ES Journal - 2013
- Thread starter Trvlwanderer
- Start date
Chased a short a little on ES, and of course price reversed and market went up against me. I decided to average in another contract where I should have instead just had a limit order to get into the short in the 1st place instead of chasing thinking the market would fall without me in it. Took 1 contract off at BE.
At this point, I thought market is either going to break up out of the triangle or continue to fall down, so I did not want to average into another contract if the trade went against me again. Instead I brought stop down, and left my original target of the 1st entry in. Basically, market broke out of bear flag to the downside, and I was able to get my target filled while I took a walk and stopped watching the computer. I turned on the TV and saw the market was continuing down so knew I probably hit my target, and was able to confirm by looking at my computer again.
For future, since my mistakes are chasing the trades a little too much, I need to just do 1 contract to get me in at a good limit price, and if for some reason I miss out on a trade, its better than taking a bigger loss due to poor risk management vs reward. I am currently only trading ES since right now its moving enough to be able to trade how I want to.
At this point, I thought market is either going to break up out of the triangle or continue to fall down, so I did not want to average into another contract if the trade went against me again. Instead I brought stop down, and left my original target of the 1st entry in. Basically, market broke out of bear flag to the downside, and I was able to get my target filled while I took a walk and stopped watching the computer. I turned on the TV and saw the market was continuing down so knew I probably hit my target, and was able to confirm by looking at my computer again.
For future, since my mistakes are chasing the trades a little too much, I need to just do 1 contract to get me in at a good limit price, and if for some reason I miss out on a trade, its better than taking a bigger loss due to poor risk management vs reward. I am currently only trading ES since right now its moving enough to be able to trade how I want to.
I'm thinking break through the 50 day MA and retest 1600. If it breaks that level, look the hell out.
Added here at 1602.50, avg 1608.68. Final add waiting at 1594. Stop at 1579.75. Target 1612.25 on 1st add, 1624 on rest.
contract roll tomorrow. economic news. should be interesting the next few days. 10% correction from all time high brings us down to approx 1520. not saying it will hit that next few days.