Sunday, May 22, 2016

Good opening ES range trade 5/20/2016

I love it when everything works out perfectly.
Coming into the opening, the ES was near the top of a 4 point range. I was hoping for a pullback to the middle of the lower part of the range or about two points. When on the opening minute of trading, the ES goes in the opposite way of the current basis, trading against that direction is highly profitable. The stoc was bullish so the basis in my mind was bullish. The market had been going sideways after a good movement up. I wanted to enter around 2043 with the stop below 2042.  Usually I take most if not all of the trade off at one point but this looked like a good opportunity to try for the top of the range at 2046. Once the market paused at 2043, I entered at 2043.25 and trailed with a one point stop that got hit at 2046. In hindsight, I could have gotten more if I had just a tick or bigger stop, but I will take the 2 3/4 gain.
Moments later the market gave two great entries to buy the pullbacks at 2046.75 and 2046.25. Both I failed at by trying to get filled at 2045.75 which was a 50% pullback.  Got to be just a hair more aggressive.

Monday, May 9, 2016

How I build mental capital - 2016-05-09

I was trying to figure out something clever to post so I came up with this.
This is a full trading day of the ES-mini. There is 19 arrows on the chart where trades should have been placed based on my rules. Of those 19 trades - the following is a break down:

1) 19 trades - one of them was premarket.
2) Of the 19, I was present at my desk for 12 of the possible trades.
3) Of the remaining 12,  I identified 8 of them ahead of time. The other 4 a few ticks too late.
4) Of the remaining 8, I chickened out of two and had unrealistic entry's for another 2.
5) Of the remaining 4, I got filled on 3 and should have been filled on the other.
6) Of the 3 that got filled, all 3 went to target but I chickened out of one before hand.
Bottom line - I did okay but you might say - DT you could have made a ton of money today.
And yes I could have but I take pride that I watched the market for as long as I did and the fact if I followed my rules to the letter - I would have had 19 winners out of 19 trades. So I need to stick to my trading plan and push myself to take and hold on it more trades.
I am having more and more days like this.
I just need to - DO IT.

Wednesday, April 13, 2016

perfect ES trade 4/12/2016

Not much to say on this one. Morning range of 2039 to 2043 was broken. Just before open the market retraced to break down point. Most of the time the first minute of trading is in the wrong direction of the first 5 minutes.  Shorted 2039.25 and filled for a point shortly after.

Saturday, April 9, 2016

Mother told me there would be days like this 4/8/2016

I have way too many days like this. If I can not turn these types of days around - I will never get the chance to be a full time trader.  Here below is a blow by blow recall of Fridays trading for me.
1) Market broke back into the morning range. Sold the pullback to 2048 but instead of going for one point, I wanted two - got a tick instead.
2) Tried reselling when the market paused at 2049.00.  Too slow to get the fill at 2048.75.
3) Tried reselling again at 2049.75. Had my order in ahead of time but market did not tick there.
Between 3 and 4) - getting frustrated. Market looks like it is getting bought.
4) Saw huge offers at 2049.75 and 2050.00.  Really stupid - my trading plan does not allow for this type of trade in a non-trending day. Got filled and stopped quickly.  Thestop point is where I should be buying instead.
5) Again breaking the rules playing a type of breakout trade.  Should have bought the pullback instead for a perfect trade. After 7 minutes, made a tick.
6) Frustrated enough to play a video game expecting the market to do nothing.  Instead - it triggers a 50% of days range trade that I miss.  Again the entry would have been perfect.
7) Had order in to short at 2051.75.  Market ticks there but do not get filled. Market quickly moves 1 1/2 points away from my order so I pulled it.  Should have left it in.
8) Tried shorting market on the close of the previous bar at 2049.75.  Seconds late on what would be a perfect entry.
9) Shorted pull back to 2049.75.  Trade went against me for one point where by my rules, I should have added to the position.  I chickened out and do not add. To add insult to injury, I try moving buy stop lower thinking I could get at least 2 or more points, but the market takes me out.
10) Market breaks down pullbacks to last support point but my other half is yelling it is time to go to work. I saw f-it and shut down.  Again another perfect entry.
Net results of the day :  minus $40.
What I should have had if I followed my rules and was about 5 seconds faster on few of my trades: plus $460

Sunday, April 3, 2016

perfect ES trade 4/1/2016

On Friday - they tried to take them lower but couldn't.  The they tried to take them higher, and I bought at support.  Perfect trade, executed perfectly.  My only regret was that the train left the station so fast and just kept going, I could not find a good entry point to get back in.  It is fun when trading is this easy and thats no joke.

Saturday, April 2, 2016

A messy ES trade in amessy market 3/31/2016

This was a sideways market and i was playing it more  like a semi-trending market.  Either you buy the pullback of the breakout - first trade marked on the chart and/or you buy the pullback to the second entry point then add more contracts in the third trade entry stop.
I bought in between the first and the second entry points and made a mess of things. I could have added at the lower level and saved the trade, but I didn't.
One of my big mistakes I make too often is missing the first couple of trades either with no fills or putting in orders too late (see the short and long of the first two circles), then I am not in mental shape to trade the next trade.  In other words, MISSED, MISSED, CHASE - get hit.

Getting in late ES trade 3/30/2016

I missed the first pulback to the correct buy level after the bulls got back into control.  The market was a bit choppy. After the market made a new high, I should have bought around 2056.25 at first support, and then added at 2055.25. Instead I bought at 2056.00, did not add and then wrongly gave up on the trade after it exploded at 2:30 pm.  If I had added at 20552.5, i would have taken it off at a gain of a point and then tried to allow the 2056.25 entry to become a runner-maybe get more then a point.
All of this would have been mentally easier for me if I had made the first trade and then entered at the correct levels on the second trade according to my trading plan. Bad mental mistake.
There are even third and forth trades marked by the green arrows later.