Had some nice early success this morning, but the afternoon session was crap. But still two profitable days in a row!
Firs trade and easiest trade of the day was a gap fade off the morning gap up. With just one tick of heat I scaled out into the gap fill for a $325 gain on 3 contracts. Easy pickings.
Next two trades were short pullbacks, one at 10:43 and the other at 11:17AM. Nothing fancy on either. Unlike yesterday I didn't try to let the last contract ride, I scaled out at successive price points as I normally do. At this point after 3 trades I'm up $800.
My next trade was taken just after 2PM on the first pullback following a push higher. Never had a chance on this one. Price blew threw my stop for 2 ticks negative slippage on my exit and I was out for a loss $337 on 3 contracts. Should've lost $250 had my stop been honored. Haven't had that much slippage in a while.
My next trade I quickly closed right after entry at breakeven because I realized the trade wasn't part of my current setups. I had found myself reverting back to my old setups. In this case, at best I would've broke even, but the reversal off this pullback @ 2:40PM would've been a nice trade.
And finally my last trade came at 3:48PM. Again price had risen sharply into the Bernanke news, and I bought the pullback on the first push above the prior bar's high. Two minutes later I was out for a $300 loss. The trouble with this trade was that sure it was a valid setup, but the trend was clearly broken. I was blindly following my filters without taking into account the current market structure. It's as if with these new filters I'm using, I've lost my trader intuition. I'm just too happy to see a valid signal, and not taking a sec to step back and look at things from a larger perspective.
Find myself wanting to revert back to my old trading style today, but trying to honor the filters I've put in place. Trouble with filters is that they are always slower than price action itself, which means I'm always going to miss good trades. But I guess I'll miss some bad ones too! Anyhow the filters have definitely cut down on my trades placed, which is good and bad. Whereas I've previously averaged 8 or so trades per day, now I'm down to 3 or 4. So it's much harder to overcome the negative p/l effects of one bad trade. Feel like I'm just babbling here, but want to get my thoughts on paper (or the screen that is LOL!).
The positive takeaway from today's trading is that I followed my set rules and filters. When I didn't, I exited the trade right away.
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