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Just 2 more trades for me, was looking for more entries after we made the highs at 11:30ish but just a really tight channel so didn't find a good short entry...
Trade 6:
Entry: 47.70
Stop: 47.78
I put on a limit order which was just 4T shy of the July 20th high (47.74), it was filled and then went lower. I quickly moved my stop to BE manually as it was still a counter-trend trade and I didn't want to get stopped out as a break of 47.74 would mean a move towards even 48. Hence, moved it quickly and then out at BE
Trade 6:
Entry: 47.73
Stop: 47.81
Again short after it pushed to new highs and quickly onside 5-6T but then it came back up and I went out with a mere 3T...badly managed as it it went lower later but still thinking we see even 48. Therefore, I didn't reenter...
BE day so far (+36.96...), monitoring ES for entries but it's just the summer dullness as we have been in this 6pt range...might not have more opportunities today..
Well, it hasn't been a satisfying session today as from the start I tried to face the trend once more and then didn't hold my only good trade (# 5) till the target of 20T!! Then it just went up and I was too fixed on shorts even that I identified in the morning that it was an uptrend and we had positive news from OPEC and Saudi to cap Nigerias and other member states to cap their exports. Then on ES there was almost no movement and I didn't really see any good entries.
So just another BE day for me and lots of sitting on my hands...
We had a massive draw of -10.23m this afternoon which is the biggest draw of 2017!!! I'm really expecting a beat on the EIA numbers tomorrow as well. EIA is forecasted to be around -3.3m but each time we had a massive API draw, then we also had a big draw on EIA, see:
Jan 5th
May 3rd
June 1st
July 6th
July 12th
July 19th?????
EIA showed some nice big draws each Wednesday in July so far...
wow kind of crazy moves....need to look at a 5 second chart!!!! to see my trades....last 2 trades pretty shitty as my targets would've been easy hit but too afraid to hold as this 100T move down didn't make sense to me. But well, I guess just lots of longs and their stops got hit...
Long right after I didn't get my fill. I put on a stop limit buy order at 48.18, just above the ONL before the release. However, it wasn't picked up and just traded through and higher so I just pressed market order after OR-H held. Quickly up and booked a small profit at 48.50 as I thought it might find some resistance. Just a small gain
Trade 2:
Entry: 48.52
Stop: 48.60
AFter it came down from the ONH, quickly in and then +6T and came back up so just closed it out. Later would be stopped out...
Trade 3:
Entry: 48.49
Stop: 48.57
Again short as ONH acted as resistance again. But too afraid to hold it longer as I thought the report was very bullish so again closed it out with a tiny gain.
Trade 4:
Entry: 48.59 + 48.69
Stop: 48.70
I tried to short after it came down from OR-X1 but it was too early as it just went up and up and I scaled in a 2nd lot just too see if yday-h would act as resistance but when my limit order at 48.69 was filled it then just stopped out 1 lot and I wasn't sure why. So just clicked close on my 2nd lot...really weird why the ATM didn't kick in and stopped me out on 2 lots when the stop was hit...
Trade 5:
Entry: 48.78
Stop: 48.86
Again short after the June 4th and 7th held as resistance which I had marked as a zone in my morning prep. It quickly went lower and I booked a tiny profit of 5T...then back up to my entry...but would not be stopped out
Trade 6:
Entry: 48.71
Stop: 48.79
As it went down again, I was looking for a move towards the yday-h with a potential break...but it went straight against me and I was almost stopped out as it traded up to 48.78 - 4 times. Never thought it would come back down as it was so close to a stop out but then it did. I then put my target to yday-h at 48.66 but of course we all know that it went all the way to 47.85...stupid bc 20T target easily hit --> patience!!!!!
Trade 7:
Entry: 48.02
Stop: 47.94
After the crazy drop in just a couple seconds, I saw that we came back up above even 48 and just went long after it held. But I was too afraid it would back down and just exited with a tiny profit of 5T...again much higher and target of 20T hit....again stupid
Trade 8:
Entry: 48.57 + 48.66 + 48.68
Stop: 48.72
After it slowly grinded up, I went short when it came lower from OR-X1 and ONH and after release support. As we broke it early, thought it might act as resistance but volume was so low and it just continued to grind higher so I manually put my stop above 48.70 (support from 9:41am - 9:47ish), when I had 2 lots and it came to my entry just took 1 lot off but again OR-X1 and ONH acted as support again. So it went higher and just had a sell limit order at the highs from 5min ago. I was later filled and again it went back to my entry and again I took 1 lot off. Reason being that it was so slow and thought we just continue to trade higher, so just left 1 lot on. Then it came close to being stopped out as it came within 1 tick...but then it sold off again and I had a limit buy order right at the ONH, filled and done with CL.
I was looking for some movement with the FOMC statement but it was a non-event and then I didn't trade anymore...