Short ES was filled at 2620.75 at around 8:29. My hunch was all the buying power was absorbed above the 2619. I had an uncomfortable wait until 8:45 where there was a nice break. The selling didn't last very long and price bounced around a little. I became uncomfortable and started fidgeting with my STOP. I tried to focus on my reasoning for staying in the trade. This helped to block out the fear of loss. I became convinced the down move was over and closed at 9:10 at 2617.5. +13.




I can't help but to suspect a test of the day's high 2624 at some point.

Today I started excel journaling each trade to put entry/exits through statistical rigor. Also tracking risk:reward and some other stuff.

Having a blast with this.

It looks like you're really trading off a 5M chart and looking for SR zones and using PA to determine entry/exit. Is that close?

Are you setting your market order in advance in the area where you're wanting to get in?

Comeback King 

It looks like you're really trading off a 5M chart and looking for SR zones and using PA to determine entry/exit. Is that close? Are you setting your market order in advance in the area where you're wanting to get in?

Pretty much. I have 2 setups basically. I'm tinkering with the Order Type. Today I was trying to get pulled into the market but I didn't get an order filled at 2612 when the 630 bar went down. I didn't chase that trade so I missed out. I'll probably start messing around with market orders more.

3 trades today...paper trades. +10 ticks.

My first trade ended poorly. I have to admit I moved my stop 1 point on that one to give it a little room to turn around. My rationale was that I felt momentum was strong and I figured ES would march merrily higher after the pullback to the 20EMA. WRONG. Went all the way down to 2612 support. Oh well.

Shouldn't have moved that stop from my planned out risk point. That was dumb.

The rest of the day went alright.

Salao 

Thanks! Bare with me if I ask a stupid question...but what do you mean by “filtered data”?

I'm by no means an advanced trader (hope to be one in years......) but my understanding of filtered vs. unfiltered is that you aren't getting every last tick and somewhat delayed depending on the data provider. TOS as we are using is nice because it is low cost and an all in one broker, charting, trading and data feed but is a something for everyone platform. Again I like it, but wish the trading costs were lower and I could choose a different data feed.

Here's a good link to a discussion from a few years back. Some data providers only provide data. That is their business and give you everything. If long term, long target trading is happening maybe not a bad thing if it's off a tiny bit, but for short term tight stop scalping you want every tick to count since your'e already giving the market the bid/ask spread and slippage and most trades have to be positive a tick or two to overcome this. It appears you are looking at longer targets so it may be nothing at all for your style and strategy. I'm more of a scalper partially due to my real job and the hours I can trade (not the open or mid-morning).

Unfiltered Data I keep seeing these advertisements for unfiltered data..... Isn't the whole point of filtering the data to ensure that a rogue/erroneous data point won't ruin your day? If you have a stop in place and a bad piece of data comes in, that exceeds …

Good discussion by Big Mike on this.

MoparCar 

I'm by no means an advanced trader (hope to be one in years......) but my understanding of filtered vs. unfiltered is that you aren't getting every last tick and somewhat delayed depending on the data provider. TOS as we are using is nice because it is low cost and an all in one broker, charting, trading and data feed but is a something for everyone platform. Again I like it, but wish the trading costs were lower and I could choose a different data feed. Here's a good link to a discussion from a few years back. Some data providers only provide data. That is their business and give you everything. If long term, long target trading is happening maybe not a bad thing if it's off a tiny bit, but for short term tight stop scalping you want every tick to count since your'e already giving the market the bid/ask spread and slippage and most trades have to be positive a tick or two to overcome this. It appears you are looking at longer targets so it may be nothing at all for your style and strategy. I'm more of a scalper partially due to my real job and the hours I can trade (not the open or mid-morning). Unfiltered Data I keep seeing these advertisements for unfiltered data..... Isn't the whole point of filtering the data to ensure that a rogue/erroneous data point won't ruin your day? If you have a stop in place and a bad piece of data comes in, that exceeds … Good discussion by Big Mike on this.

Thanks for that link. A lot of info in that discussion.

I used Sierra Chart for a year for trading stocks. I liked it and it allowed me to use my TOS data...i think historical data only. Which was fine. I'll have to do more research on it and maybe experiment with other systems. I like TOS because its a pretty simple solution...but I'm not paying commissions on trades yet so we'll see what happens! TDA has crazy margin requirements too. So due diligence will happen.

I'll trade the open and morning tomorrow but after that I'll only be able to trade mornings sporadically...Due to my work schedule. I'll be making money the easy way...via signed pay check!

When you say you are 'more of a scalper' how long are you holding trades for?

ES very clearly wanted to go higher at the open this morning. Went long 2606.5 and closed at 2613. Slow move up and volume was troubling. Honestly, for some reason, I felt a little out of my depth with the price action from 635 to 645 PST so I closed. Looks like price is going higher for now though.

+26 ticks...paper trading today BTW.

NYSE volume seems a little low. I could be WAY out of line here...but today seems trap-ish.

Jumped the gun on a short. I'm pretty sure I'm going to get better position here. I became uncomfortable with where my STOP was and decided to get out and play for better position. If the market wants to move down without me...I've decided to be OK with that.

+1 tick, +27/day

Salao 

Jumped the gun on a short. I'm pretty sure I'm going to get better position here. I became uncomfortable with where my STOP was and decided to get out and play for better position. If the market wants to move down without me...I've decided to be OK with that. +1 tick, +27/day

I need to be more patient...haha!