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