall. When adding up the singles, a minimum of 4-6 points were left on the table. Must improve this part of my game!

The final hour of the day was a lot of chop. The overnight high held as support and the intraday HH made around 1345 contained the range for the final 2 hours. Tried a quick fade from near the HH but again did not have a bracket trade in place thus realized only a half point. Take those singles that the market “gives” you. I think this issue will be solved once I am secure with trading more than the 2-4 contracts currently traded. Targets of 1-2 points on first half of position needs to be the rule and I’ll will work on this part of my strategy tomorrow and in the days to come with a more concerted effort to hit the singles.

Trade Well !

Wednesday Log – The Days Recap

I began the morning with a Globex trade. Got in near the overnight low but was stopped out. Was looking for possible gap fill but never had a chance . Result: -2.0

The regular session started out well as I shorted the open @ approx. 0940. Captured a quick 4.25 points but should have swung at least one C. Market was strong down until it rested into its channel after approx. 1020. Tried a couple of “barb wire” trades from the Brooks book (need to read that chapter again) but was stopped out as I got caught in the chop. The trades would have worked with 3 point stops. I was working with 1.5 – 2 pts stops which are too tight for the 3 minute timeframe. Result: BE

The afternoon session was range bound but with some continuing dips lower. Patience was the key today. After the two legged pullback from the morning dive, the market meandered lower for another 10 pts. Not much I could do as it drifted down after not getting in earlier below S1. Tried one short but too tight of stop. Result: -1.5

In the final 45 minutes, the CE trade set-up nicely. There was SS and TICK divergence while price was on the edge of intraday LL as well as an IVB. Entered approx. 2 points from the low with stop just below LL. First target was 2 pts which was hit and I walked the 2nd C stop up. Ended up getting out 4 points from below the top. Maybe a bit tight on the stop but the CE is usually good for 2-10 pts. This was a maximum end of day run for the CE set-up as shorts released. I was patient for the trade to set-up and took advantage. Result: +6.5.

A consistent observation is that once price cuts thru a pivot point, the chances are highly probable that price will test the next pivot area. I need to swing a position when all the internals are pointing in the same direction and the pivots are in play.

Trade Well !

Tuesday Log – MO Was the Trade(s)

The difference between having a winning day and what turned out to be a losing day was the fact that there were six MO trades that I saw and did not pull the trigger on. Between the open and approx. 1330, the intraday timeframe was slightly downtrending before bottoming out near the overnight low.

Although the higher view is a range bound market, opportunities were there for at least some scalp trades. These past two days have been frustrating for me. Range bound market, minimal TC set-ups and not entering some scalp trades that I saw but failed to act on. Lack of experience with trading the scalps and lack of discipline to go for the 2-6 tick moves is an issue I must address.

I started to trade in the afternoon session which was my second downfall for the day. Tried some scalps, had winners that turned into losers albeit stops were in place to minimize the drawdown. Had terrible reads, did not do bracket trades and possibly too tight of stops. I felt like I was forcing trades. Six trades. Result: -9.0

What is amazing is after having such a great week in mid-May where I felt I was reading the market well, managing the trades well and not over trading, since then its like “what happened to that trader”?

I’m looking back at the mid-May journal entries and charts and will compare then against the past couple weeks. Sometimes the best trades we make are the ones we don’t make. However, missed opportunities are trades that should be made or at least some of them.

Trade Well !

Monday Log - Sixth Month

This first day of a new month, June and Monday was not very interesting. Many scratch trades today as once the clock struck 1030, it was a range bound market.

All my trades today were long since most indicators were pointing hard long. First trade entered @ 0935 but did not give it much room. Tightened stop to just better than B/E before getting stopped out and price left without me. Result: +.5

Attempted two more longs around 0950 and 1005 but scratched both of them. I did not see a great entry set-up so I went in the direction of momentum with very tight stops. Could have and should have possibly traded for swing to R2 since price opened and bounced off R1. Result: 0

Price was basically locked in a five point trading range for the next three+ hours. Was waiting for pullback which finally came around 1430. XLF broke below MA's and VIX was beginning to climb possibly due to shorts covering. Mixed signals in the PM session although A/D line and TRIN were indicating strong chance for more upward movement. NQ and TF were not making new HH along with ES during parts of the day.

Missed TC set-up at approx 1300 but did not trade it due to very narrow KB channel. Turns out PO 1 and 2 would have been hit.

Went long approx. 1445 only to be stopped out and long again within a couple minutes but stopped out a second time. XLF was turning up and XLK and XLE were also beginning to climb again so I entered long one last time (third time a charm?). This time the trade worked. However, I should have swung half the position. Was trying to get back B/E in the afternoon session but could have rode it up for a couple additional points. No real patience with this last trade of the day since I new it was Monday, I was behind most of the PM session and ended the day slightly positive. Result: B/E (combined all PM trades) +2.0 on the day

Didn't feel a very good flow today. Went into the day trying to scalp 1-2 points but even that was difficult. The "barb wire" between 1030- 1300 proved to be good fades in the channel but I did not capitalize. I did do one paper trade using the fade technique with stop entry which worked as planned.

I'm looking forward to tomorrow.

Trade Well !