Today was interesting. I wrote my plan before the open when the market was in balance (at 81.75). I didn’t realize it but I made a mistake and I want to thank Benkotrader for bringing it to my attention. From the time I formulated my hypotheses until the time ES opened, it had moved outside of balance. I expected sellers to jump on it and the opposite happened. So two things for me to improve:
- Make the hypotheses closer to the open when we have more information
- Try to think of “opposite” scenarios. In this case I should have thought of a bullish scenario.
Here are the trades:
- Trade 1 – short at the globex high. This was in my plan so full position (2 contracts) I got 1.75 pts. I was happy to have exited when I did cause it went back up.
- I exptected a retest of the high & there was the CLVN. The 9:55am (NY Time) numbers were out so I went short. Then someone on twitter mentioned the 10am numbers. Oh crap! I forgot about that. I covered for 2 ticks. It would have been a great trade but I couldn’t risk it with the news. I’m happy to have gotten out of a mistake without a loss.
- Tried another short this time I got 1 tick. Again, I’m proud I got out of this without a loss because the market went up.
After the third short I decided I wanted to play long only. I wanted a pullback to the CLVN. It never came and so I didn’t trade any more. All trades were done in the first hour. On Twitter I heard others talking about how they scratched a lot and/or lost. I’m proud of myself for resisting the urge to fade an open drive trend day. That takes a lot of discipline.
So overall I traded very well.
I also traded well on simulator. I managed to make 2.50 pts but more importantly I took one small stop (1 pt) and my biggest MAE was 1.5 pts. So that was a big success. I plan to continue taking great setups with real money and if I have any doubts I’ll take it on. At least for a few more days and then begin using a 6-8 tick stop. One step at a time but I think I’m one step closer.
I also took some side trades on the Euro and was profitable as well. I figured it’d be extra practice for me to take stops and I took a lot on euro and still ended up profitable.
So overall a great day and I prefer to end the week on a high note and enjoy my results over the weekend. I may take some trades on sim tomorrow morning for European session & Friday but I don’t plan on risking real money. And if the markets aren’t good then I will work on some projects.
Have a great holiday weekend.