A mini ES scalper's journal

Quote from ycxc16588:

2-12-2010
No trade today. I was away from my desk until 3pm ET.
I was thinking about going short after double top, but could not act decisively to take the trades.
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Toughest lesson for me to learn (still working on) is as soon as you think it, DO IT! That part of you that recognizes patterns with a high probability of success is what made you think it. If you take the trade as soon as you see the setup, you're in at a good price and risk less if your stop is hit. If you think it and don't do it and then you see price jump nicely your way without you, you'll either chase at worse price, setting up greater risk, or you'll be frustrated you missed out.

My opening trade today, less than a minute into the open, was an instant reaction. As a result of immediate action, I was able to place a stop that risked less than $30, which then placed me in an emotional state that allowed me to let the winner run.
 
Quote from NoDoji:

Toughest lesson for me to learn (still working on) is as soon as you think it, DO IT! That part of you that recognizes patterns with a high probability of success is what made you think it. If you take the trade as soon as you see the setup, you're in at a good price and risk less if your stop is hit. If you think it and don't do it and then you see price jump nicely your way without you, you'll either chase at worse price, setting up greater risk, or you'll be frustrated you missed out.

My opening trade today, less than a minute into the open, was an instant reaction. As a result of immediate action, I was able to place a stop that risked less than $30, which then placed me in an emotional state that allowed me to let the winner run.
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Thank you. For two days in the roll. the market rallied and reached inraday high at middle of the day and retraced after double top. On 5-10 minutes chart, these were classic "turtle soup/plus" type of setup from LBR&Connor's Street Smart book. I didn't have enough conviction to trade them. I hesitated for a moment and then missed perfect entry timing. Sometimes the seemingly most risky entry requires narrowest stop and provides greatest profit potential.
 
2-16-2010

Total trades: 5RTs
winner: 4
loser:1
net p/l: 1.75 pts

Started at 12:15pm EST

12:44 short at 1087.75 covered at 1087.25 (LH and first throwback after trend line break)

12:55 long 1087.5 (stop 1086.5) target 1088.5 expecting a breakout of bullflag and retest intraday high. Didn't take profit at 1088 at 1pm feeling the 2nd attempt to break trendline have failed. Stopped out at 1086.5 for 1 pt loss.

1:07 re-enter long at 1087 (stop 1086) after last shakeout before breaking out of bull flag. Moved stop to 1087 while price consolidate between 1087.75 to 1088.25, Exit at 1088 missed 1pt potential profit.

1:32 short at 1088.5 (stop 1089.25) after retest intraday high. It looked to me a stop run. Price stalled immediately after stop run. Covered at 1087

1:46 short again at 1087.75 (stop 1089) seeing vol dried up for second leg down. Target 23.6% fib and 10:40 swing high at 1087. Covered at 1087.25.

Another nice stop run at 2:25, but didn't go very far. Actually YM didn't exceed 1:30 inaday high. $tick looked weak at 1:30 and 2:25 stop run.
YM looked like a expanding triangel since 11:40. Sell high and buy low could be profitable.

Sellers need to be nimble since the overall trend today is still up with shallow retrace of 2-3 pts.
 
A powerful breakout occured around 3 pm. Price consolidated within a rectangle box between 11:40 to 3:20. From 2:30 to 3:20, it was forming a ascending triangle with resistance at 1089.75.
On SPX, 1095 is measured move out fo 4 day consolidation patern. 1105 could be next resistance.
 
2-17-2010
No trades.
I have been away for meetings until 12:30pm pacific time. Market looked very choppy within a triangle consolidation pattern after yesterday's run. Today was also FOMC, but didn't see unusual extreme volatility around 2:15.
 
2-18-2010

Total trades: 3 RTS
winner:1
loser:2
net p/l: 0.5 pt
started at 12noon.

ES open at 1096.25, made intraday high at 1102, retraced 1096.25 and bounced. Price was forming a triangle consolidation pattern since 8:30am EST.

long 1099 at 12:23pm as price found support at 1097.5-1098 second time since 11:30 and price broke the microsupply line. Price met resistance at 1099.75 at 12:25. I had chance to take 0.25 to 0.5 pt profit, but failed t react. Stopout with -0.25 pt loss.

long again shortly at 1099 (stop 1097.75) Target 1100. Watched tape seeing strong buy support at 1098-1098.25. I expect the price would break the triangle top resistance at 1099.25-1099.5 at 4th attempt. Then RCG Oxyn turbotrader web went down. I was a little nervous without connection so I called my broker and closed my position at market order and cancelled all pending orders. I lost another 0.75 pt. Few minutes later, price broke out and met my original target.

Long at 1100.5 at 2:12 (stop 1099.5) target 1102 (intraday high, expected some resistance as it would be first attempt to retest intraday high before 3pm). It was a breakout pullback retest 1100 resistance line. 20 bar 5min MA met 1100 at 2:15. It became support. Exit at 1102. The price broke 1102 with strong vol (>80k on 2min chart). Then I know I got out too early. Given the price action, I probably would get out at 1103 anyway at the moment the price stalls.

The price action is quite clean today with running up at opening, consolidate in the middle of the day and breakout at later session with good vol.
 
1-22-2010
I was too busy at work last Friday so there was no trade.

I had lunch hour to my self today so I could trade from 3-4pm EST.

Total trades: 1 RT
winner: 1
net p/l: 0.75 pt

I went long at 1109 at 3:09 pm after seeing support at 1108.50. I set my stop at 1108.00 and original target at 1110.50, the openning intraday high. Exit at 1109.75 seeing good resistance at 1110 since the price could not break thru within reasonable time frame.
The selling vol was higher than buying vol based on 5 min bar after it failed to take out 1110. The good place to go short would be either at top 1110, or after price broke 1108.50-1108.0. However, I didn't expect a such big drop to 1105.5 within such short time. It looks like most buyers took profit as it could not go higher than openning intraday high. Anyway, I didn't initiate any positions after 3:30pm.
 
2-23-2010
Total trades:1 RT
winner: 1
net p/L: 0.5 pt
I was at my desk from 9 to 9:50 am pacific time this morning. I had two meetings from 10 to 12:30pm.

Around 12:20 pm EST, the price retested intraday low and broke it. I saw many stops hit on SPY TOS. The swing low at 12:26 was 50% center line of the down channel. I went long immediately as the price broke the micro supply line at 1092.75 (stop 1092.25). 1094 was a less steep supply line and 20 bar 2min EMA. The price met resistance at 1094. I exited at 1093.25. The best offer was at 1093.75, but it was very short time window.

Another swing low followed shortly after. I saw less stops hit at the second swing low. Based on the price move and the 2 min bar height, it was not much panic, rather controlled movement. Around 12:50, there was another couner trend long trade opportunity. 1092.5 was reasonable entry. I missed it since I hesitated a little. The second opportunity was when the price move above the less steep micro-supply line, but I had to leave for a meeting.

From 2-3:30, it was a nice bear flag. there were couple of good opportunities, such as double bottom breaking neckline pull back long etc.. 1097 was 38% fib and swing high between 11:30 to 12.

Today's price movement after 10:30 was quite suitable for scalping play. It didn't move very fast and 2min-5min price bars were not too wide. The price respected R/S during the range bound consolidation. Tape reading also privided some good hints regarding where the support/resistance are.
 
1-24-2010
No trade today due to my work schedule.
The open low at 10:30 bounced nicely at yesterday's 4pm close. Shortly the price broke thru the open swing high and stayed above 1101 (38% retrace from 11:10's swing high). 1101 was an important level today. 2:30 was a good shakeout before breaking the bull flag. The second low below 1101 at 3pm was sitting right above the 50% center line of the retracement channel and higher low with low volume. It was a deepest retrace today and found strong support at 50% fib.
Based on today's price move, it looks like the price might be taken high in order to sell. It could be also a throwback retest 1105-1107 (SPX) level. The SPX price has retraced 62% from 23rd's intraday low 1092 (1112 was the high).
 
2-25-2010
I saw breakout from inverted HS on YM and ascending triangle on ES. YM might want to hit 260-275 and ES might want to hit 1096 as measured move. I feel those would be good place to look for short.
 
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