One of the rare few times that I actually allowed my trades to go auto-pilot and stop-loss to kick in, when I could have taken my usual 1.5 points profit (total of 3 points for 2 trades).I was going for 692 (entries and stop losses shown on chart above). 702.5 was a minor support, but on such a bullish day, a support IS a support. My finger was on the transmit at market button both times when ES was at 702.5 support - I had plenty of opportunities to run with my USD 150, and call it a day. But I just gotta let my stop loss do its work, so I can trust it in future. Can't remember the last time I did that.
I didn't chase ES up. Chasing always causes huge regrets and a lot of heartache. That said, looking at what's developing, it seems ES might just hit 723 today. Citi's good news working magic I suppose.
Well, I'll call today a good day, despite the USD 225 loss. It was stressless trading all the way. I had all the time in the world to figure out what my charts were doing, and all the time in the world to take scalp profits that were actually quite good compared to the usual ticks.
I'm definitely taking those profits in future, especially when I'm going counter-trend.
And I definitely should have waited for a star that sticks out like a sore thumb to appear before considering any short entries on a bullish trending day. Harami/inside bar is not good enough; neither a double top. Maybe I should even consider BUYING in future.
Loss: USD 225
7 comments:
Jules,
Good to be reminded that a "good" trading day is one where you followed your rules, not necessarily whether you were profitable.
LT
Stress less trading day, that's what I need to work on, this business can turn a person gray haired fast.
You've done a great job with your blog, I've enjoyed following it!
Great job today! I am happy to hear that at least one of us had a stress-free day. I hated everything about it! :)
Stan
I am a new trader, I agree that today is that kinda trendy day. buy and hold till the end. Don't quite understand why you fight with the trend and short it?
I read you blog recently, you are a great scalper to me, pls show me some tricks. I happen to use ToS platform too, if you bring up a chart of $UVOL-$DVOL, you will see the retracement never made a real reveral on net volume.
TraderTao
LT,
I still prefer if I didn't have to lose money! :-)
Stan,
I know you're not going to agree with me, but I think you did great! The 2 losses you had were small compared to your wins, and you had more than twice the number of winning trades than losing ones, on a day that the market baffled you! I'll take your kind of loss anytime. And I wish I have your up to 10 points gain - it's TF for crying out loud. It's mad! :-)
Michael,
Thank you :-)
My hair has turned white. Totally devastating. If I don't do something, I'll need a facelift soon...
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