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Reet’s 2 Trades a Day Keeps the Drawdown Away Journal – ES
Noticed a range on M5, drew in a box. Put in a limit buy order @2878,25, just north of a big order on the DOM.
Stoploss: @2876,75, just under the box
Target: @2882,25, outside of the box, near a previous top
Got filled, priced bounced right up, but would't get out of the box. I was waiting and hoping for a while (see chart, screenshot mid-trade). 2 minutes before US open it broke through, for just a second. Closed trade just before open (when anything can happen) @2879.75 for profit: 75 USD
EDIT: ten minutes later it broke out and reached my target, would have been 275 USD. O well, its just sim money not won.
Trade 1 and 2: ES is ranging again. So I put a buy limit order at the bottom of the range. The first one took 45 minutes to reach target (so not so quick). Second one didnt reach target, but i exited because the lage bid my stoploss was leaning one disappeared. Both trades on M5, my new favorite chart.
2 trades, 1 loser, 1 winner. On the 6E Eurofuture this time. ES is lifeless this morning.
First one i entered too fast. Noticing a vague downtrend. Put in a sell limit order based on what seemd a strong resistance @1.12960. Didnt work. I exited before the stop was reached for
Profit: -31.25 USD
Trade 2: So I switch my thinking to uptrend. Entered a buy market order at bottom of a consolidation.
Stoploss: Cant remember, but below a big buy order.
Profit target: @1.13160 (moved around a bit).
Price rallied, fell down a bit and I decided to add a contract at what seemed like new support. @1.13100. After a while price shot up, through my target and much higher....
Trade 1: My MT5 web application crashed so I had to draw this one in in Paint. I noticed a nice range on ES on M1. Put in a sell Limit sell order at the top of the range (E1 in the chart). Price blew right through resistance though. Stoploss immediately hit.
Profit: - 50 USD
Trade 2:Waited for price to retrace to almost the bottom of the big white candles that came before, like it often does in these sort of ranges, and entered with a market buy order @2894,75. (E2 on the chart.)
Stoploss: @2893,75, just below the range. 4 ticks
Target: @2897,00, 2 ticks below a big order at top of the range.
Trade 1: ES, M5. Uptrend, testing 2900 for the third time. I entered with a buy limit order during a consolidation @2897.00
Stoploss: @2895.75
Target: @2899.75 Just below that big order on the DOM, see chart. What to do? Move the target up and hope for a break of 2900. I actually think it will happen today. Price didnt shoot up there like last time, but it's slowly getting there. Or i could take profit @2899.75 and immediately re-enter 1 or 2 ticks below if possible, hoping to catch that break...
UPDATE 21:09: So this ended badly. I removed the target, hoping for a break out. Price hovered @2899.75 for minutes before falling back down to my stoploss, which I set for Break even. Profit: 0 USD.
The other trade today I took on the Euro stoxx M5. I'm always watching it, but never seem to get a good entry. Now I did. There was momentum to the upside. Lots of buying on the time and sales.
Entered buy limit order @3357 in a consolidation. The move the ES was making helped my decision, I think
stoploss: @3351
Target: @3370.
Exited @3365 in another consolidation. Profit: 80 Euro, or 90 USD
So today ES did break 2900, one day later than I anticipated. And I missed it because of work this morning. I did get 4 trades out of the aftermath though. 2 entered too hurriedly, and 2 winners.
Trade 1: Got nerveous seeing the break of 2900. At 8:57 I tried to fade the breakout with a sell limit order @2904.75. There was no real sign it would go down though. Exited almost immediately for
Profit: 0.
Trade 2. Again a sell order @2904,75. But this time there was a rotation: lower highs and closes on M1. Stoploss 5 ticks. Profit target @2901.00. It didnt reach the target. I trailed with my stop since this was a countertrend trade and I got stopped out @2903.00.
Profit: 87,50 USD
Trade 3: Got filled a buy market order @2910,25. Thinking price would go up, coming out of a pullback. Price sank, so I bailed (maybe too quick) for a
Profit: -37,50 USD
Trade 4: Same trade, done right. Saw support @2909.00. Entered a buy limit order in some consolidation area 2910.00.
First: This sim cycle is going very well for me, to the point that it almost sounds to good te be true. Will evaluate soon, probably after day 20.
Trade 1: not on my chart. It is 16:00 in Amsterdam, American markets just openend, things are looking bearish. Entered via a sell market order during a low volume pop up @2907,75. There seems to be support around 2902,50, so enough room to fall.
stoploss: @2909,00
Target: @2903,00
Closed trade @2905,75 for
Profit: 100 USD
Price reached my target some minutes later.
Trade 2: as seen mid-trade on my chart. 2900 seems like firm support, at least for a while. Entered buy limit order @2901,25. Countertrend so I will trail this one closely.
