I had no time to do a morning analysis
Trade plan and price action review: We pretty much had another balanced session although there was some selling later in the day. The market gave some good reactions at my levels today; to bad I was dealing with work issues. I didn’t get to my computer till 11AM and missed a few good opps.
Market opened and responsive buyers stepped in and moved the market back up into yesterdays range a little bit. We mostly balanced the first few hours and there was a few good opps to get long on the retest of the 1334-1335.50 level. After the last test of the level we failed to test back up at the IBH so this was a sign that we may break lower and not look to take the range trade again. Then we broke down and tested the IBL at 1332.75 and found responsive buyers active there. It was also the 50% retrace from the second leg up in the bigger uptrend and globex low’s a good place for longs because risk was well defined. We shot back up into the 1343 vpoc from yesterday and failed to hold a break above it. We chopped around for a little bit which is what you want to see if you wanted shorts there. We popped down and tested IBH for a few points up but failed to make new highs again so price action was telling me not to take a retest of the IBH again. We broke below IBH and popped back into it for a quick scalp trade. We then tested the 1337-1338 level I had and traded back up for a few points but stilled failed to take out previous swing high singling that we may go lower. The move up into the 1341.50-1343.00 level was a good place to get short as the price action was telling me to start looking for a move lower. Market went lower breaking the uptrend line on the 15 min chart and we had a quick retrace for a short lower down to target areas below. We sold off hard and had a quick break and retrace trade at IBL on the back of the momentum that was in the market at the time. The market bounced hard at my 1323-1325 area level or you could use the 1327.50-1328.50 level as being rejected.
Trades review: OK on to the trades. First of all I shouldn’t have been trading today due to the major blow out I had with my boss. I was so mad that I saw red for hours. But I did anyway. I didn’t do to horrible. But I was defiantly able to tell that I couldn’t focus or have a bias. I was just trying to “trade”. 1st trade So I went short at 1335.50 and I didn’t put the market into context before taking this trade. My mind was all over the place and I realized I was not in at a good place so I scratched for -1tick.Then we popped up a little bit and I thought for sure that this was a better location and I was quickly stopped out for -6 ticks. The market had just hit the 50% retrace of the move down i had no business getting short there. Also we were right in the middle of the range on a range bound morning so I should have been looking back up at the IBH area which broke with momentum so I wouldn’t have been looking for a short there anyhow.
2nd trade Second trade I went short after the market started breaking the 1337 level but I pussyed out and took one off for 3 ticks and the other for 2 points and seconds after the market fell apart. My first target should have been the lows of the day at 1332 for at least 5 points!
3rd trade This last trade I was completely caught up in the price action and tried a short at a retrace to 1327.25 level and got stopped out for 6 ticks again. Over all I was down $200 bucks. Not a big deal but definitely not a away to make a living trading. Need to work on my issues
