ES 10min, 5min & 1min
Bailed at 864.5, which is 3.5 points away from my initial target.Reasons:
1) ES hit a high of 866.5 and came tumbling down to 862 slightly after US market open and I take that as a very bad sign, since it's not characteristic of a bullish market to fail to trade up to the previous session's close 10 minutes into the active trading session
2) My plan was to get out before the scheduled announcement of the bank rescue plan at 10am EST, even if I don't hit my profit target, and ES's retracing instead of advancing to close gap simply gave me more reason to bolt
D thought I would run when ES dived back down to 862. I hadn't run coz I needed to see buying really drying up as it climbed its way back to 866.5. Simply put, I needed a solid reason to exit my trade.
ES struggled up indeed and I could see that those who thought they were buying on a dip were the minority. The others were simply not jumping in. When price started coming down again, I had to take my profit. Couldn't leave it on the table when we were still trading below Fri's close 15mins into the session.
This time, I'm not upset at all that I didn't hold til I get what i want. I gave the market and ME a chance to test out my hypothesis. The scenario didn't work out as planned, and that's just too bad.
I did my best at sitting - I was objective, as well as realistic about how confident I should be. Knowing that my confidence is based on how well I'm analyzing what's happening INSIDE ME when market's no longer acting the way I anticipated it to, I have to get out before my heart messes with my head.
Market could very well get back up later in the day, but that's not my concern. If I really did sit and market indeed went my way to hit 868 and beyond, I would have considered that a fluke - something that's not going to happen on a CONSISTENT basis. And if I'm not going to work towards being consistent, I might as well not trade.
1) ES hit a high of 866.5 and came tumbling down to 862 slightly after US market open and I take that as a very bad sign, since it's not characteristic of a bullish market to fail to trade up to the previous session's close 10 minutes into the active trading session
2) My plan was to get out before the scheduled announcement of the bank rescue plan at 10am EST, even if I don't hit my profit target, and ES's retracing instead of advancing to close gap simply gave me more reason to bolt
D thought I would run when ES dived back down to 862. I hadn't run coz I needed to see buying really drying up as it climbed its way back to 866.5. Simply put, I needed a solid reason to exit my trade.
ES struggled up indeed and I could see that those who thought they were buying on a dip were the minority. The others were simply not jumping in. When price started coming down again, I had to take my profit. Couldn't leave it on the table when we were still trading below Fri's close 15mins into the session.
This time, I'm not upset at all that I didn't hold til I get what i want. I gave the market and ME a chance to test out my hypothesis. The scenario didn't work out as planned, and that's just too bad.
I did my best at sitting - I was objective, as well as realistic about how confident I should be. Knowing that my confidence is based on how well I'm analyzing what's happening INSIDE ME when market's no longer acting the way I anticipated it to, I have to get out before my heart messes with my head.
Market could very well get back up later in the day, but that's not my concern. If I really did sit and market indeed went my way to hit 868 and beyond, I would have considered that a fluke - something that's not going to happen on a CONSISTENT basis. And if I'm not going to work towards being consistent, I might as well not trade.
In a nutshell, I am happy with me today!
Profit: USD 262
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