May 162012
 

Tomorrow is a holiday in France so we’re headed to the beach for a long holiday weekend.  So today was my last trading day this week.

I had two main trading ideas today:

  1. Retest Globex low at 1321.
  2. Test the top of yesterday’s balance

I didn’t know which would occur first but I thought the Globex low was more likely.  That’s always the tricky part.  When we gained acceptance in yesterday’s range, I got long.  I had a side support zone so I entered 1/2 size and planned to enter the other half, which I didn’t get to do.  So I got a quick win on that one.

Then I re-entered on the pullback and got my first target but stopped out on the second.  I was a bit bummed about that, but it gave me the idea that scenario 2 may play out.  I looked for a short at 36 but the market stopped at 35.25 and turned down.  The next short area was around 32.  That’s right after some major news came out and the market was going nuts.  I had a 3 pt stop on this one and decided with the volatility I risked getting stopped out and so I scratched it.  That trade would have worked.  An even better idea would have been to be patient and wait for a short signal which had perfect timing before the big drop.

 

 

This short week ended up being great for me.  I feel like I’ve made some positive changes in my trading.  A week ago Wednesday I had 22 pts in one day.  The next day I had given most of that back.  So this week I was focusing on big picture setups and working on keeping the gains.  My goal was 3.33 pts/day trading 2 contracts net of commissions.  This week I averaged just under 8 pts/day net.  Yikes!  Now I must see if I can continue that next week.

 

 

  3 Responses to “Review of Wednesday 05/16/2012 and Weekly Performance Review”

  1. Congratulations Michael! I hope you and yours enjoy a well-deserved holiday.

  2. Thanks Jeff!

  3. great job. thought about selling options on futures?

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