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5/24 Trading Recap

So today I did a much better job of sitting on my hands until the very end of the day.  I was +$925 until about 3:30 when I decided to cough up $550 in the last 30 minutes of trading. It started with a mechanical short signal I got at approx. 3:15.  I really didn’t have much faith in the signal so my first instinct was to skip the signal.  As time went by, the price action was giving no indication that it would be a winner as the trade started out in the red almost from the beginning.  I decided to get in when the trade was already 1.5 pts and I would only have to risk 1.5 pts.  Well, I got stopped out.  What’s ironic is I got stopped out by only 1 tick and the trade eventually would have been great (with the exception of the stop!).  But all I could see was that I just lost $150 on a trade I didn’t believe in.  I really have no problem with me taking the trade because often the trade works out best when I have the least faith but I have to not get emotional when I do get stopped.  Well, after losing on the trade what’s my next step.  I risk (lose) $400 on an impulse trade to try to get my $150 back (horrible risk:reward).  So in a couple of minutes I go from +$925 to +$375.  I have to really learn to keep my money once I get it.  This has been a serious problem for me.  I really am ok with the mechanical trade I took at the end of the day.  It’s unfortunate I got stopped but it was only 1 tick that kept me from finishing the day at +$1500.  The one other thing I did good was actually allow myself to still finish in the positive.  In the recent past, I would have gone down blazing and probably blew the entire winnings to try to get the money back.

Trade #1 – Buy 1080.50 (4), Sell 1082.50 (2), Sell 1180.50 (2).  I doubled my contracts on this trade because this is my highest probability trade.  I probably mismanaged it a little.  The entry technically would have been 1080 and the ES actually hit 1185 but I didn’t do anything.  What I did do was take half off at 1182.50 (the break-even mark for the trade) but maintained my 1185.50 target while watching it come all the way back and stop me out after having 4.5 pts of unrealized profits.  Result: +$150.

Trade #2 – Buy 1078.50 (2), Sell 1083.50 (1), Sell 1182.75 (1).  Thee open was 1180 and after looking at the daily charts I thought we were in a range that extended to 1189.  I bought 1178.50 on an oversold percent r reading.  I did take $275 of heat on the trade but had a good result.  I took half for +5pts and watched the other half get to +8.5 pts before taking it off for +4.25 pts.  Result:  +$462.50.

Trade #3 – Buy 1084 (1), Sell 1082.75 (1).  I got long here on a mechanical percent r signal but got scared and exited the trade.  Result: -$62.50.

Trade #4 – Buy 1083.50, Sell 1080.50.  After debating with myself, I decided to the give the mechanical signal from Trade #3 it’s full risk.  The market bottomed at 1180.25 after stopping me out at 1180.50.  Result: -$300.

Trade #5 – Buy 1082, Sell 1088.50.  After seeing my mechanical signal get stopped by 1 tick, I decided to give it one more shot.  I had resistance at 1189 and the mechanical signal’s target was 1188.50 so I just left that in place. Result: +$650.

Trade #6 – Buy 1082.75, Sell 1083.  Result: +$25.

Trade #7 – Short 1080.25, Buy 1081.75.  Result: -$150.

Trade #8 – Buy 1081.75, Sell 1077.75.  Result: -$400.

Trade #9 – Buy 1074.50, Sell 1074.75.  Result: +$25.

  • PnL:  +$400
  • High Win:  +$650
  • Avg Win: +$262.50
  • High Loss: -$400
  • Avg Loss:  -$228.13
  • Avg of Last 8 Winning Days: +$742.50
  • Avg of Last 7 Losing Days: -$772.56
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