Monday, April 27, 2009

Monday 04/27/09 - One for the bears

I used the Infinity AT platform for my trades today so I won't be posting the usual TradeStation trade execution chart. I manually marked some of the morning trades, and will post that chart below. The net gain on the day was +$300, mostly due to a Long entry at 858 off a pullback, which netted +5 points. I was trading 1 to 2 contracts today; although majority of the trades were with a 1-lot. The net gain would have been higher but I tried trading the open, and lost some money during that time period. I was long at 851.50 right off the open, but was too quick to move my stop-loss to break-even! I'm not used to trading the open and need to adjust my risk management to handle the volatility during the opening range. Of course I always have the option to just sit out during that time, but some of the best entries over the past few days have been very close to the open. Plus, I was expecting gap-fill, so wanted to enter Long at the best available price. I also had limited screen time since I was on the phone with recruiters, etc. Here's a 610 tick bar chart showing a few of the morning trades; there were a couple of losers during the opening range which aren't marked on the chart.



My friend who's learning how to trade the ES, ended the day with a net gain of +$350, and his trades were all based on the simple price action method I taught him last week. I'll keep you guys posted on his progress over the coming days/weeks.

Redbook out at 7:55 AM (central) and Consumer Confidence at 9:00 AM (central) tomorrow morning. I'll probably sit out the first hour. Trend is down at the moment; lets see if tomorrow's data can shake things up :-)


ES/$TICK (3-Min) - Came within 3 ticks of gap-fill; close enough to be considered filled.

1 comment:

  1. Nice trading and nice entries. Pure price action FTMFW right?

    ReplyDelete

At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.