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I went back to trading the 1 lot of the MES. Had a losing day today. I went long midday looking for the bounce in the afternoon and closed it for a loss. We eventually got a nice rally in the afternoon but I was away from keyboard. Lost a solid 20 handles on that trade. Should I have closed the loss sooner? Absolutely I should have but I was putting too much hope into that trade. Had a couple other breakeven trades in the MES.
I have to get back to basics and start practicing how to take small losses again and build that repetition up.
Today I started trading at 10:30am and traded until noon. Had a couple of break even trades and one loss. Was able to close my loss fairly quick before it unraveled.
No trades today, had other priorities. Thought it was interesting how strong the bulls are with the ES. The ES hit all time high this evening @5372.75 and currently backing off. Seems like anything could happen tomorrow.
Oil had a 72 handle today and has since rallied about 1.50.
This morning price action in the MES was definitely not a surprise in all of the likely possibilities that could have happened. The MES chopped around at all time highs before taking a leg down mid morning into midday. Early on in the morning I opened a few trades and closed the trades for quick and small losses. Once I made my mind up about the direction I wanted to play I went short around mid morning and bagged a nice 12 handles on one contract and ended green on the day. After a few days of trading poorly, that trade feels pretty good.
I watched the 8:30 news but did not trade it. Interesting price action after the news with a 25 handle sell off in the MES. I missed 9am to noon as I went out to breakfast with a friend. Came back this afternoon and the MES was hitting all time highs. Looked like a great point for a short. I opened a short position in the MES with one contract and the market moved in my direction. I moved the stop to break even and was stopped out. I tried a short one more time toward the end of the day and caught a nice move down from 5368 to 5354 at 4pm when I closed it.
Today hurt. The range of the MES this morning should have told me to be cautious. It was a slow and steady grind higher this morning. When the market consolidates and slowly grinds higher it will probably keep going higher. I tried all my trades from the short side looking for a hopeful breakdown in the market that would never come. I lost 20 handles on one contract trying to short this rising market. In oil, I got chewed up and spit out as well in that market. Tried to play the reversal as oil kept shooting higher and higher. Lost 76 ticks trying from the short side.
Not much of a range this morning in the MES. Opened a couple of trades that were stopped out. No winners today, just a quiet day with one contract in the MES. Taking a break from oil. I have been unable to get a hang of oil lately. Oil takes complete dedication and I like to trade MES.
Every day reminds me how hard this business is. I’ve been trading off and on for 17 years now. Do I think I will get extraordinarily wealthy trading? It’s possible if I keep working hard. But every day is definitely a grind with a few instances when things come together. I definitely trade because I love the markets, the money is just a product of reading these markets well.
No trades today. I may be taking a break from the markets for some time. I am feeling burnt out and I definitely do not have a handle on price action right now. I am thinking some time away will be good to recharge and gain new perspective.
With regards to the price action today, the news at 8:30 was the obvious driving factor for the big move higher this morning. After 10am the market consolidated in a sideways pattern with some volatility after the FOMC release. My thoughts on the move higher today: I thought is was definitely possible to move higher today just not higher to such a degree which surprised me. An explosive move higher tells me there was a lot of short covering in this market and people were chasing the move. The fact that the SP500 did not sell off after the move higher this morning, especially at market open when price sometimes reverses the premarket moves, told me there is a lot of support for these higher prices at least in the short term.
