Es opened and traded down to naked vpoc at 1352.75 we bounced from there back up to 1 tick in front of the IBH at 1357.00. I wanted to see ES trade a little beyond the IBH or at least touch it so I didn’t look at selling this area. Also I didn’t have my levels at 1356.75-1358.50 set in the correct place this morning so the market didn’t trade up into my level and that’s why I wanted 58 to trade. If I had my levels in the correct place the market would have hit that area just nicely and I would have taken a short there. I was off by 2 ticks to high. Will watch for that next time it’s just a matter of experience. Then the market proceeded to move lower and we had a little bounce at IBL so on the retest I went long (#1) which looking back was bad trade location because my trade level was at 1349.50-1351.00 and IBL was at 1352.00 so needless to say we broke below and I was stopped out for 6 ticks. We got a little bounce at globex low and then a retrace back up into IBL which would have been a good area to sell against and go with the momentum. After moving lower I still believed in the long side so I tried again (#2) at 1350.25 long and failed to bounce and was stopped again for 6 ticks. It looked good for a long here and the location was good except the market didn’t want to trade higher and I should have realized that and not tried the next trade. At this time I would have been better off walking away but I tried again (#3) long at 1350.25 lol and was stopped again for 2.25 points on that because stilled believed in the long side. So finally I stepped away and came back in a little bit after re-centering myself. Now we were in an area I identified in my morning trade plan as an area “we could get a rotation at the 1345-1347 area so i will be looking here as well”. It would have been great trying to trade from the long side but when you get stopped 3 times in a row the market is trying to tell me something so listen up… Then the market bounced at my support 3 points back up into ON low where it would have been good for a short to trade back lower and was good for 3 points. Now longs are looking good here with the divergence in the ticks and my delta indicator. So I finally got long but my entrance was off again but my 6 tick stop kept me in. Now I did something here I usually never do and I added to my position after realizing my entry was off I didn’t move my stop but I bought 2 more at 1346.25 and now have 4 riding up for 3 points target. The target was achieved and I had 1 runner for a target of 51 and I chickened out and took it off at 49 for the same 3 when clearly the next target was IBL at 1352 area.
To sum up my trading for the day I obviously had fear of missing something because I kept taking trades trying to pick were the market was going to turn as opposed to letting the market tell me where and when to put my trade on. The short term trend was down and I should have been looking to sell areas. The market didn’t give any reason to get long in my areas other than the 1345-1347 area which was clear as day. I think I need to sit back and relax a little bit and read the price action and not be afraid to miss something.
The trades I should have taken was long at first touch of my level at at ON low I would have been in front a point or so and could have scratched for BE. After 49 broke I should have been looking for shorts and could have taken a short at retest of ON low. If I didn’t like that then a long on first touch of my 1345-1347 area and first target would have been retest of ON low. Then the long at 1346.25 was the ideal trade of the day for a nice bounce back up. All in due time… I have to keep evolving in my psychology and market read of price action.
