Price action review: So the NFP number came out and it was better than expected. The market reacted bullish on the release and we shot up to 1349.50 and pulled back. The market opened above Thursday value and responsive sellers were to be expected to bring ES back into value. We initially shot up and found some sellers and traded back into 1` tick in front of my support level at 1341-1343 area and bounced there back up into the middle of the range from the open. ES ranged for a little bit in a small area then broke out to the up side breaking the IBH and testing the 1351 level. This area was good for shorts as the market stopped and stalled there for a little bit. And we had a vol spike on the 1 min chart telling me that there were sellers into that move up into resistance. We also had a small divergence in VB indicator and also a 1000 tick reading. So it was a good risk to reward set up. If you wanted to wait for confirmation in price action then when we broke back into the IB it wa safe to get short on the little retrace back into the IBH for a rotation down. Es proceeded to trade lower for its rotation in balance and a retest of the lows of the day was in the cards which we got and then some. There was a nice short back into the break and retrace of IBL. ES sold off down to my 1338-1337.75 level were we bounced and on the retest of the level was a nice long opp for 3 point scalp. ES then sold off again and put in the low of the day at my 1330.50-1332.50 level. Aggressive traders cold have got long on the touch of this area because selling shut off at 1331.75 and the shift in vol came in right after and we had a delta div into the level. The market was pretty much done after this and the day ended with the bears in control and a vpoc shift down to 1336.50 same as yesterday’s vpoc
Trades review: I took 4 trades yesterday and I felt a little better today than I did on Thursday. (1st Trade)I tried getting long at the IBH break out but I had a bad read on price action and was looking at the market the wrong way. I should not have tried to get long with a big resistance area right in front but I figured we would get a little pop back up and I could have went to BE after it did. But it didn’t and I was stopped for -6 ticks. After we broke back below the IBH that was a red flag for me and I should have gotten out when I had the chance to for a BE scratch. Better to be flat then wishing I was flat. I should have tried to get short after the scratch but I had to go back out into the yard and missed the opp.
2nd Trade: I got short after getting back to my office and seeing the market trade lower so I jumped in on the back of the quick move lower and took a little retrace at 1346.25 and targeted a few ticks in front of the lows of the day. Target hit.
3rd trade: I got long at support area after market chopped for a little bit. I got stupid and moved stop up to close and was stopped out to the tick and the market went up 4 points to my target.lol.
4th trade: I usually don’t do this type of trade but the market was selling off and we had bad news out of EU out so there was a high probability that we were going to sell off down to the next support level. So I got short for a quick 2 points.
Next week I’m going to write down how I felt before, during, and after the trade to try and see if there are any patterns I keep repeating. This way I can try and eliminate them. I will keep a log of the feeling and emotions I have before during and after each trade and I will structure the log in list form and put a date next to each issue that I find to see how often I have these emotions and which ones I have.
