Friday Log - Didn't Work So Let the Weekend Begin

Tried a short, tried a long, looked to the open/close but nothing worked. The range was tight and I got caught in what ended up being a 4-6 point chop zone. I was anticipating the market would first test 57 - 67 edges within the first hour but didn't happen. Here I started to press a little bit so as not to "miss it". Stops were good but as it turns out, entries were about 1-2 points earlier than what would have been optimal. 3 trade Result: -6.0

So begins the weekend. My daily limit was hit within the first couple hours and no reason to press. I'll post a chart later if warranted.

Trade Well !

Thursday Log - Half gap & Half Sap

Traded after the open expecting the half gap to be filled but couldn't seem to get a feel for the market again early. Price opened in 61's and eventually dipped to 58's without the 1/2 getting filled. Took a shot that half gap would not fill and went long from 59's only to be stopped out in half gap area. Price went approximately a point thru the half gap before climbing up albeit slowly. Turned out to be a sappy trade. Result: -6.0

Went long again once the bottom printed with doji and confirmation around 1015 in 60's. Another two point stop expecting the open to be tested and if price was able to pierce it, then looking for overnight high test and R2. Scaled out in 63's and 64's and 65's. Market looked strong with internals indicating higher but lunch session was coming and market slowed. Result: +12.25

As price rotated and gradually move higher, was thinking combo from low of 56 and watched as IWM led the way with new highs before the rest of market. Russel can many times be a good barometer. A strong A/D (2000+) is also provides a great clue.

More play-off MLB this afternoon so not expecting to trade much if any in PM session. Will post if this changes.

Trade Well!

Wednesday Log - Daily Limit + MLB

Waited for the market to open before entering a trade but in the end I should have waited longer. I could not get a feel for the market. I had what I thought was a good plan but did not turn my ideas around quickly enough when the range did not materialize . Initial trades were short then long but I found myself getting faked out. Two trade Result: -6.0

Tried a couple more trades in mid morning session one in each direction but found myself pressing which is never good as the market rotated, head faked and got the best of me. Result: -4.5.

The rhythm of the market could not be captured by me today. I realized anxiousness creeping in and combined with some late morning interruptions as well as my plan to watch afternoon MLB play-off baseball, I decided to shut down early and re-group for Thursday. I feel I do have a better handle on my discipline to stop trading when "I'm not in the game". I the past I would continue to trade "to get even". No more. Daily limit of loss hit and we wait to trade another day.

Trade Well !

Tuesday Log - Trading Guru's and Wizards

The trade left over from Monday was stopped out so I ended with a scratch between two trades.
Today started out with a couple attempts pre-market long but failed to make anything out of it. Waited for the market to open after getting stopped out on two trades. Needed to respect the demon until broken. Result: -5.0

Was not feeling the market in the early part of the session. Tried selling near a master pivot area with stop set just above it as well as R1 offering additional resistance in the area. This too was stopped out. Result: -6.0

Once price went thru R2, I was looking long for the immediate session as internals and price action further confirmed. Waited on pullback 49's and scaled out in 52's with break even on remainder. Result: +6.0

Other than the AM trades, no other trades executed until PM session. A little aggravating waiting for the set-ups but it paid off. I began seeing the market better after stalking it all afternoon. Put on four trades between 1410 and 1550. Shorted from 46's which was a bit later and higher risk than I wanted but had 43 area as target. Took 2/3 of position off in 43's and had trailing stop on last C in 44's. Result: +8.5

Went long from 43's around 1430 once the opening price area held which was also R1 support. Those pivot areas are nice targets for overshoots as the MM's flush out known "natural" stops usually by 1-2 points. Went with a heavy position and scaled out in 45's, 47's and 49's. Closed this sequence by 1510. Result: +10.75

Thought I was finished as it was 1545. I wanted to short from the stall out in 52 area but could not pull the trigger. Price pulled back to the 48's and I liked the low risk area and used combo thinking to help measure the move. Quick hits in late afternoon for 1-2 points usuaaly works the best due to volatility. Result: +3.0

Managed stops well during the day as well as organized good targets and trade plan(s). Working pivots and combos during the day helped me get back my early loses and turn this into a profitable day. Kind of a sloppy start but perseverance and not letting fear inhibit my decisions due to a couple early losers was the difference today.

Also, monitored S&PGuru during this once a month free trial day (first Tuesday each month). He doesn't "say" much but when he does, it is very interesting to watch his calls. Unlike 'E' and EWS chat where he teaches us how to trade and not so much what to trade, the S&PGuru does not fully explain his trades. But with my understanding of EWS, I could understand many of the levels/targets he was shooting for and some of his logic used...although his call outs of what time price should or will move was uncanny.

So between monitoring the Guru today and using the Emini Wizard System, it turned out to be an interesting and profitable day. Trading Guru's and Wizards. Ya gotta love it.

Side note...inverted head and shoulders on 5 min. Measured move targets 62-65 area.

Trade Well !

Monday Log - Earnings Season

Trader Tip - This week earnings season will ramp up for 3rd quarter reporting and future outlook. Be aware of major company earnings announcements particularly if holding positions pre and post market.

Not much to report today. No trades in AM, one long trade in afternoon before having to get to an appointment prior to market close. Put on a short position prior to leaving for the afternoon and it remains active. Worse I can do is scratch as it's a high 37 fill. Missed fill on partial position in 34's by two ticks. Still holding for a retest lower.

I had a hard time getting a rhythm for the market today. For that reason, I was ultra conservative and SOH most of day. We'll see how the market responds tomorrow.

Trade Well !