+ $195
ES Tradersâ Question: Whatâs the best charting? I find IBâs chart dismal, but maybe I just need to explore the chart setup more. I wanted to use QuoteTracker but have no idea how to display the ES chart.
Short ROST @ 38.65 on downward momentum, stop just above the HOD @ 38.85, hit for -$42
ES short signal @ 890.00, but I didnât short because I didnât feel the market was weak enough to provide a decent return if any from that point. Buyers indeed came in @ 889.25, but after a very weak attempt to rally, it made new lows. I donât think my decision not to trade the initial signal was a bad one, because I didnât feel the reward potential was worth the risk, since Iâm use 2-3 pt stops. However, there was confirmation when price failed to break back through the 10-period MA and pulled back to 890.00. At that point the short position had far more viability, but I was busy trading stocks then, as is typical of me.
Short STEC @ 25.11, strong pullback from double top, looking for ride back to the trend line or better. It broke the trend line and when it was approaching support I went to put in a tight stop and accidentally left-clicked for limit @ 24.80: +$61 (It wouldnât have made much difference because the bottom of the move was 24.70.)
Short STEC @ 24.85 pullback from lower high. Quickly moved stop close to b/e near support because the overall picture was still one of strength vs. market on this heavily shorted stock, hit for +$5
Short ROST 38.64, pullback from lower high, stop moved to b/e as price dropped in my favor because itâs smack in the middle of its recent range and I didnât trust it to break down the LOD. Sure enough it rallied forming a higher low after I was stopped out for -$2.
Short STEC @ 24.46, breakdown of all previous support except the LOD, stop quickly tightened as it approached LOD in case of bounce instead of breakdown, hit for +$8.
Short again @ 24.47 when bounce failed to hold up, stop to b/e, hit with slippage for -$6.
Offered 24.95 STEC on the bounce, missed by a couple pennies and didnât chase (sadly).
Short CL @ 74.00 very tight stop because I was in full size and it looked like some refreshing going on, hit for -$23.
Short CL again minutes later @ 74.00 on pullback from very slightly higher resistance, major move in my favor and I was looking for a test of lows, made a lower low by .01 cent and congested there, so I put in a very tight stop, covered @ 73.68 for $156.
Short STEC @ 24.44, pullback from overbought forming a lower high. Scratched the trade @ 24.42 when it pivoted right off the now-rising 10-period MA: +$2
Missed next STEC short entry by .02 cents, but no chasing in this tight area (again sadly).
Short small position MIL @ 69.69, pullback from lower high, tightened up the stop near the trend line when it moved quickly in my favor. It was strong and jumpy with a wide spread, so no reason to piss money away in the event the trend followers still feel thereâs potential to the long side. Stop hit for +$14. I overestimated the strength of this one and wouldâve been far more profitable if I left the stop at b/e, as it dropped to previous support and broke down the LOD and made new lows.
ES long signal around 2:10 p.m. just above 884.00 (higher low off âoversoldâ), but I did not like it at all because of the depth of the lower high that led to that selloff and apparent weakness overall, so I personally thought it a better short entry, but didnât trade it either direction. (Turned out to be a very solid short all the way down to 875 area.)
I had a nice chat with one of my trading roomies about catching trends and as I was describing how to do it, I realized that I was NOT DOING THIS! I did the research last week when setting up my swing trade test portfolio, and wow that worked beautifully (current âprofitâ $4868 on my 200-share positions). I need to stay on top of this research so I can catch some of these nice trends. To explain the process I found NAV as an example but by then it was almost end of day. I attached a chart to explain the the setup, and entry signal.
End of day, short small position ROST @ 38.96 pullback from HOD left F/U candle, stop @ 39.02 above HOD. Covered @ 38.84 for +$22.
Missed a lot of great trades today by NOT TAKING ALL MY SETUPS. The usualâ¦
