ES 12/20/13 +2.75

Did two trades today again - an early short for +1.00 & +0.25 and a late long for +1.00 & +0.50. Yeah, you guessed it, no runners on either trades. Also, missed two other entries. Both were failed 2nd entry shorts. I wasn't on the lookout for them, hence failed to recognize their setups. Anyway, was surprised at the amount of movement & volume today. These would likely change come next week. Expecting the market to grind to a halt.

ES chart 12/20/1

ES 12/19/13 +2.00

Did two trades today and missed one excellent setup. Most of the time, the missed setups were due to me not paying attention. This particular one I actually saw it coming, but my limit order was not filled and prices just moved too quickly away for me to even think about chasing the trade. Yeah, it's hard for me to just stare at the ES chart all day long. Probably would go insane in the membrane. I divide my time between reading the chart, messaging friends (Hangout, SMS, WhatsApp) and surfing the web (The Guardian, Daily Mail, CNN, BBC). Most people would say those are distractions to trading. True, but I guess you should do whatever works for you.

ES chart 12/19/13

ES 12/18/13 +3.00

Didn't trade all morning and didn't dare trade immediately before, during and after the FOMC data/statement @2 PM. Scary to see prices rise and fall 10+ points in a matter of minutes. After the dust has settled, I did 3 trades. Surprisingly, 2 of them were to the short side. This was playing with fire. I shouldn't have taken any short trades in a fast moving up market like today. I was too concentrated on a certain section of the chart. Went for the first short setup that presented itself. Should have realized that, after the FOMC data/statement, the overall market was very bullish. No countertrend trades!

ES chart 12/18/13

ES 12/17/13 +2.25

As with the previous couple of posts, I'm not going to do any written reviews of my trades. I've jotted down short trading notes within the chart itself, as I was trading. Therefore, no reason to duplicate the same info. It's also easier for me this way. Anyway, did 3 trades today for +2.25 pt. But, was within 1 tick of ending the day with nothing.

ES chart 12/17/13

ES 12/11/13 +4.50

Thought the whole of December would be slow going. Not sure what happened today, as volume and volatility were higher than normal. Anyway, I'm using 2 contracts again - 1 as a scalp and 1 as a runner. But, as usual, my runner was stopped out on 3 of the trades. The last one, I got scared and exited early.

ES chart 12/11/13

ES 12/9/13 +2.75

Did 6 trades today on this range day. As with November, it would be slow moving (price-wise) for the whole of December. Also, dumping the NQ again. Don't have the mental capacity to handle watching two charts at once. Don't wanna risk failing at two instruments, instead of just one.

ES chart 12/9/13

11/27/13 ES +1.00 & NQ +4.25

ES was quiet, as expected, since tomorrow is Thanksgiving. Only did 1 trade on the ES and 3 on the NQ. Anyway, another brief recap of my trades. Have a great turkey day!

ES

Trade #1 - Market was in a tight trading range early on. Went long on a 2nd entry with prices making multiple bottoms and a very bullish signal bar. +1.00 pt.

• buy 1 @1803.50 at 9:39
• sell 1 @1804.50 at 9:41

ES chart 11/27/13

NQ

Trade #1 - Again, at the point, it looked like a trading range. Took a 2nd entry long off of the EMA. Prices touched my target, but I didn't get filled, as it didn't tick through. Market reversed and I was within 1 tick of being stopped out. What a price swing! Prices then bounced off of support and rallied a bit. Took the opportunity to exit for +1.00 pt.

• buy 1 @3465.00 at 10:36
• sell 1 @3466.00 at 11:16

Trade #2 - Went short after prices bumped against the upper trend line & EMA resistance. Exited when prices became congested at the support levels for +1.00 pt.

• sell 1 @3464.50 at 12:00
• buy 1 @3463.50 at 12:04

Trade #3 - 2nd entry long near support levels. Very bearish candlestick made me nervous, so bailed out for +2.25 pt.

• buy 1 @3463.50 at 12:19
• sell 1 @3465.75 at 12:43

NQ chart 11/27/13

11/26/13 ES +2.75 & NQ +2.00

Took a boatload of trades today. A total of 11...4 on the ES and 7 on the NQ. Think I broke my own record. Gonna be lazy and just do a brief recap of my ES trades only. Besides, the NQ trades were mainly entered via ES signals/setups. Basically broke-even on the NQ side, after accounting for commissions.

Trade #1 -  2nd entry long with what looked like a triple bottom forming. +1.00 pt.

• buy 1 @1802.25 at 9:30
• sell 1 @1803.25 at 9:31

Trade #2 - Same setup as the prior trade. I'd forgotten about the 10 AM econ data coming out. Was anxious to exit this trade. Prices did rose 1 point higher from my entry, but it didn't tick through. This was a 4 tick failure. I bailed for a tick gain, just as the market started tanking. +0.25 pt.

• buy 1 @1802.25 at 9:52
• sell 1 @1802.50 at 10:01

Trade #3 - 2nd entry short. Took this trade thinking it would be a somewhat rangy day anyway. +1.00 pt.

• sell 1 @1802.75 at 10:33
• buy 1 @1801.75 at 10:43

Trade #4 - Support at the 1801.00 - 1801.50 levels and the lower trend line. Should have waited on a 2nd entry setup off of the lows, as prices retraced a bit. This spooked me enough to made me get out early for +0.50 pt. Could have gotten my scalp target had I held on.

• buy 1 @1802.50 at 11:48
• sell 1 @1803.00 at 12:11

ES chart 11/26/13

NQ chart 11/26/13

NQ 11/25/13 +8.00

Changing gears...switching over to the NQ. Not sure if this would be just a temporary move or a permanent one. All depends on how I do this week (though volume would be light due to the upcoming holiday). Seems to me, the NQ offers easier fills and is more forgiving of mistakes. The downside is that the price action is, at least to me, not as clear-cut as the ES. My daily goal with the NQ is +6.00 points. Did 4 trades today...all buys and all were long and agonizing, due to the light volume.

Trade #1 - 2nd entry long off the lows, with EMA and trend line supports. +3.00 pt.

• buy 1 @3427.75 at 11:17
• sell 1 @3430.75 at 11:33

Trade #2 - 2nd entry long, with EMA support. However, prices made another leg down and I was within 1 tick of being stopped out. Fortunately, prices reversed upward, after making a triple bottom with trend line support. When prices rose near the main upper trend line channel, I exited for +1.00 pt in anticipation of some resistance.

• buy 1 @3430.75 at 12:04
• sell 1 @3431.75 at 12:33

Trade #3 - 2nd entry long. The signal bar was not the best. In fact, it was bearish. The trigger bar was worse. After I got filled, prices dropped a bit. However, I was anticipating strong support at the 3428.00 - 3429.00 level. The main trend channel was in play too, so was also expecting some support there. Everything did as expected and I got my +3.00 pt.

• buy 1 @3429.75 at 12:59
• sell 1 @3432.75 at 13:37

Trade #4 - This was the longest held trade of the day. Seemed like it lasted for forever and a day. This was a 2nd entry long, based on what I'd initially thought was decent support. Also, it was a countertrend trade, but this was also a range day, so it was OK. Prices did drop more, as the selling pressure had not been exhausted yet. I was within 2 ticks of being stopped out. When prices reversed to the upside, I took the opportunity to exit early for +1.00 pt.

• buy 1 @3427.50 at 15:16
• sell 1 @3428.50 at 15:56

NQ chart 11/25/13

ES 11/22/13 +1.75

Couldn't reach the ES sound barrier. Was a tick short. Took 2 trades, skipped 1 and missed 1. Both of the no trades turned out to be excellent winners. Sucks.

Trade #1 - Took a long at a known support area. Prices had bounced off of it multiple times previously. The trade worked out, as prices did as expected. +1.00 pt.

• buy 1 @1793.25 at 9:45
• sell 1 @1794.25 at 9:48

Trade #2 - This was both a 2nd entry long and a 2-legged pullback to the EMA. Exited early due to overhead resistance/double top. As anticipated, prices did fall back, after meeting resistance. +0.75 pt.

• buy 1 @1796.25 at 10:34
• sell 1 @1797.00 at 10:37

ES chart 11/22/13

ES 11/21/13 +2.00

Had an average day. Missed a couple of good setups, as I was not paying attention - was switching b/w the ES and NQ charts. Yeah, I only use 1 monitor for trading. Seems like 2 ES points is my equivalent of the sound barrier. I don't break through it often enough. My ultimate goal, the ES light barrier, would be 5 points. That would be my dream and it might just be that...a dream. Anyway, a very brief recap of today's trades.

Trade #1 - 2nd entry long with median trend line support. +1.00 pt.

• buy 1 @1784.50 at 9:29
• sell 1 @1785.50 at 9:32

Trade #2 - Another 2nd entry long with trend line support. I got shook out for +0.75 pt. Thought a potential double top was forming, so bailed out early.

• buy 1 @1786.75 at 10:05
• sell 1 @1787.50 at 10:10

Trade #3 - 2nd entry short with prices meeting overhead resistance. After 2 consecutive bars failed to hit my scalp target, prices retraced back and nearly (within 1 tick) stopped me out. When it made another attempt lower, I bailed out for +0.25 pt.

• sell 1 @1793.00 at 13:59
• buy 1 @1792.75 at 14:29

ES chart 11/21/13

ES 11/20/13 +6.75

The market was very volatile today, due mainly to the FOMC Meeting Minutes. Maybe that's why I did more trades today than usual. Also, I've been flipping back and forth between the ES and NQ charts. I'm contemplating whether to switch over to trading the NQ again. Last time was back in mid-August. Anyway, here is a recap of my trades.

Trade #1 - 2nd entry long, with prices making a double bottom. Market was in a trading range for over 2 hours afterwards. +1.00 pt.

• buy 1 @1789.00 at 11:04
• sell 1 @1790.00 at 11:05

Trade #2 - This was an aggressive trade, since it was countertrend. Took it because prices had already made a measured move down and it was a 2nd entry setup. The trade worked out, but had to endure some heat. For 3 consecutive bars, I was within 1 tick of being stopped out for a full 2 points loss. +1.00 pt.

• buy 1 @1782.00 at 14:13
• sell 1 @1783.00 at 14:16

Trade #3 - Saw prices meeting resistance on the upper trend line. Went short hoping to ride another leg down. Should have waited on a 2nd entry setup. Prices retraced a bit, which almost shook me out. But when a 2nd entry did present itself, I went short again. Got 1.00 + 1.75 = +2.75 pt.

• sell 1 @1783.75 at 14:23
• sell 1 @1784.50 at 14:26
• buy 2 @1782.75 at 14:32

Trade #4 - Another aggressive trade. Prices had not come down to the lower trend line yet and it was countertrend. Took it because it was a 2nd entry and the signal bar was very bullish. Got +1.00 pt, as prices rose back up to the upper trend line.

• buy 1 @1780.25 at 14:43
• sell 1 @1781.25 at 14:45

Trade #5 - Shouldn't be trading like this, but this was my third countertrend trade of the day. Even though this and the other two worked out, I should never have taken them. Took this 2nd entry long, after seeing prices bounced off of the lower trend line. It has been doing so for the entire afternoon, so I was betting that it would do so again. +1.00 pt.

• buy 1 @1776.25 at 15:12
• sell 1 @1777.25 at 15:13

ES chart 11/20/13

ES 11/18/13 +1.75

Didn't quite make my goal of 2 points today. My first trade of the day was a 3 points loss total. Not a good way to start the day. Managed to pull myself back to positive territory by late morning. After that, I was basically on the sideline watching the market for the rest of the day.

Trade #1 - A long trade on a 2nd entry that failed. Got stopped out fairly dramatically by one big bearish candlestick. At least I didn't take a full 4 points loss this time. (1.50) + (1.50) = -3.00 pt.

• buy 2 @1796.50 at 9:52
• sell 2 @1795.00 at 9:55

Trade #2 - After my first trade was stopped out, I immediately went short. Exited my runner near the lower trend line, which also coincided with where the measured move was. 1.00 + 1.25 = +2.25 pt.

• sell 2 @1795.25 at 9:55
• buy 1 @1794.25 at 9:56
• buy 1 @1794.00 at 9:59

Trade #3 - I was a tick late in entering this 2nd entry long near the EMA. Again, decided to exit my runner early, this time due to congestion. 1.00 + 1.50 = +2.50 pt.

• buy 2 @1796.50 at 10:53
• sell 1 @1797.50 at 11:01
• sell 1 @1798.00 at 11:07

ES chart 11/18/13

ES 11/15/13 +2.00

Had only one occurrence of Internet outage today, an improvement over the previous two days. Started the day good, as I'd already gotten my 2 points daily target at around 10 AM. However, I decided to take one more trade, as it was just too early to call it a day. Ended up digging a hole and spending the day trying to extricate myself out of it. In the end, I was back to where I started – up 2 points. However, dollar-wise, it was less, due to the commissions on the three additional trades. Should have left well enough alone. I also traded two contracts per trade, not one, again. Maybe going forward, I'll alternate between one and two, depending on the day's market condition.

Trade #1 – Prices touched and bounced off of the support area on multiple occasions. Went long, as the bar was kind of bullish and I was expecting prices to repeat what had occurred previously. Exited my runner near the upper trend line area. 0.75 + 1.25 = +2.00 pt.

• buy 2 @1789.50 at 10:06
• sell 1 @1790.25 at 10:11
• sell 1 @1790.75 at 10:12

Trade #2 – This was a disaster. I didn't have the correct resistance line in place at the time of the entry. Thought it was a good failed 2nd entry short with a very bullish signal bar. Didn't realize my entry was near resistance. The trade had no chance. In hindsight, I should have bailed out early for a small loss when the next immediate bar failed/turned down. Shouldn't have taken a full 2 points loss per contract. This set me back a lot. Dag! (2.00) + (2.00) = -4.00 pt.

• buy 2 @1791.25 at 11:35
• sell 2 @1789.25 at 11:51

Trade #3 – 2nd entry long with prices bouncing off of the same support area again. Got my scalp, but runner was stopped out. 1.00 + 0.25 = +1.25 pt.

• buy 2 @1788.75 at 11:55
• sell 1 @1789.75 at 12:09
• sell 1 @1789.00 at 12:38

Trade #4 – The 1788.00-1788.50 area acted as support all day. Had to go long, after two consecutive very bullish candlesticks formed. Exited my runner near the resistance area. Also, didn't like the behavior of the last bar. Even though it closed green, it seemed like a struggle. Prices did fell back a little, but then rocketed up pass my original runner target later. Got shaken out again. Still working on getting those nerves of steel to help me hold on to my runners. 1.00 + 1.75 = +2.75 pt.

• buy 2 @1789.75 at 13:21
• sell 1 @1790.75 at 13:28
• sell 1 @1791.50 at 13:41

ES chart 11/15/13

ES 11/14/13 +4.25

Internet connection was really bad yesterday and today. Wasn't a bother to me yesterday, as I had to run some errands outside and didn't trade at all. Today, it was an annoyance, as there were 3 outages from the opening to the closing bell. During one of them, I had an open long position. Stressed me out, as this could be potentially dangerous.

I did 2 trades today using 2 contracts each. Both were afternoon trades, as I was just trouble-shooting the multiple outages all morning. Anyway, I keep saying I will be using only 1 contract per trade, since I have no luck with runners. I still don't, but thought I could achieve my 2 point daily target quicker (possible with only 1 good trade) with 2 contracts. Going back to 1 contract tomorrow.

Trade #1 – Market was in a trading range at this point. Notice prices had made higher highs and higher lows. Took a 2nd entry long setup, which came following a failed 2nd entry short. After I had gotten my scalp target, I loss connection again for about 10 minutes. When I was back online, prices had retraced a bit. While I was out, it met some resistance on the upper trend line. A very bearish bar then stopped out my runner. Got only 2 ticks, instead of the potential 6 – 7, because of the down time. 1.00 + 0.50 = +1.50 pt.

• buy 2 @1785.75 at 14:02
• sell 1 @1786.75 at 14:19
• sell 1 @1786.25 at 14:51

Trade #2 – By now, I had another upward sloping trend line in place. Took another 2nd entry long, with trend line support. I set the target on my runner near the upper trend line resistance area, which also coincided with where the measured move was. 1.00 + 1.75 = +2.75 pt.

• buy 2 @1786.50 at 15:00
• sell 1 @1787.50 at 15:07
• sell 1 @1788.25 at 15:13

ES chart 11/14/13

ES 11/12/13 +2.25

Today was a lot better, in terms of movement & trading volume in the ES. As was mentioned yesterday, my daily goal is 2 ES points. Once I hit that target, I stop trading. I was able to achieve that early on today. I was basically done by 11 AM and just casually watched the market on the sideline for the rest of the day. Had to fight the temptation to enter on a few setups, though. There was, however, a short entry around 1:29 PM that I would have definitely taken, had I been paying more attention.

Trade #1 - 2nd entry long with prices gaining support at the 1764.00 area. Prices immediately headed lower, as a bearish candlestick formed. I was a bit apprehensive at this point. Even more so, when on the next bar, prices proceeded to go below the 1764.00 support area by a few ticks. However, when that bar finished bullish, I lowered my scalp target to a couple of ticks. Got out in the middle of a huge price move up. In hindsight, that bar with the 2 ticks below support probably trapped a lot of shorts. They were covering their positions, when they realized the market was going higher. This added fuel to the fire for longs, as prices rocketed up. Wish I had the guts to stay with the trade for the full target. +0.50 pt.

• buy 1 @1764.75 at 10:10
• sell 1 @1765.25 at 10:16

Trade #2 - This trade was a bit aggressive. It was a first entry short, after prices shot up almost 5 points in less than 5 minutes. However, at this point, it seemed like a range day. Prices had finished making a 2nd leg measured move. Also, it was meeting overhead resistance. I exited early at the first sign of a bounce. The trade lasted all of 1 minute. +0.75 pt.

• sell 1 @1767.75 at 10:21
• buy 1 @1767.00 at 10:22

Trade #3 - Went short on a 2nd entry, with prices making a double top. Took awhile for the trade to work out. At one point, I was within 1 tick of being stopped out, when prices moved up to formed a triple top. When it failed to break through resistance a 3rd time, the bottom felled out and prices dropped. +1.00 pt.

• sell 1 @1767.00 at 10:32
• buy 1 @1766.00 at 10:56

ES chart 11/12/13

ES 11/11/13 +0.75

I have decided to set my daily target at 2 points per day. Based on trading 1 contract and scalping out at 1 point, this would mean a minimum of 2 trades. Previously, I had fantasized of getting 4-6 points out of the market each and every day. Well, I was naive, as there is fantasy and then there is reality. To consistently make 4-6 points day in and day out is near impossible. Heck, even a 2 points target is quite difficult. Case in point, today's trading. I missed the morning session and got stuck with the afternoon doldrums. From around 10:20 AM to 4:00 PM, the market was in an overall 2 points range! At certain times, it was trading in a 1 point range! Looking at today's chart could cure the worse cases of insomnia or put you into a coma. Anyway, the goal is 2 points and I'm done for the day.

Trade #1 - A failed 2nd entry long became a failed 2nd entry short. Went long, but it was a bad fill. Could have gotten in at 1 or possible 2 ticks better. Exited near the upper trend line in anticipation of prices meeting resistance. Got only +0.50 pt.

• buy 1 @1767.75 at 12:59
• sell 1 @1768.25 at 13:03

Trade #2 - Prices were meeting resistance at the upper trend line, so took a short entry. Given the super tight range and congestion, I exited early for a tick. The trade lasted over 1.5 hours! Very painful to watch. In that timespan, there were only about 8 bars and all were overlapping! +0.25 pt.

• sell 1 @1767.75 at 13:17
• buy 1 @1767.50 at 14:50

ES chart 11/11/13

ES 11/8/13 +2.00

The market today was the inverse of yesterday's. Just flip over yesterday's chart and you will have today's. As I've mentioned in the past on several occasions, I tend to prefer range days over trending days. It's somewhat odd, but my trending day results are not as good as they should be. Most people have their best trading on trending days. They are just too fast (and scary) for me. Can't read/analyze setups and place entries quick enough, before prices move away. Hence, a lot of my trades in trending days occurred during intraday trading ranges.

Anyway, unlike yesterday, I did get the main trend lines in place early on today. I still managed to miss 2 trades, though. Skipped on 2 others too. The 3 trades that I did entered were all to the long side.

Trade #1 - Saw a 2nd entry long setup, as prices were in another mini trading range. Initially, passed on the trade, as I thought prices were going to break down through both the EMA and median trend line. Also, it was kind of close to the resistance line of this range. However, prices failed 3Xs to break down and immediately reversed to the upside. Thought some traders might have been caught short and were covering. When it shot pass the resistance line, I went long on a market order. Risky using market entry, but it worked out this time for +1.00 pt.

• buy 1 @1760.25 at 13:27
• sell 1 @1761.25 at 13:29

Trade #2 - Took this 2nd entry long with support on both the EMA and median trend line. Thought it would be a quick scalp trade, as the signal bar was quite bullish. However, prices failed 3Xs to get that extra tick through that I needed to close out the trade. After this, it was fairly obvious that we were in another mini trading range and prices were both meeting resistance and congested. Also, trade was opened for quite long at almost half an hour. Decided to bail out early for +0.50 pt.

• buy 1 @1761.50 at 14:15
• sell 1 @1762.00 at 14:41

Trade #3 - When 3 consecutive bars bounced off of the lower main trend line, I went long. I was hoping for a quick scalp, as the Bernanke speech was due in 15 minutes time. When it seemed like prices weren't moving, I just bailed out for +0.50 pt. Cameraman recorded this and immediately prices shot up. Would've gotten my scalp, had I not bailed early. Of course, had I done that, prices would've tanked, instead. Anyway, the market eventually went up another 8 points from my entry. Dag!

• buy 1 @1760.00 at 15:15
• sell 1 @1760.50 at 15:23

ES chart 11/8/13

Confusing day - no trades

For the better part of the day, I just can't seem to figure out what the market was up to. I had my trend and support/resistance lines all over the place. I was constantly rearranging them, but none seemed to fit properly. Missed out on a few trades, as a result. By the time I had, what I believe were the correct main lines in place, it was already 2 PM. Better to just sit on my hands, as I just wasn't comfortable with today's price action.

ES chart 11/7/13

ES 11/6/13 +3.50

I chickened out on 3 good trades - 2 this morning and 1 in the afternoon. I need to just take all valid trade setups. No more hesitations or second-guessing signals. I've also had no luck with my runners. About 90% of them have been stopped out. Thinking of just sticking to trading 1 contract to save on commissions from now on.

Trade #1 - 2nd entry short with resistance at the upper trend line. When prices bounced off of the lower trend line and ended with a bullish bar, I exited early on my runner. 1.00 + 0.50 = +1.50 pt.

• sell 2 @1764.00 at 11:55
• buy 1 @1763.00 at 11:59
• buy 1 @1763.50 at 12:02

Trade #2 - Went long after the runner from the prior trade got taken out. I was anticipating prices to make a 2nd leg up. Took some time & heat for the trade to work, as prices went down to touch the lower trend line again. No runner. 1.00 + 0.25 = +1.25 pt.

• buy 2 @1763.75 at 12:10
• sell 1 @1764.75 at 12:25
• sell 1 @1764.00 at 12:26

Trade #3 - Stupid trade! I took it because I was mesmerized by the bearish bar that formed. Dumb! Shorted almost at the bottom/support. (1.00) + (1.00) = -2.00 pt.

• sell 2 @1763.75 at 14:22
• buy 2 @1764.75 at 14:29

Trade #4 - After the prior stupid trade got stopped out, I went long immediately on a 2nd entry. Got my scalp, but my runner was taken out, as usual. 1.00 + 0.25 = +1.25 pt.

• buy 2 @1764.25 at 14:29
• sell 1 @1765.25 at 14:33
• sell 1 @1764.50 at 14:36

Trade #5 - Long on a failed 2nd entry short, with support on the lower trend line. Exited early on my runner. 1.00 + 0.50 = +1.50 pt.

• buy 2 @1765.25 at 15:10
• sell 1 @1766.25 at 15:23
• sell 1 @1765.75 at 15:28

ES chart 11/6/13

ES 11/5/13 +1.50

Did 4 trades and missed 1 today. Almost all my missed trades can be attributed to me trying to enter via limit, instead of stop orders. Out of every 10 trades, I think I used limit to enter on 8. Still not comfortable using stop entry orders, yet.

Trade #1 - Had the incorrect trend line in place and went long when prices bounced off of that line. I should have waited and entered on a 2nd entry, as prices dropped a bit. When that setup came, prices also bounced off of the proper/correct median (was the lower channel at that time) channel line. +1.00 pt.

• buy 1 @1753.50 at 10:16
• sell 1 @1754.50 at 10:29

Trade #2 - I broke one of my rules again - never countertrend trade - and got punished for it. Took a -1.25 pt loss. There were 4 reasons why I decided to take this countertrend trade.

1. Prices just finished its 2nd leg move
2. Prices met upper trend line resistance
3. 2nd entry
4. Both signal & trigger bars were bearish.

I really thought it was a good short setup, though. It didn't work, so never countertrend trade!

• sell 1 @1756.50 at 10:45
• buy 1 @1757.75 at 10:50

Trade #3 - 2nd entry long with prices bouncing off of the median trend line. I bailed out early for +0.75 pt, after a Doji bar formed in the midst of some congestion. Cameraman was watching, as the second I exited, prices moved up. My original 1 pt scalp target would've been filled.

• buy 1 @1758.00 at 11:35
• sell 1 @1758.75 at 11:50

Trade #4 - Prices broke through the median channel line, but found support on the lower one. There was also support at around the 1758.75 area. Went long on a 2nd entry. +1.00 pt.

• buy 1 @1759.25 at 14:07
• sell 1 @1760.25 at 14:24

ES chart 11/5/13

ES 11/4/13 +2.75

Did 3 trades today and was basically done before noon. Yeah, it was that slow of a day. I didn't mind, though. Had also skipped and missed 1 trade each.

Trade #1 - Took a short, as prices met resistance at the downward sloping trend line. The two Dojis that just formed before my entry made me hesitated for a bit, though. Then a very bullish bar showed up, right after my entry. Thought I had gotten in too early. Good thing prices reversed and I got my scalp. My runner was stopped out, though. 1.00 + 0.25 = +1.25 pt.

• sell 2 @1759.50 at 9:52
• buy 1 @1758.50 at 9:57
• buy 1 @1759.25 at 10:00

Trade #2 - There were 3 reasons why I liked this trade.

1. 2nd entry
2. Double bottom
3. Signal bar that started bearish, but ended bullish

But, I didn't have the nerves/patience to see this trade through. Got nervous after some congestion and bailed for a tick each. Trade would've worked nicely, as I entered what would be the low of the afternoon. 0.25 + 0.25 = +0.50 pt.

• buy 2 @1757.50 at 11:13
• sell 1 @1757.75 at 11:23
• sell 1 @1757.75 at 11:28

Trade #3 - Went long on a bounce off of the upward sloping trend line. Was looking for prices to reach to the upper channel of the main bearish trend line at the time. My exit was a couple of ticks below it. However, my runner was stopped out again. 0.75 + 0.25 = +1.00 pt.

• buy 2 @1758.50 at 11:54
• sell 1 @1759.25 at 11:58
• sell 1 @1758.75 at 11:58

ES chart 11/4/13

ES 11/1/13 +2.00

Hard to decipher whether today was a range or a trend day. Market went up, then down, back up and finally down again. It looked like it was a trend day within an overall range one. A bit of both, I guess. Anyway, I took 2 trades, missed 3 and skipped out on 4 others. I'm going to just list the 2 trades that I did. I've noted on today's chart the reason(s) for the 7 misses and skips. Out of these 7 no trades, I believe 6 would have been winners.

Trade #1 - Failed 2nd entry short. Didn't want to miss this trade with a limit order, so used a stop one for my entry. Even though prices were getting near the upper trend line, I liked this trade b/c it was with the current trend and there was support on the median line. +1.00 pt.

• buy 1 @1756.75 at 9:35
• sell 1 @1757.75 at 9:42

Trade #2 - Prices overshot the upward-sloping trend line to the downside. It reversed fairly aggressively. Went long on a bullish bar, after it bounced off of the trend line. I was also anticipating a 2nd measured leg up. My scalp target was reached in about a minute. +1.00 pt.

• buy 1 @1751.25 at 13:37
• sell 1 @1752.25 at 13:38

ES chart 11/1/13

ES 10/31/13 +2.25

I didn't trade yesterday, as it was FOMC Statement day. The market tends to be very erratic, fast and unpredictable when the Fed speaks. Also, I thought I would miss today's morning session, as I had to go to the airport. Instead, I was able to make it back just a bit pass 10 AM. Did 3 trades, missed 2 and skipped on 2 other on this overall range day.

Trade #1 - Prices made a double bottom, having just broken support at the prior level. Took a 2nd entry long via a limit order. The signal bar wasn't the prettiest, but it was green nonetheless. +1.00 pt.

• buy 1 @1752.00 at 10:41
• sell 1 @1753.00 at 10:44

Missed trade #1 - Did not get filled on my limit order to go long on a failed 2nd entry short. Prices moved up too quickly (notice the gap in b/w the signal and trigger bars). Would've gotten a winner here.

Missed trade #2 - Classic 2nd entry long, with support on an upward sloping trend line. Did not see this setup, as I was not looking at the chart. Would've gotten a winner here too. Dag!

Skipped trade #1 - Thought about it, but ultimately didn't take this 2nd entry short. The trade would've worked, but would've had to sweat through a bit of a pullback (see 2nd skipped trade below). Anyway, 2 main reasons for me not taking this trade:

1. The signal bar was somewhat bullish (still green)
2. It would've been a countertrend trade

Skipped trade #2 - After what looked like a failed 2nd entry short, I was tempted to go long. However, prices were near both the top of the trend line and resistance line. Didn't think there was enough room to scalp out. Didn't take the trade. Prices did move up, but only for about 3 ticks before retracing 2 points back to the trend line.

Trade #2 - Took this 2nd entry long, but came within 2 ticks of being stopped out. In hindsight, it was a bad entry, as it was taken at the top of the small trading range. Also, where I entered, prices had not touched or bounced off of the trend line yet. When prices started heading up, I bailed for +0.25 pt. It then shot up about 3.50 points further. Might be paranoid, but I'm sure prices would've tanked, had I held on. Cameraman is always watching.

• buy 1 @1760.00 at 13:50
• sell 1 @1760.25 at 14:10

Trade #3 - The setup for this trade is somewhat similar to "Skipped trade #1". It was a 2nd entry short setup. Would've also been a countertrend trade. Another additional negative was there were a lot of overlapping bars. But, I went ahead and took this trade due to 2 main reasons:

1. Prices made a new high (range rules)
2. Bearish signal bar

Took a little bit of heat, as prices bounced a little. However, when the bottom fell out, prices dropped fast. I got my +1.00 pt scalp. Had I had any runners, it would have been good for another 10+ points.

• sell 1 @1762.75 at 14:35
• buy 1 @1761.75 at 14:52

ES chart 10/31/13

ES 10/29/13 +1.00

Same shit, different shoe. Market moved at the same snail's pace as yesterday. Seemed like all good trading opportunities ceased at around noon time. Did two trades today, but I should have just stopped after the first one and called it a day.

Trade #1 - Failed 2nd entry short, after prices had formed a double bottom. +1.00 pt.

• buy 1 @1761.75 at 10:23
• sell 1 @1762.75 at 10:30

Trade #2 - Went long on a 2nd entry, after prices had formed a triple bottom. Had a good feeling about this trade and was pretty sure of getting my scalp. However, prices dropped further and I was within 2 ticks of getting stopped out. When prices rallied a bit, I took the opportunity to bail out at break-even. Didn't do this twice yesterday and got burnt twice for it. Of course, the market being what it is, after my exit, prices continued up another 3.5 pt. I was right on the direction, but my entry was just a bit too early. Seemed like there was a cameraman filming behind me. All my actions were being transmitted back to the market. I somehow suspect that had I not bailed out early, the market would've dropped to take me out. But since I did, it carried on up. 0.00 pt.

• buy 1 @1764.25 at 15:31
• sell 1 @1764.25 at 15:39

ES chart 10/29/13

ES 10/28/13 -1.00

Not a good day overall to start the week off. Morning trading was OK, but the market just slammed on the breaks and halted to a crawl around noon. This was when I got myself into some trouble – took two consecutive losing trades. However, for those two losers, I still could have gotten out with +2 ticks each, but greed got the better of me. Going forward, I need to trust my gut instincts more often. Bailing out of a trade at a tick gain or even break-even is better than getting stopped out. Anyway, ended the day negative.

Trade #1 - 2nd entry long with trend line support and prices exhibiting higher highs and higher lows. Got my scalp of +1.00 pt.

• buy 1 @1753.50 at 9:43
• sell 1 @1754.50 at 9:45

Trade #2 - 2nd entry short, after prices made a new high. In hindsight, I should not have taken this trade, as 3 consecutive Dojis had already formed. I was just too anxious to take a trade. Anyway, I still had a chance to bail out with 2 ticks profit, but instead took a -1.25 pt loss. This trade took almost 1 hour, from entry to exit. Another sign that it was in trouble.

• sell 1 @1758.00 at 13:27
• buy 1 @1759.25 at 14:24

Trade #3 – Bad entry (chased after this 2nd entry long). Paid for it with a loss of -1.75 pt. Again, I could have bailed out with 2 ticks profit, but instead held on.

• buy 1 @1759.25 at 14:27
• sell 1 @1757.50 at 15:09

Trade #4 – Immediately after being stopped out on my previous trade, I went short on selling momentum. The bar was very bearish. Took some time for this short to work out. A few times I was even considering exiting early for a tick or two. +1.00 pt.

• sell 1 @1757.50 at 15:09
• buy 1 @1756.50 at 15:35

ES chart 10/28/13

ES 10/25/13 +1.25

Wow...what a frustrating, choppy and slow day. Can't seem to get into any setups that actually worked. Either they weren't present when I was watching the charts or I missed them due to being away from my desk for a quick moment (lunch, bathroom breaks, etc). Also, had some trouble getting the correct trend lines in place, which caused me to miss (not able to identify) two good entries. The two trades that I got in this morning didn't pan out. Never got any traction. Bailed out on both for a tick or two.

Trade #1 - Decided to go short, as prices met resistance on the upper trend line. The bar was very bearish and ran down quick. Had to get in on the next bar. Prices did drop by 1 pt from my entry, but didn't tick through before retracing. Didn't get my scalp target, instead got stopped out for a tick gain. This frustrating tick through thing has been happening to me a lot. Anyway, congestion and a couple of Dojis followed, which caused me to bail out on the runner early. 0.25 + 0.50 = +0.75 pt.

• sell 2 @1748.50 at 10:22
• buy 1 @1748.25 at 10:32
• buy 1 @1748.00 at 10:34

Trade #2 - This was a failed 2nd entry short that didn't work out. After I got filled on my long entry, prices reversed and headed down fast. The bar was bearish and I thought I would be stopped out. Instead, prices reversed again, with an equally strong bar and I took the opportunity to bail out for a tick on each contract. 0.25 + 0.25 = +0.50 pt.

• buy 2 @1749.75 at 11:01
• sell 2 @1750.00 at 11:05

ES chart 10/25/13

ES 10/24/13 +6.25

Today seemed like it was an uptrend day, but within a big overall price range. Did two trades...all before 10:30 AM. I was basically done at this point, even though I watched and somehow missed two other good trades later on.

Trade #1 - Prices formed a triple bottom. Took a 2nd entry long off the low of the day. I exited early on my runner, due to an upcoming 10:00 AM economic data release. 1.00 + 1.25 = +2.25 pt.

• buy 2 @1741.25 at 9:49
• sell 1 @1742.25 at 9:52
• sell 1 @1742.50 at 9:55

Trade #2 - Was hesitant (again, for the 108th time) for a second about taking this 2nd entry short, as prices were trending up. However, went ahead and took the trade, due to 3 reasons:

1. Resistance at both the major and minor sloping (albeit upward) trend lines
2. Resistance at median horizontal resistance line
3. Uptrend within an overall range, so range rules could apply

This turned out to be an excellent trade. Got both my scalp and runner targets fairly quickly. 1.00 + 3.00 = +4.00 pt.

• sell 2 @1744.25 at 10:23
• buy 1 @1743.25 at 10:24
• buy 1 @1741.25 at 10:28

ES chart 10/24/13

ES 10/23/13 +2.00

Took only 2 trades today. Missed about 5 others. Ended trading early, as I just got tired of looking at the charts and missing trades.

Trade #1 – Was looking for a bounce, after prices broke the trend line. 2nd entry long on a limit order. Scalped out for +1.00 pt.

• buy 1 @1742.25 at 9:39
• sell 1 @1743.25 at 9:41

Trade #2 – Again, a 2nd entry long on a limit order. +1.00 pt.

• buy 1 @1737.50 at 10:31
• sell 1 @1738.50 at 10:34

ES chart 10/23/13

ES 10/22/13 +3.50

I didn't trade yesterday. Had some neck pains, when I woke up. Couldn't turn my neck. Must have slept in the wrong posture. Anyway, for today, I did a lot of trading. Too much for my liking. I think I should have stopped after the first 3 trades. Seems like 3 is my optimal number. Also, did some stupid things like averaging down and not sticking to my stop price.

Trade #1 - Got +1.00 pt on a breakout pullback long.

• buy 1 @1744.75 at 9:32
• sell 1 @1745.75 at 9:35

Trade #2 - 2nd entry long with trend line support. I got shook out of this trade. I bailed for a tick, after the Doji formed. Better safe than sorry, I guess. +0.25 pt.

• buy 1 @1745.50 at 9:47
• sell 1 @1745.75 at 9:51

Trade #3 – Again +1.00 pt on a breakout pullback long.

• buy 1 @1750.50 at 10:05
• sell 1 @1751.50 at 10:11

Missed out on the reversal, as the market gave back all of its morning gains. Had a short entry limit order that was not filled. Didn't want to chase after a trade, so just sat back and watched, as the market continued its downward trajectory.

Trade #4 – Went long on a failed 2nd entry short. Trade didn't work out. Should have limited my loss and bailed out. Instead, I took a full -2.00 pt stop. Ouch!

• buy 1 @1746.75 at 11:11
• sell 1 @1744.75 at 11:14

Trade #5 – After stopping out on the previous long, I went short immediately. I have to admit that this was an emotionally-driven entry. Worked out this time, but I should not have gotten into this trade. +1.00 pt.

• sell 1 @1745.00 at 11:15
• buy 1 @1744.00 at 11:16

Trade #6 – After prices hit my scalp target on the previous short, it reversed. Took a 2nd entry long. It was an aggressive trade (countertrend), as the market was in a downtrend now. Prices moved up just enough for me to scalp out +1.00 pt.

• buy 1 @1744.75 at 11:18
• sell 1 @1745.75 at 11:19

Trade #7 & #8 – I broke a couple of trading rules here – never average down and never adjust my stops. I took a long entry, after a double bottom had formed. Not a good enough reason alone for a trade. I realized my mistake, but knew prices have a good chance of bouncing off of the trend line. However, that support area is a bit below my max 2 pt stop loss. I did a stupid thing and moved my stop below that area. Prices came down and found support, as expected. I went long again (avg down) here. Escaped with a (0.25) + 1.50 = +1.25 pt. Prices ran up another 5+ pt, afterwards. Done for the day.

• buy 1 @1747.00 at 12:26
• buy 1 @1745.25 at 12:49
• sell 2 @1746.75 at 13:05

Even though I was net positive, it was a disappointing day overall. I had 7 winners vs 1 loser, yet ended up only 3.50 pt. Main culprit is the 2:1 risk/reward ratio. Not sure if I can come up with an alternative to this, though. Over-trading was not good. Taking a full 2 pt loss on Trade #4 was bad. Breaking a couple of major trading rules was the worse.

ES chart 10/22/13

ES 10/18/13 +4.25

Had some difficulties figuring out whether it was an uptrend or a range day. Initially, thought it would be the former, but by late morning, it looked like the latter. Was switching my S/R lines around. Turned out my initial uptrend lines were correct, as the market was basically in an upward trajectory the entire day. Had a hard time trying to keep awake in the afternoon period, though. It was slow moving. Trading-wise, I took 2 trades, but missed on 2 other good ones.

Trade #1 - When the regular session opened, it looked like an uptrend day. Prices retraced and bounced off of both the trend line and EMA, before closing up as a bullish candlestick (price rejection). Went long and got 1.00 + 1.00 = +2.00 pt. I bailed out early on my runner, as prices were hitting overhead resistance.

• buy 2 @1734.00 at 9:50
• sell 1 @1735.00 at 9:54
• sell 1 @1735.00 at 9:59

Trade #2 - By this time, I had reset my S/R lines to accommodate for a range day. Took a 2nd entry long, with support (prices tested support area 3 times). Got a bit nervous when two consecutive Dojis formed. Again, manually exited on my runner. Would've gotten my 2nd target, had I held on. 1.00 + 1.25 = +2.25 pt.

• buy 2 @1731.25 at 10:36
• sell 1 @1732.25 at 10:43
• sell 1 @1732.50 at  10:53

After this 2nd trade, reverted back to my original S/R lines meant for a trend day. Missed out on 2 good trades due to hesitation on my part. Nothing else for the rest of the day, except a late long entry setup. However, by this time, it was almost near closing.

ES chart 10/18/13

ES trades for 10/17/13

This will be a very brief recap of today's trades. As was noted yesterday, I stepped out of the apt. and didn't return until about 10:30 AM. Checked the chart and it was setting up to be an uptrend day. Again, I took 3 trades. All were to the long side and were winners.

Trade #1 - I misread this to be a breakout pullback long entry. It wasn't, but luckily the trade worked out. One of the benefits of trading with the trend. Even if you make a mistake, odds are stacked more in your favor. +1.00 pt.

• buy 1 @1718.25 at 11:18
• sell 1 @1719.25 at 11:33

Trade #2 - A failed 2nd entry short with trend line support. +1.00 pt.

• buy 1 @1720.00 at 11:43
• sell 1 @1721.00 at 11:45

Trade #3 - Again, a failed 2nd entry short with trend line support. This time, prices were bouncing off of the EMA as well. +1.00 pt.

• buy 1 @1722.50 at 15:01
• sell 1 @1723.50 at 15:07

ES chart 10/17/13

ES trades for 10/16/13

Yesterday: Didn't trade the whole day - had to run some errands.

Today: Traded until 2 PM - needed to head out for an appointment.

Tomorrow: Won't be trading in the morning - nephew's b/d celebration at school. Will be back for the afternoon session, though.

It was an uptrend day for the most part. From about noon on, though, the market was flat to slightly lower. Anyway, here is a quick update on today's 3 winning trades - 2 longs and 1 short.

Trade #1 - Took a 2nd entry long, with trend line support, just after the regular market opened. Really fast trade. Got my +1.00 pt scalp in under 1 minute.

• buy 1 @1702.50 at 9:33
• sell 1 @1703.50 at 9:34

Trade #2 - Saw a failed 2nd entry short, as prices bounced off of the trend line. Went long right after the formation of a very bullish trigger bar. This time, my target was hit even faster. Total time elapsed from entry to exit was 0:25 seconds. +1.00 pt.

• buy 1 @1711.00 at 10:15
• sell 1 @1712.00 at 10:15

Trade #3 - Got my down trend line in place. Took a 2nd entry short, as prices met resistance at the upper trend line. Prices hit my target a few minutes before I had to head out at 2 PM. Had it didn't, I would've manually exited for whatever amount I could have gotten. Prices went to as low as 1710.50 before bouncing. Would've love to have traded with a runner. +1.00 pt.

• sell 1 @1714.50 at 13:46
• buy 1 @1713.50 at 13:56

ES chart 10/16/13

ES trades for 10/14/13

It's Columbus Day today, but market was opened. It was a trend day, but a slow one. Did 5 trades today - 4 winners and 1 loser. Still net $ wise, it didn't amount to much, as I didn't catch any runners.

Trade #1 - 2nd entry long on a bounce off of the EMA. Failed to gain any traction. Stopped out for a loss of (1.75) + (1.75) = -3.50 pt. Bad way to start the day.

• buy 2 @1689.75 at 9:59
• sell 2 @1688.00 at 10:09

Trade #2 - Went long as prices made a double bottom. Even though I got my scalp target, it would've been safer, had I waited on a 2nd entry. 1.00 + 0.25 = +1.25 pt.

• buy 2 @1689.00 at 10:13
• sell 1 @1690.00 at 10:33
• sell 1 @1689.25 at 10:42

Trade #3 - Risky/aggressive trade, as this was a countertrend trade. Prices met resistance at the previous day's high. Went short immediately after the closing of a bearish candlestick bar. Prices dropped just enough for me to scalp out, before moving up nearly 5 pt. 1.00 + 0.00 = +1.00 pt.

• sell 2 @1700.25 at 13:49
• buy 1 @1699.25 at 13:54
• buy 1 @1700.25 at 13:58

Trade #4 - More or less a 2nd entry long. I missed the actual 2nd entry, but got in when prices bounced off of the median trend line & EMA. Only got a scalp out of it, as my runner was stopped out, before prices jumped for 4 pt. Sucks! 1.00 + 0.25 = +1.25 pt.

• buy 2 @1701.75 at 14:52
• sell 1 @1702.75 at 15:04
• sell 1 @1702.00 at 15:05

Trade #5 - Prices bounced a few times on the EMA. Went long, after a very bullish bar formed. Got my scalp, but I really shouldn't have taken both this and the previous trade. Even though both worked out, they were taken very late in the day. 1.00 + 0.00 = +1.00 pt

• buy 2 @1704.00 at 15:31
• sell 1 @1705.00 at 15:33
• sell 1 @1704.00 at 15:35

ES chart 10/14/13

10/12/13 wedding pics

Went to a former co-worker's wedding last night. My former manager and former group head also were there. Might write a bit more about it at a later post, but for now just a couple of pics. I had a good time overall. Good to see and catch up with people I used to work with. One thing that stood out for all of us were the food. The quantity and quality. There were over 20 main dishes (meat, fish & veggie dishes from A to Z). Plus, a separate table for seafood offerings (crab claws, clams, scallops, salmon, etc) and another for desserts. We were nearly in a food coma...mein gott!

dancers

banquet hall

ES trades for 10/11/13

Friday was an uptrend day. Did 3 trades - a pair of longs and a short. All were winners.

Trade #1 - Even though prices were forming a small downward sloping channel, I still went long. There were 3 reasons for this.

1. It was a 2nd entry
2. Prices were at the EMA
3. It was looking like an uptrend day

• buy 1 @1689.50 at 10:23
• sell 1 @1690.25 at 10:27

I had manually exited for +0.75 pt, in anticipation of prices meeting resistance at the upper trend line. Sure enough, after touching the trend line, it promptly reversed...which led to my 2nd trade.

Trade #2 - When prices reversed immediately and upon the formation of a bearish candlestick, I went short on a limit order. Price rejection entry. Was a bit nervous when, not one, but two consecutive Dojis formed near the EMA. However, I held steady, as I was expecting prices to test Thursday's high of the day. Prices broke through that level and went down further. Got my scalp of +1.00 pt.

• sell 1 @1689.50 at 10:28
• buy 1 @1688.50 at 10:35

Trade #3 - As prices continued dropping, I was expecting some sort of bounce around the main upward sloping trend line. When it did and the bar ended very bullish, I was tempted to go long. I held off, as I was waiting on a 2nd entry. Had I taken the trade, it would've worked out. Prices then bounced on the short upward sloping trend line that formed. Also, prices were at the EMA. I entered on a limit order on a candlestick that ended up bullish. However, the next bar finished bearish, but I did managed to get my +1.00 pt scalp with it at it's high point . The bar after that ended up as a Doji and failed to push prices down, which caused the market to rocket up. This could have been a failed 2nd entry short trade too.

• buy 1 @1688.25 at 11:24
• sell 1 @ 1689.25 at 11:26

ES chart 10/11/13

ES trades for 10/10/13

After yesterday's session, I was planning on being more selective in my trade choices going forward. Quality over quantity. Did just that today. Took only 3 trades. All were winners, though the last one was painful to watch. Better safe than sorry. I always remind myself this to lessen the pain.

Trade #1 - I had initially passed on this 2nd entry long. Didn't really want to take it, as the signal bar was somewhat bearish. However, prices subsequently bounced off of the upward sloping trend line. Went long on a limit order. +1.00 pt.

• buy 1 @1668.00 at 9:31
• sell 1 @1669.00 at 9:33

Trade #2 - Bullish day today. Prices broke off of the main upward sloping trend line and just kept moving up. Took a momentum long trade. It worked here, but I don't think I will do any more of these type of trades again. Need to stick to my rules. +1.00 pt.

• buy 1 @1677.50 at 11:36
• sell 1 @1678.50 at 11:39

Trade #3 - This is the trade that caused me some sorrow. Actually, don't know why I'm complaining, since I had no runners (trading single contract only). Also, even if I had runners, they would've been stopped out, as prices retraced before the power move up. I went long, after a candlestick bar that started bearish, but ended up finishing very bullish (price rejection). Didn't even bother waiting for a 2nd entry. In hindsight, maybe I should have, though. Prices retraced and almost stopped me out. Manually exited for +0.50 pt, as I thought support wasn't going to hold, as I suspected it would. Too bad for me, as the market just took off for another 10 points. Mein gott!!!

• buy 1 @1677.25 at 2:13
• sell 1 @1677.75 at 2:26

ES chart 10/10/13