Sunday, May 22, 2016

Good opening ES range trade 5/20/2016

I love it when everything works out perfectly.
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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.
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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.
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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.
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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.
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I am having more and more days like this.
I just need to - DO IT.