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I traded the MES before the Fed rate decision. I kept my risk in check and exited trades where I wanted. All of my trades in the MES were losses, like 12 trades. I traded the ES today after the 2:00pm Fed decision. I got lucky with 100% win rate on 8 ES trades. All were scalp trades for only a few ticks each. Nothing dramatic to write about. I did a lot better with the ES and saved the day as far as PnL. As far as my opinion on price action, I thought the action when the news about Iran was interesting. News came out about Iran possibility do something to Israel and the price actually rallied in the ES after that like 25 handles. But the 2:00pm release was kind of boring with the action all the way until 3pm when Powell stepped down from the mic which is when the ES started selling off hard.
Profit for the day +$339
Can you help answer these questions from other members on NexusFi?
I had other priorities today so I was not able to trade during the day. However, I did take a profitable trade last night and I did take a trade long in the MES after $AAPL earnings. Thought the price action was interesting today. Basically a straight line down from this morning with minimal retracements higher during the day except at the end of the day.
Jobs NFP Friday and it was a big down day for the ES. Dug myself out of a couple of holes today. Took a couple of tough losses but was able to trade my way back into the green. All trades were MES and one contract each.
Pretty wild reversal from the open this morning. I was very patient and only took trades that looked like A+ set ups. Had a few small losses along the way but finally landed a big winner. Around mid day I sold 1 contract of the MES near the short term high at 5373. I trailed the trade all the way down to 5340 where I took profits. So I bagged about 33 handles. After that big winner I had a couple of winners and a couple of losses but nothing dramatic. I have noticed that when I get tired and need to take a break I tend to get into losing trades so I need to focus on taking breaks along the way and eating properly.
Another thing I need to focus on is trading too big. I traded the Emini last week and that was wrong. I got down in the MES and thought I could make up the losses by trading the ES. Luckily I did not get hurt but things could have gone wrong really fast. If I want to size up I need to trade 2 or 3 micros, not an ES contract.
Today I executed well for most of the day. I managed risk and exited losses where I needed to. My downfall was the end of the day. I took trades that I really should not have taken and that did not fit into my overall plan and scheme. I did close losses where I needed to but my entries were absolutely horrendous. All trades were MES and 1 contract still. Still managed to end the day in the green.
Wow, what a day for my PnL. I traded all night and into the open. I traded through Asia open, Europe open, and US open into the afternoon. At one point I was down -$263 trading just one contract in the MES. Around mid day I took a chance on a long shot and went short around 5347. I held that contract all the way until price hit 5297, a 50 handle gain! One of my best trades on one contract for sure and that trade brought me back into the green for the day. What a day! I think its safe to say I got very lucky that we had this massive afternoon sell off.
Today I thought the MES was going to reverse after hitting highs midday the way that it happened yesterday. The market is still in a downtrend and that is what I thought would happen. After a morning of getting stopped out I went short midday at 5319 thinking this is where the market will break down below 5300. I usually don't use charts at all but I got sucked into a chart of the MES and made my decisions on that which is uncharacteristic of me. Well the MES continued higher and I had my first losing day in a few days. I'm a little sad and really want to make it back tomorrow. But I am going to keep my head cool and look for only the best setups.
I drifted in my trading style all day. This led to inconsistent risk management and inconsistent entries. It was a tough day where I got stopped out a lot. I would say my win percentage was likely only 30-40%. I allowed my risk:reward to be up to 5:1 which is a recipe for losses especially with my win rate. So it was a losing day. All trades were MES and 1 contract each.
Today in the MES was a range bound day. The MES sold off at open and reversed 15 minutes later and I was short. The MES rallied for over an hour. Sweet relief came mid day with a violent sell off and I was able to exit break even. The rest of the day I had many break evens and a couple of small losses.
