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First of all, thanks to Ian and John for the words of encouragement. They were greatly appreciated. Quick Summary: Up $294.80. Nice to be GREEN on combine again!!
Premarket Analysis: Nice Down trend developing, maybe we will finally break out and run today. Will be looking for shorts on the open or slightly before.
8:00 Short 53.54. Some movement down but very slow. No wooshh. Just HUGE size on the DOM. Every level showing large amounts of contracts to buy. As far as I can tell, they are trading they are not spoofing it. Market dribbles down. And my trail stop is hit for +6 ticks. The VPOC came to the bottom of the range, which seems to be a good sign that the market is running out of steam.
8:30 Still looks short to me. Nice pop after the equity open, I short it at 53.60. {insert: I really need to work on this type of trade. It is a pullback trade, and I have a decent entry. I am expecting momentum out of this area but I think on PB trades, you have to expect some back and forth first.} Market doesn't seem to want to move and I lose confidence in the trade. I finally scratch the trade. This was actually a decent trade. Something I really need to work on.
Get short again at 53.52. Once again market is extremely slow, and I stop out for +1 tick. That's it for me, I have to go to work. Market stuck between the two high volume areas.
Quick Summary: Made $1231.20. Market moving a little better. Still had one fat finger trade and missed a really nice pullback trade. Thankfully I saw the PB trade developing, was just a little nervous and did not get filled.
Premarket Analysis: Downtrend today and much faster pace. Market breaking down to the short side. Will be looking for shorts today. Was trying to get short in the premarket at 53.08, then 53.06, just late and not aggressive. No fill.
8:00 Looking for short into the open. Short at 53.01. Trail stop hit at 52.77. +24 ticks. VPOC moves down to the low. Happy with the trade No problems with entry and management.
Funny, just realized I did not take quick inventory of mental/emotional capital and focus. Want to keep doing that, I feel that it is important, especially on LOSING days.
Looking for short at 8:30
8:30 Market slow, looks like short developing back down through MA. Short at 53.84. Lost 4 ticks. Was in profit momentarily, but no follow through.
Short again at 52.84. I am just wrong on the direction. Lost 5 ticks. Just didn't work. Market is sort of in a kill zone. This merits further study....Certainly not 2 trades in the kill zone.
Market makes nice run to down trending MA resistance. I like this trade a lot....short at 53.14. Aargh this is the fat finger one, had stop and target turned off. In trying to get stop into place, managed to take myself out for 2 tick loss!!
Enter short again at 53.16. Trade starts to move in my favor. I am trying out a new trail stop technique...I am splitting my stop so that after I get past 10 ticks in profit, I put trail stop for 4 lots at 10 ticks...trying to lock in profits. I make the 10 ticks and then trail stop on 1 lot is hit for +11. Not much different in this case. I will continue to test this.
Looking for trade back into CWAP, but not setting up quite right. Then I set up volume profile with the idea of shorting off of the VWAP. Momentum came in and I shorted at 52.96. I hate trading around XX.00!! <Someday I want to build a trading strategy on the ebb and flow from XX.05 to XX.95> Any way I hang on, I think I have the direction right, and finally price moves in my favor. It starts to go, then comes back and stops me out for +1 tick. Time to go to work.
In retrospect, I basically just churned my account after those first 2 trades. I really like the trade where the market whooshes into the DT/UT MA, and you fade it. I am considering just waiting for that trade.
Hehehe how true. I made 43 ticks x 2 contracts from CL in 1 trade, then lost 34x2 on gold then made another 26x2 with the last spike up on gold. Pretty good day. But tell you it was more cherry picking than real analysis... i broke almost every rule of entry. Just luck i guess.
Nice job Alex! Usually these kind of days just end in a disaster for me.lol I will check out your CL Trade, I always like to see others interpretation of the market.
Take care,
Danny