ES Journal - 2014

Really? Guess my winning trade today was magic. LOL, No I don't make many points, but while I should not feel good when I win, I do, and of course I feel stupid and bad when I lose.

For the 1st trade I was looking for ES to break above minor resistance. However, at least I was smart enough to not just go long since I misread my indicator, and you don't want to go long and have resistance hold and get stopped out right away (Really I should have shorted here as I could have had a survivable stop if I was wrong which means unlike going long my stop did not have to be much for the market to prove me wrong. I could not have a survivable stop on the long since the lower support would have made my trade more risk vs the reward). So basically ES took out the early longs and rewarded the shorts.

ES then went down to support level and then broke it but not by much. Just enough to punish the greedy longs who had stops below this major support level and then trap the shorts who were shorting the break. At this time we had what's called a failed break out. So I am now looking to get long close to this support level and my order was filled as a limit order. Now at this time I feel I have around a 60% - 70% chance of being right. I had my target and stop set and walked away. When I came back I saw my target was not being hit by 1 tick. Now its possible if I am patient ES will eventually hit my target, and I can check the charts later today to see what happens. However I decided to just market kill the trade for the win. Actually I could have just limit killed it which would have been better way to get out to reduce slippage, but there was no slippage for a change.

EsKiller said:
there's a reason why this thread is dead. ES is untradable at the moment. NQ and oil much much better at the moment.
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