I am an early bird today and did 2 trades already .. both Green and total 7 ticks before commission.

That's what I like ..

Trade Recap:

1. Both A grade (not counting my EMA preference).

2. Calm and Relaxed throughout. The first trade would still work out if I did not choose to exit early. Having said that, I need to respect my preference.

I will work on some non-trading issues for the next hour or so. Will resume spotting high probability trades after that.

Beth

Initial Balance: 1122.25 - 1115.50 (6.75 points)
Value Area as at 10:45 am: 1122.00 - 1119.00 - 1117.50 (4.50 points)
Price opened @1117.25
Today's High and Low as at 10:45 am: 1122.75 - 1115.50
VPOCs: Top 1128.50 (1121.25 was touched) and Bottom 1095.00
Overnight High and Low: 1127.75 and 1117.00

Geithner is going to talk at 12:00 noon. Maybe we will have a bigger move then?!!

Trade the candle/bar in front of you!

Beth

2 more Green trades, ie

1 Long (4 and -1) 3 ticks
1 Short (4 and 2) 6 ticks

PLUS the earlier 2 trades 7 ticks = 16 ticks for Thu morning.

I'm officially done for today.

As of this moment, the weekly ES sim log is as follows:

Mon No trade as I was setting up the new set up and performing system review
Tue 23 ticks
Wed 1 tick
Thu 16 ticks

Total 40 ticks before commission

Note: If it's for real, I will be celebrating and take Friday off LOL! It's going to happen for my Live trades!

Beth (For the record, I spotted the trades manually and not counting on the BETA strategy.)

I sim-traded the BETA strategy on 6E between 8:30 am and 11:00 am this morning. Enclosed is a very good reminder that one's trade/money management is the most critical factor in one's Successful Trading career!

Beth

I have a different view on moneymanagement. When the edge is thin, may be one can stay alive with good money mangement.

wgreenie 

I sim-traded the BETA strategy on 6E between 8:30 am and 11:00 am this morning. Enclosed is a very good reminder that one's trade/money management is the most critical factor in one's Successful Trading career! Beth

Price currently trades at 1114.00 (10 points below yesterday's Close @1124.00).

Overnight High and Low as at 9:15 am are 1127.00 and 1111.25 respectively.

Top VPOC 1120.75
Bottom VPOC 1095.00

Have a Successful day.

Beth

What I learned from the enclosed Long trade (met the entry criteria):

1. When it's touching the most recent HH and halted, it's time to consider an early exit.

2. I missed noticing the thick green line (ADX on Panel 4) was slightly above the thin lines - another warning.

3. Then finally I noticed End Trend on Top Left and SL got hit - too late to do anything LOL!

Yes, full SL was hit yet I'm quite happy. Why? I learned from my mistakes .. smile .. That's the beauty of sim-trading .. do not need to spend a dime for learning great lessons .. haha ..

I'm officially closing for today. Remember I made 40 ticks as of yesterday and now -12 ticks = 28 ticks. I "learned" from my July trading month (real trading) that it's more advisable to keep 2/3 of the weekly gains. I only have a 1-tick quota left (1/3 of 40 ticks = 13 ticks) and it's not enough for even 1 contract. Very important money management for me that I better practise it on sim too!

Continue enjoying your day. I will be back with the weekly recap (after going through my trade logs).

Beth

Beth,

Have a good weekend. Another great week behind you, and many more ahead of you.

Mike

Here it comes:

Mon No Trade (Getting used to the 4-Range Set Up)
Tue 23 ticks (4 winners)
Wed 1 tick (3 winners and 1 loser)
Thu 16 ticks (3 winners)
Fri 12 ticks (1 loser)

Total 28 ticks before commission (10 winners and 2 losers)
Commission 12 x 2 x $5 = $120 (believe all 2-contract trades)

Even I sim-traded the original 4-Range set up for almost 3 months, I made quite a few trading mistakes this week with the revised set up. Well, that's beneficial as long as I do not make the "same" mistakes again. In short, I'm quite satisifed with my performance. Hmm, a B- as an incentive for me.

You won't believe my non-trading to-do list for today. Better tackle them one-by-one now.

Take care and have a Wonderful weekend.

Beth

Initial Balance: 1120.50 - 1111.25 (9.25 points)
Value Area as at 10:35 am: 1120.75 - 1116.25 - 1115.25 (5.50 points)
Price opened @1112.25
Today's High and Low as at 10:35 am: 1120.50 - 1111.25 (matching IB)
VPOCs: Top 1120.75 and Bottom 1095.00
Overnight High and Low: 1127.00 and 1111.25

No more important news today. What a big drop with the 8:30 am news and it does succeed in climbing up almost 2/3! Funny that it stopped right before the Top VPOC 1120.75.

My recommendation (as always): Trade with an edge!

Beth