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Losing day -$405+commissions My plan was to go short but a error with my S5 mobile trader cause me to go into prayer mode. My first trade was in NQ I was waiting for another test of the highs to short then I thought why not scalp a long I entered a limit to buy on S5 Mobile but it didnt show the order pending or filed so I assumed it was rejected and went about my work day about 15 minutes later i look at my phone and see that I am in a long of course its going down now and I get upset and now have to show the market just how smart I am. I wait until ES hits my support level around to buy another NQ contract(averaging down) it starts to go up now I'm feeling confident now I set a 1st target like I actually planned this trade and can see the green it gets to about +4 from -20 instead of closing it all out of at least legging out 1 contract I say it has to hit my target 3 more points and touch the highs.
It hits my stop. now my head is messed up normally a loss is ok with me if I take a trade where I planned on taking it but with this error trade I am thinking that I wouldn't have been in this trade so its not my fault and the market will see that and my next trade will definitely make me money. well that one is a loser as well. The next trade I trade like I have a brain but by this time its to late. Tomorrow is another day this will be a good lesson that I thought I learned already when a trade is entered in error close it out immediately!!!! I took more heat in a mistake trade than I would in a trade that was planned where I think i have an edge in. smh
ES and NQ my initial bias is long although the levels are not that far from the current price Im looking for a straight drive up the consolidate. 2nd slight pullback to lows then slow grind up. The plan today is to exit bad trades quickly
I had a long bias in the morning which was correct for a bit I was in my work meeting so I couldn't really take advantage of the move. Then the markets appeared to make a turn lower. bottom line I ended up scalping for the day. I made a mistake trying to sell luckily in was in my demo by mistake but I saw again how scalping same volume doesn't work. I made about $230 with commissions probably $180. I would count today was a bad trading day because scalping with no size is not really worth doing and I was just lucky i didnt get caught in a big reversal. The risk reward was mostly backwards where it would have taken one bad trade to turn this day negative in a big way. This should put me deeper into my taking small losers and big winners strategy because I have seen it today again where my scalping for 230 in a day could have been -500 if that bad demo trade was actually in my live account. After yesterday I thought I could react to when things go wrong as it did with the 1 demo trade the market just started to reverse really fast and I again stood there hoping that it would reverse as it has been doing during my other scalps. I really really need to put it in my head each trade is different if its not doing what you think it should be doing cut the trade off. the bigger risk reward will work out in the end. It was really amazing to see that my entire scalping day could have turned negative by a huge amount in 1 trade!!!!
to keep me honest Ill be posting the stage5 historical analyser for each trading day I wasn't sure if Stage 5 allowed this to be posting but after asking I didn't get no so I'm assuming its ok
The levels are still the same I have adjusted my alerts(when i get a text from think or swim) but the major levels are the same Its really amazing that after the trading day you can see how all the lines on your chart would have worked.
my bias is long we are at a reversal area in my opinion
1. I will look to see go lower to test and grind back up
2. I test yesterday's high or overnights POC and drops
3. consolidations all day
Well what I was speaking of yesterday about scalping I clearly didn't listen because the same thing happened. I let a technical issue turn into a critical loss. about -$600 yesterday. I was looking for about a 1-1x risk-reward I was trading at work(which I think I need to stop doing) looking at bookmap I thought I saw some spoofing on the bid so I looked to short I didnt have a bracket order in(S5 mobile it doesnt work) so i had to manually add the stop but the software(stage 5 mobile/oec trader) I was using has a stop system where it just rejects stops if the price is at or past the price instead of like tradovate puts in the stop still and just activates when it hits it which actually would have worked because price dipped a little. Because the mobile app is slow in my genius I thought hey I can repair this and decide to instead of redoing the stop I add another short higher to add to a loser and after that it just shot up so fast I couldnt react I reached my pray phase where Im just praying it comes back down to break even or take a slight profit. Eventually i just said I cant take it anymore of course it was near the highs. I've decided to stop using stage 5 because of how I trade the S5 Mobile app is just to slow to cancel or take orders this isnt the first order that was entered or not cancelled because of the slow app. So Ill just be using my tradovate account for futures and my swing trading options account @tdameritrade
gold is about where I will be legging out of some of my $GLD calls $ES_F I don't really see this drop holding but of course i could be wrong either way im looking for a bounce to play I'll observe the strength at my levels and readjust as needed
My bias is short today im looking for ES to at least these 2333 for the first target from a failure of 2340 which it seems to be doing now pre-market. Im long $SPX 2335 put Im just looking for 2330 to take it off because of the spreads and the market maker games you have to play to get filled in the options market.
$NQ_F at 5328 that's when Ill look for a continued sell-off and a nice bounce.
1st hypothesis on the day
$GC_F I was looking to leg out some of my calls but I didnt get the price I wanted hopefully the greed doesnt screw me
