Thursday Log - Trend with Interruptions

I was not able to get a feel for the market once the bell rang and was on the wrong side looking for 1/2 gap try from 45's. Stop was below overnight low by 2 points which was knocked out quick. 1000 eco reports loomed and needed to be out by then regardless of trade position. Result: -6.50

That was the end of my day as household interruptions and pressing errands were attended to.

One observation regarding this trending day, there were pullback areas during the day which provided opportunity to go counter trend for a couple points once the price action "rested" as well as areas to re-enter short. The trend had nice interruptions in it in order to gain some trades. Internals supported the down move with steep angles.

Should be able to be in position to trade most of the day Friday although expecting range bound day which is usually the case the day after a trending session. Employment report comes out in pre-market which could influence the day.

Trade Well !

Wednesday Log - Wild Day

Began the day trying to trade the pre-market economic report announcements. Price did not get to my long or short "hot-box" trade levels which are usually very conservative. Missed the 0830 stab up by 2.0 points and came no where near my short side order. Jumped in for a quick scalp but that was all for pre-market. Result. +1.0

At the open I played the half gap from 59's. Out with 2/3's of position in 56's with remaining C in trade for gap or break even. The b/e won before market plunged without my trailer. Result: +5.50

Rest of day I was in and out of office. Tough day to trade with EOQ and EOM balancing of big boy accounts. They did not disappoint for orchestrating a wild day in the market. I am shutting down early and will wait for another try tomorrow. I'll post chart later.

Trade Well !

Tuesday Log - EOQ Means Earning Season Begins

Started the day trading near the open with a long from 61's. Just looking for some quick scalps. Scaled out at 62's and 63's with a runner remaining which broke even. Result: +4.25

Re-entered long from 56's near the 1000 hour. Again, looking for scalps as market was in a tight overnight range that never really broke. Result: +3.0

The rest of the day was stuck in a horrid range. Tried a couple scalps but unlike the AM session, I did not feel the market well, got a bit impatient as I wanted to trade and forced a couple. The decision to trade in such tight ranges today was not a good one and intuition told me to back off but I failed to "listen" to myself. 2 trades Result: -4.0

End of month and quarter on Wednesday. Earnings season begins in October which can be a volatile month. Be aware of major company earnings announcement schedules as well as protect against possible wild swings during the month.

Trade Well !

Monday Log - EOM & Eco reports Loom

During the weekend, I was able to catch up on some chart reading and EWS website review. I was in a position to watch the Globex open at 1800 and peeked back in around 2300 late that evening. Saw support in the 35-36 area so took a paper trade for overnight. Put on 4 C's (which I am beginning to gradually incorporate into my live trading) with pre-set exits.

After entering in 37's, I scaled out 50% in 40's, 25% out next morning around 0730 in 44's, added 1 C in 44's and took last C from original entry off in 46's. Ended up b/e on added position. Result: +22.0

Not as good results after the regular session began. Was expecting 1/2 gap to fill but missed by a couple ticks. Stop was a bit too high (at MP level) and modified my stop rule so my stops are set no more than angel/demon feet / head respectively and maximum 2 pts. Shorts were squeezed and so was I. result: -7.0

Tried another short in 51's but that too was squeezed. Result: -3.0

From there it was a matter of nibbling back my losses in a market that had lighter volume due to Yom Kippur. Price was range bound for most of the lunch and PM sessions so only scalps were appropriate. Came up short recovering loses but felt comfortable "getting back on the horse" and getting what I could and what the market wanted to give me. 5 trades - Result: +9.25

Today I continued to feel confident even though I had to dig out from a deep hole I had dug for myself. I am revisiting my rules and honing them in order to create a little more discipline with my losses and trade management. I felt the market fairly well today and was "playing" with Mr. Market by scalping for 1-2 points and one final mini-swing trade at EOD.

With end of month quickly approaching as well as major eco reports to be announced this week, I am expecting price games and volatility. I'm ready to go at it again tomorrow.

Trade Well !

"Trading's Been Good So Far"

Friday Log - No Panic Button

Made a couple points on the open/close set-up early in the regular session. Put into account previous days resistance in the 47-49 area so I wasn't expecting much to upside. Lack of quick action let most of the opportunity dwindle. Hit first long target with remainder break even Result: +2.0

Went long again using 43-44 area as support as well as combo thinking from overnight high. Got on the wrong side and then failed to use my stop "thinking" 41 was the extreme bottom. Wrong again. I averaged in as price continued down which wasn't a smart move. Had a stop set in 35's but from previous observations and experience, anticipated price to retrace to around 50% of the move...which it eventually did. Thought price would bust through 44's and test the 46-49 area and maybe get to 51's. Price never made it and I stayed in a bit too long. Result: -5.50

A couple things I learned today was even though the position went against me and I did not play the trade sequence in a smart, well planned manner, I did not panic like I used to do in the past. I saw I was on the wrong side of the combo, saw the H&S forming on the 5 min but stayed fairly cool and collected. I'm finding myself becoming more familiar with the rhythm and flow of price action and anticipating what it might "logically" do even though course was not reversed today as I should have.

I was aware of EWS combo, the perils of averaging in on a losing position and still need to develop better habits to avoid those negative situations. Still, what I got out of it was no panic. Emotional stability seems to have been achieved even in adverse trading situations. Now I need to see if I can continue the emotional calm while also improving my trading habits...no doubt I will. Life is good.

Trade Well !

Thursday Log - Voo Doo Economics

I began my trading day planning 63 area to hold as resistance. Waist, PP and weekly mid lined up nicely along with a couple other clues as outlined within EWS. Anticipating the jobless eco report at 0803, I locked and loaded to go short at 62.75 which was below PP and beyond the overnight high(anticipated the "normal" 1-2 point overshoot). My stop was at 64 and only put on one C to test the water.

The trade triggered and was stopped out. Price went to 64's where it seemed to lose momo so I re-entered short @ 63.75 with 2 C's. Scaled out at 61's and 59's. Two trade Result: +4.75

Bought near support level of 54's but stopped out on tight stop. Re-entered long in 47's for scalps at this point. Went to the well again long in 47's around 1038 but got in too early and took 5 point hit but my stop was controlled and planned. Took the short side to gain back some loses which worked out well. 4 trade Result: -1.25

Went short in 44's over lunch session for a scalp with anticipation of stab thru 43 low which did fill. Runner ended break even. Next went long in 43's during PM session once price hit another support area and doji formed. Scaled out in 46's and 47's. 2 trade Result: +9.25

Was looking for long pop from 45's and 46's last 45 minutes of session. Only worked with one C, kept trying to get a couple here and there, worked tight stops and took 5 trades during final 30 minutes. If I was quick and more nimble, I could have easily carved out 1.1.5 scalps but was thinking a run to 49-51. Result: -2.25

Overall a good day but my trade economy was not as sharp today as last couple sessions. A few more trades than I needed to be involved with during final 30-45 minutes which was rather voo doo-ish but risk was small and only played 1 C to insure bulk of profits were preserved.

It was another day of seeing the market pretty well, having a basic plan, realizing a comfort level with my confidence and trade execution. I've been very satisfied with my emotional stability the past few days/weeks and putting EWS techniques into play daily. Combo thinking is getting sharper but still need to work on expanding the concept into larger frames and letting those trade ideas "work". The best way to do that is by creating leverage with more contracts. This will be a work in progress. With some luck, skill and some "voo doo economics", the market is becoming much less scary and much more predictable.

Trade Well !