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Wow I didn't realize I didn't click "submit reply" on this one. Whoops.
First trade - Error
I took was a complete fat finger trade.
I was looking to set up a short and I always set up a short high up and then drag it down to an area that looks reasonable
However, this time I accidentally moved it below the price level so it auto filled me! I got out of it right away but it was right during the open so I ended up losing about 3 pts. Not the greatest way to start the day with a fat finger trade but you can't let it get to you.
No screenshots for this one but you can see it on the next trade.
Second trade taken - Short @ open setup
Profiles were looking bearish and my overall open sentiment was bearish so I looks for signs that we would have sellers stepping and and then got in at a reasonable price level
I think I got a bit greedy with moving my target. If I just left it at 5146 I would've gotten filled near the bottom of the day, oh well.
Trade grade – Ok
It may or may not have been part of my setup plans but at least aligned to my scenarios
Do not break any golden or silver risk management rules- Passed
Set alarms and walk away during non-critical periods. Make sure to be back for 330 potential ramp up though- Passed
Maximum of 3 trades today- Passed
All trades must be part of plan / scenarios / setups. Exception to this would be post earnings trade- Passed
Do not look at P&L- Passed
No trading while the market is flat- Passed
As a note, I will be out of trading office for a while here and won't trade until maybe next Tuesday although most likely Wednesday. I'm working on some time-sensitive matters right now which if they go through will tick off one of the major things on my 2016 Goals & Objectives.
See you later traders!
Yesterday's excellence is today's standard and tomorrow's mediocrity
Creeping bull day and establish new record highs (think of most days last week with just minor pullbacks)
Pullback at open until we find a strong support zone, continue bull until all time highs but don't establish a new record,
Open up until we hit all time highs, then continue bull rally until ~ ON low, ~5100, or possibly 5080
Open up bull until ~ all time high, establish a new one but don't break the 75 mark. Trend bear after that until we find a strong support zone, and range between those 2 points
If FOMC doesn't surprise us and there are no negative news, we should continue bull rally post FOMC (after the volatility of course)
Setups I'll take today (all pre FOMC)
~5170 (Record High)
LF Short reversal
Stop behind 76 is ideal
Safe target is 5153, stretch is 5141, 3rd stretch is 5133 but guarantee 15 pts of profit and this requires a sentiment change
~5170 (Record High)
LF Long and break out
Stop behind 67 is ideal
Be careful about taking this on first contact
Do not aim for a target higher than 5196, even that might be too high so make sure you are very comfortable
Do not take a pre b-out setup
~5150
LF Short
Stop behind 53 is ideal
Safe target is 5133, stretch is 5126, be careful about a lower target than that unless sentiment changes
~5150
LF Long
Entry will be tough here, ideal stop is behind 5140 on a potential pullback
Safe target is 5163, stretch is 5168, 3rd stretch is 5173
We might pullback on first contact so keep that in mind when looking for entry point
~5120 (ON Low)
LF Long
Stop behind 5120 is ideal
Safe target is 5138, stretch is 5167, 3rd stretch 5158, 4th stretch is 5167 but guarantee 20-25 pts of profit to aim for it
~5100
LF Long
Stop behind 5095 is ideal
~5080
LF Long
Stop behind 5080 is ideal
FOMC setup - Your typical FOMC setup
I have found that there's usually 3-4 opportunities during your typical high volatility FOMC announcement. 1 before the announcement, 1 as soon as the announcement comes up, and 1-2 once the dust settles and the fundamentals kick in
Keep an eye out for potential sup/res during this setup to gauge strength
Busier day today. Held a position after market closed which didn't work out for me the way I wanted it to.
First opportunity - Passed
Second opportunity - Taken
Felt good about passing up on the first setups so I was looking to be able to take a trade ~ ON low
I was comfortable with this setup but to be honest I wasn't so sure about my entry point. It ended up being a bad entry point and I just missed a good trade by a couple of ticks, oh well.
Trade grade – Ok
It may or may not have been part of my setup plans but at least aligned to my scenarios
Some signs were there
Decent (but not good) target and/or stop
Third opportunity - Taken
News setup, but I took it either about 15 seconds too late, or about 2 minutes too early. Either way, bad entry point and led to a bust.
Trade grade – Ok
It may or may not have been part of my setup plans but at least aligned to my scenarios
Some signs were there
Decent (but not good) target and/or stop
Fourth opportunity - Taken
Exit was @ 5139.25 which was my lowered stop after the market closed (had to create a new stop order)
I ended up taking some points off the market, but I got a bit greedy here. If I had just left my original target at the 49 mark, I would've gotten a target filled instead of a lowered stop. Oh well.
Trade grade – Ok
It may or may not have been part of my setup plans but at least aligned to my scenarios
It was my wife's birthday and I held a trade past the closing so I wasn't able to post this yesterday.
Sometimes you miss the line by an inch, sometimes by a mile. Today it was a matter of ticks for me.
1 trade taken today and no winners. There was a trade I wanted to get into that I just missed by 3 ticks which would've been a calm winner. Oh well!
First trade opportunity - Just missed
Observing signs of entry
Market was moving really fast and I wasn't able to get in fast enough, just missed it
Second trade opportunity
This was an earnings trade. Amazon came in with lower revenue but better EPS. I expected market to drop slightly and then pick up after so I bought on what seemed like the dip.
