Tuesday, April 14, 2009

ES Trade 4/14

This is the earliest I've entered a trade - at about 9am local time. It was a setup (short below a previous support, after price has formed 3 lower peaks) I waited for til 3pm N.Y time - it didn't happen, so I turned in.

As usual, I didn't want to sit through a retracement, took profit when candle got relatively long, and when price was very near to a minor support on the hourly chart.

The plan is to find another short entry if price were to pullback to the 849 to 854 area. Otherwise, I'll look for long entry near 840.

I'm neither bullish nor bearish. Anything can happen given all the earnings that are coming out this week.

Relying mainly on S & R and candlestick patterns for entry.

Exit is always based on momentum. When a move gets too fierce, I'll bail. So, yes, I'm always leaving some profits behind. Easier to get out when people are still wanting to get in.

Stop Loss (Hard stop - it's there as a safety net, I still scratch when I see price doing things I don't expect) :
When shorting, at previous peak on hourly chart; when buying, previous low.

Am giving this way of trading a last chance. If it doesn't improve my confidence, I'm switching back to scalping. Trial period: 1 month (if I don't get so depressed that I kill myself first).

No comments: