Feb 272012
 

Here are this morning’s trades (sorted by entry time so not in order):

  1. I woke up late and ES was at my support level so I took a long.  I expected 3 pts but I saw sellers when I had +2 and it was a minor resistance level and it was 4 minutes before the open so I took my 2 pts with my tail between my legs.  Good trade.
  2. Bund stopped short of my level but saw good buying so I took a long.  I then saw strong selling and I choose to exit the trade (this is per my plan).  It struggled there for a while and eventually went up to new highs.  Good trade.
  3. Euro came to my level but I put my stop too tight.  Big mistake on stop placement.  Bad trade management.
  4. ES found support at 55.50 which is 1 pt ahead of my level.  I went long on the retest.  I exited when it couldn’t go higher and volatility dropped off.   My bias switched to bearish for stoxx and ES was “on the ledge”.  +2 ticks.  Ok Trade.
  5. Crude came to my level and I was up 29 ticks but it came back and stopped me out.  My stop was too tight but it was quite big.  Crude is my weakest market and is still very experimental so I’m just practicing.
  6. Euro came back and I re-entered and stopped out.  This was an OK trade, and trades 3 & 6 should be just one trade with one loss.

Overall today could have been a very profitable day if we had continuation up.  But we didn’t and I finish slightly negative.  Note that the ES trades were with real money and the rest on sim.  I trade Bund & Stoxx real if the setup is perfect.  So with real money I finish +$125 which is above my goal of 2 pts/day per contract.  This takes the pressure off for the afternoon session.

My mistakes were to trail my stop too tight on Euro & Crude.  The reward justified a larger stop.  That or I must be more patient for a lower risk entry.  But these are minor mistakes and overall I’m happy with my performance.  A winner on euro or crude can be between $250-$400 so the losses are small.

My kids are home this week on vacation so I have to cut my trading short and spend time with them.  I’ll be back for the afternoon.

 

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