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