Today was a weird day. It’s the second day in a row that I didn’t take one real money trade in the European morning.
Before the open I came up with my trade ideas. Plays 1, 3, & 4 all would have worked had I taken them. So I’m asking myself why didn’t I take them? Maybe I’m a bit shy from my losing week last week I’m not sure. But the Bund’s range was very small and the rotations were very tight. I just didn’t see a big edge.
Here’s the charts with potential trades circled in cyan.
I’ve been continuing my work on trading EuroStoxx, ES, & Euro. My sim trades were profitable. I think I’m very close to trading Stoxx & ES with real money. I have not yet conquored the Euro. I got stopped out by a few ticks twice today and that tells me either I’m entering early or my stops are too tight (6-8 ticks). I calculate that a stop of over 10 ticks is necessary for the Euro. That’s $125/contract and it’s a bit more risk then I’d like to take when trading with two targets. So one choice is to trade Euro with a single contract. I’ll need to collect more data.
I had one great setup across Stoxx, ES, & Euro:
I see an advantage to monitoring these highly-correlated markets.
I installed join.me and was going to attempt to host a morning review session but I realized why join.me is free – it doesn’t support audio. Gotowebinar costs $99/month so I’m looking for a cheaper alternative. My idea is to have a review after the morning trades and then another one before the US open. A trading room would be a big responsability but I think impromptu chats would be very interesting. Tell me if you’d be interested:
| Email Marketing
| Feedback Tab
If there is enough interest I’ll do a GotoWebinar trial and we’ll give it a try.