Trade plan and Price action review: (Price action) ES opened below value on the NFP release and buyers were active pushing ES back up into the previous days range lows. Sellers were active and ES had a PB into support level 1299-1301 and the 50% retrace as well and we trended higher making new highs. ES hit the 1309 trend line from a few day and we sold down from there breaking the days uptrend line and breaking back below the IBH which was a red flag for buyers. ES rotated all the way back to the lows and closed at the low tick of the day which is bearish considering the current context we are in. The day was balanced and we closed at the lows of day’s value and below vpoc.
(Trade plan) My trade plan was waiting for the NFP release and going from there. So I was just going to plan the day from there.
Trades review: (Hypothetical)
(Actual)
1st trade: (Technical) I tried a short at my resistance area 1304.50-1306.00. I entered at 1305.25 looking for a short back down into the range (IB). Buyers were still active and pushed up to 1307.50 and i was stopped at 1307.00 for -2 points. Technically it looked good but i think i need to work on my timing a little bit. I obviously bought to early because the market ticked off that level after the buying dried up. Momentum was up on the 5 min chart as well so no need to look for shorts just yet. There was no sign of sellers yet. We also had a big VB div at the level. -2 points
(Emotional) At first i felt little bit like i was rushing into the trade. And i obviously did. I need to not fell like im going to miss something and let the market tell me when to pull the trigger. Currently the market reversed off that level and is at 1303.50 back below IBH...
(Grade) F Bad timing
2st trade: (Technical) I went short on a break back under IBH and the 1303.50 level that formed. I was a bit early so i added 2 more on the retrace keeping the stop the same. So i was willing to risk a little bit more on the add. My risk was a around $300 but i was expecting a rotation lower. We got the initial move but there was bullish news from the ECB that caused a little bit of a move up. So i got out of 3 for +2 points and took BE on the forth. +2 points
(Emotional) I felt i was early once again and i was so need to work on that issue. It all a matter fear. Fear of missing something so i need to try and remove that from my trading.
(Grade) C +
3st trade: (Technical) The market was in a uptrend and we hit the 1309 trend line and globex vpoc. The session was having a hard time trying to hold above the previous day’s lows. So when the uptrend line broke I took a retrace back into the TL. I’m only upset that I only took 3 points out of this move but it was still a nice trade. ES broke back below the IBH and a rotation to the lows was in the cards at that point. I almost got filled at 1302.25 for 4 points but it bounced a tick in front of my order. I had to go outside so I just took 3 and stuck to my plan.
(Emotional) I was a little hesitant on selling in front of the IBH but I felt good about a rotation lower so I took it.
(Grade) A Execution was perfect just needed to hold a few minutes longer but still good.
Conclusion of the day and thoughts going forward: Today was a lot better than yesterday trade wise. I only had 3 trades and still made the same as I did yesterday. I ended the week up and it feels great. I think I just need to keep doing what I’m doing with my journaling and reviewing Etc...
Grades:
Following my plans: A
Following my rules: B
Emotions in check: C Still dealing with fear of missing something and it forces trades
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