Took a pre-market live scalp after the GDP and jobless reports were announced. Using the 1 minute chart, I took the emotional bounce long in 26’s once 25’s held. Only looking for a couple and only used one contract with target at previous feet of Demon area. Result: +2.0
Once the market opened, I was looking for breach of yesterday close. This is a TC set-up and went short in the live account in 25’s and planned to scale. Scaled out of live with final target near previous angel support. Result: +3.5
Went short in sim using more intuitive trades. Had a higher risk resting sell order in 19’s. Thinking if the recently tested 20’s breaks, market should go to next angel support area. Scaled out down to 15’s. Result: +5.5
Continuing with sim trade, took long bounce from 15’s once doji formed with targets of 17’s and 18’s. Worked out nicely playing the bounce with confirmation. Result:+5.25
Sold from the 50% retrace in sim but was stopped out. I was tempted to put on a live trade short as well but at the last minute took it off as “intuitively” I felt the market was gaining some upward momo…and it turned out to be the correct response. Result: -4.0
Took most of PM session off and was in and out. Heard alert go off, returned to the desk and scalped a live trade for a couple once the -14K extreme $TICK triggered. Took the trade short. I was surprised market did not retreat more than it did. Maybe a sign of EOM strength? We’ll see. Result: +2.0
Kicking myself a little on the first live trade as I went short. All indications were for downward movement. Played half of what I thought might happen in live and second half in sim. Good results that will eventually lead to better trade decisions.
One chart pattern of interest was the bounce off the bottom. Good support bounce off MA’s on other timeframes and doji formation and subsequent HL.
Trade Well !
Although I have several hundred intraday charts printed, I am going to begin posting pattern related charts within this logbook. Each chart will be labeled and organized by pattern category for easy referencing and comparison.Through a combination of live and sim trading, I continue to try and get in touch with my intuitive side as a trader. I’m beginning to see some differences but nothing to get too excited about, yet, that would relate to a more consistent P/L. The “tale of two traders” is a rather interesting game to play with what will hopefully provide some key insights and opportunity to improve P/L.
I began the day with a live as well as a sim long in the 23’s approx..15 min after the open. With the New Home Sales eco report looming at 1000, I was keeping a short leash on my live stop and gave a little more room with the sim stop. I was stopped out in the live by two ticks. The sim trade remained active with a stop below 20 / Angel feet. After the Angel held and I got a confirmation candle, I re-entered long in 21’s in the live account about 10 min prior to the report. This stop was again tight but the better entry gave me a lower risk opportunity. Result: -4.0
Price began upward after the bottom was hit in the 20’s. With both trades on, I had a scale out planned with live and all out of the sim with both high targets in 28’s. Scaled out of live in 25’s just below yesterday close. Took the live trade up the Demon’s feet and closed both trades in 28’s. Results: Sim +10.0; Live +11.5
Tried a reversal from 30’s in live with ½ position and one point stop which was stopped out by two ticks before heading to initial target area of 28’s. I need to hone my entries. Great trade idea, just a little bit off with entry and/or stop. Result: -1.0
That was it for the live trades today. Played some scalps in sim during PM session by using combos as described in EWS. Played the short side with two trades. Was only looking for 2-3 points as I shorted in 28’s and again later in 26’s. Both were positive trades. Result: Trade #1 (no scale) +3.0; Trade #2 (scaled) +3.75
Again today I had a good feel for the ebb and flow with the market. After the first 1-1 ½ “Hour or Power” there were good scalp opportunities as the market settled into a six point range. I find some of the EWS concepts becoming more evident to me and slowly influencing how/where I trigger my trades. The TC set-ups continue to provide good profit opportunities.
Trade Well !
Last night I had one of those “aha” moments when a light bulb went on in my head. It may have been of low wattage but never the less, still a moment of enlightenment regarding EWS. I’ve been thinking more and more in relation to the “combo” set-ups and beginning to see it.
Last night as I was planning for today’s trading day, I applied my “aha” to an overnight trade. Risked 2 points to make at least 10. I set the sim trade before going to bed and bought the 18’s. First target was just below the 24Aug close where I scaled out ¾ of position. Remaining quarter of position was targeted for the previous session demon level of 31’s. Closed position in 30’s ahead of the crowd and the open. Result: +28.5
Took a live trade long just ahead of the 1000 eco reports in 33’s, just above R1 and support area was ID’d around 30. Risked 2 to make 4+. Pre-set the sell to just above yesterday high and near price target using EWS combo thinking. Result: +6.0
Went back to the well in live account and tried playing another buy on pullback to 35’s thinking the area might hold as support due to being the high yesterday. Risked 2 and was stopped out. Result: -2.0
I played around in sim during lunch session by using not so much intuitive entries but, by using EWS methodology as I experimented with some scalps. Results were mixed and basically a scratch between 3 trades.
Today I definitely “felt” the market. Although results would not necessarily reflect it, I felt the ebb and flow today. Saw some target areas, thought about combos and executed some trades using some intuition and some methodology entries and exits. All in all I felt pretty good about today’s trading. The moments of enlightenment as I learn the nuances of EWS are exciting steps from which to build on.
Trade Well !
Here is another snap shot of some of the internals I monitor during the trading day. These are heavily weighted sectors within the S&P 500. We want to see and line up divergence, convergence and trend with the major markets we are trading.
I traded both simulator and live today but mostly sim. I wasn’t able to get totally focused on the market and could not get a good read/feel for it. Started out with live and sim trades. Live I sold in high 31’s about 30 minutes after the open. Stop was set above overnight and first 30 minute high. I liked the trade idea but, as it turns out got in too early. Price ran two points above my stop and eventually dropped deep into the 20’s. I felt a slight touch of intuition but not enough to have enough conviction with the trade. Could have gotten back in short in 34’s? Result: -2.5
Sim I bought in 32’s and took the opposite side as the “other guy”. I didn’t feel as good about going long up near this edge but was thinking price would test R1 area. 1st target was 35.75 and missed fill by 3 ticks. Price never recovered after the surge to 35. Stopped out in 30’s. Result: -2.5
Later in the day I had a scratch trade that I tried to scalp and at EOD scalped for a couple once the HL was put in around 1545. Result: +2.5
Overall the day wasn’t too bad other than not being able to pick up on the feel or rhythm of the market. Not having my attention directed towards the market definitely impacts my ability to trade. No worries though as there is always tomorrow and I enjoyed my peripheral engagement within E-Nation.
One thing I did feel good about was the extra time I took to plan my day as far as my detail went. I’ve always scratched out important numbers, eco reports, pivots, etc on my worksheet and charts. However, now I’m beginning to use it in relation to EWS and the EWS planning format. By combining the two “Market Planner” worksheets and format, I can say that it provides me with better guidance with what I want to do, what the market might do, and if it does this, I’ll do that. The “This & That” plan. Sounds like a good map to help me plot the course and get to the “secret code”.
Trade Well !
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