Trade plan and Price action review: (Price action) I didn’t have enough time to do a morning trade plan but I had a basic idea of what I was looking for today. The selling continued today with ES opening below value. The responsive buyers tried to push back up into the previous day s range but sellers were active pushing Es back down to new lows at the 1290-1292 area. Buyers were active and ES bounced back up to the 61.8% retrace level where the previous day’s lows were at as well. The market ranged for a little bit and sellers jumped back in to push ES to new lows breaking the IBL and closing below the day’s value and shifting the vpoc down to the lows and closing at the vpoc.
(Trade plan) No written trade plan today.
Trades review: (Hypothetical) See 5 min chart with black circles.
(Actual)
1st trade: (Technical) I took a long at 1292.00 after the market seemed to have bottomed for the time being. We traded down to the 1290-1292 level and bounced from there. Es failed to make a new low and started moving up. The entry was a little late but the risk was still within my parameters. So I took the trade. Logical target was 1295 previous day’s lows for 3 points.
(Emotional) I felt good about the setup but I feel I chased it a little bit which I did. But the risk was still ok. I did take a little heat but was prepared to get stopped out.
(Grade) C entry was a little early.
Conclusion of the day and thoughts going forward: Today was a little hectic. I was late getting to work and couldn’t get set up in time. I had a major blow out with my boss and I may be moving to trading full time sooner than I thought lol. Life is funny the way it throws curve balls at you. Just when you think you have it all planned out some ass hole messes something up and you get blamed for it and then the F-you’s start flying with your boss. Any way I’m not too worried about it I think it’s time for a change…
Grades:
Following my plans: A
Following my rules: B A little bit of a chaser trade today.
