Thursday Log - Late to the Game

I felt out of touch with the market all day. My day started late as I arrived to the platform only 15 mins before the bell. My "normal" day starts at least 1 hour prior to the bell unless I plan to trade premarket then its a 0730 start. Other than having my ss and day planner complete, I did not feel prepared.

I located the important S & R levels, made a few scalp trades while catching up with the EWS comments, making notes and looking over the ss for trade ideas. But that was about it. Result: +3.0

Still learning EWS and understanding more each day. 'E' is a very good teacher, has very much to say during the trading day and members are either asking questions or helping other members out. It's really a great trading experience. During the day today, the EWS comments have averaged over 200 per day! If a trader can't learn when there is such a high frequency of tudoring communication, then you're not in the game. Get in the game...and don't be late!

Trade Well !

Wednesday Log - Day of Learning

A lot going on today thus a late and short post. E-Nation conducted a webinar to review the EWS ss. It was an opportunity for everyone to learn how to fill out their daily ss and where the numbers come from. Future instructional webinars are very likely and specific subjects are being considered.

Trading was hot and cold today. Still working on being nimble and react to changes in market when my mind is going a different direction. I feel I am getting a bit better with identifying the lower risk areas to enter. Patience is key as we wait for the set-up to come to us, not the other way around.

A few trades long and short during the day. Mostly live account today. Playing around with the scalp concept. I need to ID the price frames better and play them out using the intervals that are available. Lots to learn but really enjoying this journey. Result: -4.5

Trade Well !

Tuesday Log - Juggling Act

Today was an opportunity to visit the free open chat for SP500Guru. The first Tuesday of every month, 'G' opens up the chat room so the ES traders can follow along. It's an opportunity to see another style at work.

It was difficult to watch and participate the EWS chat, Guru chat, the market and keeping up with the ss. In addition, I have a group IM window for a small group of traders that I have known for several months. So too much going on and my trading today reflects the distractions.

The day started off good enough with a scalp short after the 1000 eco report was announced. From there it was two trades during the lunch time and I was on the wrong side. Tried another one, too early. Eventually the trade idea worked but not before hitting my limit. I feel I did not feel the market. Maybe due to all the added "stuff" going on around me. Result: -8.5

During the afternoon session I tried a couple trades but ended as a scratch. Overall today I felt I did not have a good feel for the market. I was juggling too many things and did not plan my trades like I should have. Easy to see clearer in hindsight but during the juggling act, I did not take the time to recognize it until it was too late. Bad circus act today. We'll get 'em tomorrow.

Trade Well !

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 !