Gentle Trader

Archive for the ‘Trading Day’ Category

Long setup during overnight session:

Sellers from friday’s high still holding short positions (12:57hs):

Short setup as twitted was followed by another short setup in a row. This one must be the more perfect short setup I could have. It’s going to my “Patterns” page:

Even with this great setups, I ended up negative for the day.  Lack of confidence in the setups made me over trade.

Long setup I didn’t took. Triggered in overnight session.

Short setup:

I had commited all day long to a meeting, so I was not supposed to trade. Day started with a sell off right to 1201.75, precisely touching a LVN in my composite chart. Text book!

First trade of the day could have been done right after sell off, when ES started to bounce:

Another long setup:

Then the market went sideways until the end of the day. I arrived in my desk at that time and tried to trade “just to make my daily target”. Wrong decision that costed me a few hundred bucks. Not really any setup was triggered, but I had in my mind I had to make the daily target. This completes second loss in a row.

Day started with a push back into previous day POC (point of control), recovered clearing the high of the year and then traded in a down trend during the whole session.

First setup was a long taken after previous day POC test:

Second setup was a short:

Third setup, another short (beautiful!):

Last trade was a long. Bad one. Took my previous profit and made me a little loss for the day. The long entry was ok, but I was over confident of my setup and didn’t stopped out. Description of the trade inside the picture.

First short of the day (before regular time session):

As regular session starts, 2 great setups came into play: 1 long setup and 1 double short setup.

Another 3 setups happened later, 2 longs and the final short that I twittered live.

Good setups are not enough for being a profitable trader. The proper management of the trade once you are in are vital. This Friday I got my setup triggered a few times. First time, in the beginning of the day, I hadn’t started trading. When I first saw it I got the feeling of being out of the party. This is a dangerous feeling that can ruin your trading day.

The first setup I got after being in front of my computer was a buy setup. After a 32k delta sell off, I got my 4k long entry from the lows.  Stopped out this trade. Sell off continued.

Next setup triggered. Market started going sideways.

The last setup triggered was also a long setup. And it would be the best one if I took it with the “correct” size. I entered in the trade with twice cars I use to enter. Got stopped almost in the low of the day, just to see the market rallies without me.

Overview of the day:

Cumulative TICK:

Internals:

Brazilian Market:

Lessons learned:

• If you missed a good entry,  you have to wait another entry with patience
• Never oversize your position

No clear entry according to my setup. Market pulled back right at a Low Volume Node (LVN), which corresponded to 100% Initial Balance extension.

Cumulative TICK:

Internals:

Brazilian Market:

I got 2 long entries triggered.

Cumulative TICK:

Internals:

Brazilian market:

Started to look at June contract (ESM10). Volume still low, but will certainly  improve until next week, when old contract stops trading. Tried some trades today, closed even.