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