1:00PM
Not much happening so far today. My hopes for a trend day down were quickly squashed about 30-45 mins after the opening when downside momentum stalled.
Up $700 thus far ont he day on 2 for 2 trading. First trade was a countertrend short at 10:53AM right after ES peaked it's ahead above the prior swing high on a volume spike. Proceeded to scale out over the next 14 mins for a $425 profit. Took maybe 1 tick heat at the start. Doesn't get much better than that.
Next trade was a short pullback at 12:01PM that I had to drill down to the 10 min chart to see. Again took 1 tick of heat. Took roughly 15 mins for my first tgt to get hit that's how slow things were moving. The whole time I was thinking about closing the trade, but I never felt in danger. So I held on. Finally after about 30 mins downside momentum picked up, but seemed to stall about 2 ticks above my 2nd tgt. Note that I had wider tgts on this one since I was trading off 10 min chart and the pullback was larger than my normal setups. When I sensed bid sizes picking up I decided it was time to book my profits. Closed the trade for a $275 gain about 2 minutes before a move down to a new LOD. Ugg what timing. Left at least $250 on the table with this one. But it could've just as easily went the other way too.
Any how happy to be up $700 on a slow day thus far. Let's see what happens this afternoon. Would be nice to break the $1000 profit level.
4:00PM
Good morning and a horrid afternoon. From 2PM thru the close, I kept trying to short the market. Picking tops, which everyone knows is a loser's game. And maybe only one was a valid countertrend setup with a decent volume spike.
In all I took 5 trades from 2PM, all short countertrends. Sloppy to say the least. It's a small miracle I only lost $200 combined. There was certainly no skill involved here. If I trade like this again I'll lose my pants.
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1 week ago
Looks like you got tunnel vision and failed to see the double bottom with bottoming tails that had been developing since about noon...I used to do the same thing when I first started day trading. Now I divide my day into a morning and afternoon session and I do analysis prior to each session. It has helped me greatly and keeps you from making money in the a.m. and spending the rest of the p.m. giving it back. With all that being said...nice steady and consistent results. Keep it up.
ReplyDeleteThanks kleenup2! Yeah I've been better about this of late, but I guess today I really wanted to get over the $1000 hump so I was trying to force trades that weren't there. Gotta take what the market gives you.
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