Trade plan and Price action review: (Price action) Market gaped down and sold off. It was looking like a trend down day but we found support and bounced when the treasury budget was released at 2 PM. Sellers were active at the end of the day pushing ES down into the lows and closing there. Value established at the lows of the week.
(Trade plan) Kind of kicked back on Friday because the market sold off from the open and you are either on it or you watch it go. Although today wasn’t a trend day the open was exactly how a trend day usually starts out. Because of the quick selling off the open I wasn’t to eager to chase anything so I let it go and went to lunch. I was in the market on the short side on the break of globex lows at 75.50 but I scratched because I wasn’t prepared in the morning and I was out of sync with the market this week due to work. I will try and be better prepared this next week but like I said before I have to balance work and trading for now.
Trades review: (Hypothetical)
(Actual)
1st trade: Set up: Break and retrace
(Technical) Market was moving lower so I took a quick break and retrace of an intraday level for + 3 points
(Emotional) Felt ok taking this trade. It was a little later in than day then I would have liked but the set up looked good and I was ready for a reversal.
(Execution Grade) C Just took it because it looked good. Not the best entry but still worked out nicely.
Conclusion of the day and thoughts going forward: This week was a little hectic due to a lot of interference with work. I usually don’t get distracted this much with work but this week was more than usual. Im going to start keeping track of my winners, loser, and scratches more accurately then I have been next week. I want to see how many points I make/lose a week and what my % of trades is. Then I will add them up for the week on Friday for a week review.
Grades:
Following my plans: B
Following my rules: A
Emotions in check: B
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