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3/11 Trade

After a break from trading due to Rob and Jay visiting Chicago, it was nice to get back in my new office for only the second time.  Today was an interesting day as we started out in a range day, but with surge in afternoon volume, broke out. I took 2 trades.

I entered long the first trade at 1135.50 and exited at 1138.50.  I took the trade because

  1. The market was oversold according to Percent R (the primary indicator I watch) and there was a divergence (Percent R made higher low, while ES made lower low)
  2. Although, the TF and ES broke to new lows, the NQ did not
  3. The TICK was displaying extreme negative signals (-800)
  4. Price pierced the globex low setting up a potential 2b pattern
  5. I exited because extreme positive TICK readings and prior resistance.  (I had an initial goal of 1141 which was the gap close….but got out a little early)

The second trade (also long) I entered at 1139.25 and exited at 1141.25

  1. Got a Percent R long “signal” that has a researched edge (by me) except on extremely choppy days
  2. Also pullback coincided with previous support
  3. Exited on extreme TICK reading
  4. Got trigger happy due to holding it through lots of chop

I definitely need to research more about scaling out of my positions.  I feel like I had pretty good entries, but would have benefited if I had held each trade longer.  Although I left some on the table, still a great day for me as I netted 5 ES pts.  I also notice I tend to be conservative after the morning session because I believe that’s where I excel.  I have given back profits in the lunch and afternoon sessions many times.

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