3 trades - all Longs.
Scratched the 1st, held the 2nd, and scalped the 3rd.
Reason for entering long:
Gathered ES could bounce at 857.5 after coming down from peak of 867.
The main reason is a tad difficult to explain. I watch the hourly chart, keep track of patterns, use Fib on upward and downward moves for the month to gauge how stretched the current move is, go over the past few days' charts to give me some clues as to who will be wanting out of their position today.
Protective stop:
852 - Peak is a bearish engulfing pattern with one of the candles' long upper shadow sticking out prominently. I trust S/R formed by bullish/bearish candlestick patterns to hold. As usual, I had removed it as price started coming down gradually in a downsloping channel. My stop is there to protect me from bull traps, not to be run by floor traders.
D's been asking me to keep him updated on Citi but I was too busy watching my charts. Ok, that's not true. I simply didn't take him seriously. I couldn't. He's just too hilarious.
Taking a break and will likely trade the US session.
4 comments:
Nice going with this weeks trading Jules :)
I reckon anyone taking a serious shot at longevity in this business (who is already a decent way along the learning curve) is too busy finding/working on what "works" for them to get into the technical details of other traders so while I can't say I "get" what you're doing technically I would say if there is a methodology that you're consciously following (which there seems to be) I'd stick with it...lol...obviously.
Hope this doesn't come off as condescending but I really think you have a good shot at making this a full-time thing. If that's what you still want :)
P.S lol@position sizing comment...I'm sure D won't be happy to hear that! At least you got him to understand...only took a year ;P
Hi,
I"m sure you get this question all the time.
What Platform do you use to place your orders. I know of your Thinkorswim but what is the other one.
Thanks
Fadi
MM,
I'm already trading full-time. I work longer hours than when I was in a full-time job :-) About my methodology - you don't get it probably coz there is really nothing too methodical about the way I trade. I do my best to identify price turning points and take my trades there. When I see a probable continuation of a trend after a retracement, I scalp. That's about it :-)
Fadi,
I use Interactive Brokers to place my orders. No, I don't get asked the question a lot :-)
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