ES trades for 8/02/13

We had a trio of economic reports/announcements on Friday. Market was trading in a 4 point range early on. I did a couple of trades – 1 winner and 1 loser. I should have known better than to jump in on that loser, though. Ended the day net negative.

Trade #1 – As noted before, the market was in a trading range. I had an upward sloping trend line in place. In hindsight, this was drawn in error. Sort of tricked me into the trade. At 10:52 when I went long @1699.00, prices seemed to be reversing. A Doji just formed and prices had support at the (incorrect) trend line. It was obviously from the start that prices weren't going to bounce. Got stopped out at around 11:08 @1697.00 for -2.00 pt.

In hindsight, there were multiple mistakes made:

1. Prices were below the EMA at the time of the entry
   
2. A failed 2^nd entry long just occurred
   
3. Market was in a trading range, so trading range rules apply
   

Trade #2 – After being stopped out on the 1^st trade, I immediately went long again, as a Doji formed again. In at 11:09 @1697.50. Initially, took some heat, as prices went down 1.00 pt against me, but found support at 1696.50. It then reversed and hit my target of 1698.75 at around 11:23 for +1.25 pt. Prices continued going up for another 5 pt before it retraced a bit.

8/02/13 ES chart