Small Account Challenge (MES and later ES)

July 26th, 2023, 02:34 AM

So today is FOMC which isn't a good time to trade (mostly just before and right after, but the whole day leading up to FOMC can be stagnant as well). I'm marking a few levels on my hourly chart and waiting to possibly play "false breakdowns" if those levels are broken and reclaimed. Not sure about short setups because the overall trend is still bullish (albeit at strong resistance).

Also as a side note commissions are damn expensive with micros! Like $6+ round trips for 4 MES...

Levels I'm watching are (mostly like I said if we have a breakdown post FOMC then looking for potential buys in the 4560s zone on recovery):

Right now we're in a small bull flag on the 5 mins and also sort of just broke out of that consolidation range, but I'm not sure if this early in premarket it can fill the gap to 4605 or not from here.

Good luck everyone! Size down and trade safe today!

July 26th, 2023, 05:15 AM

Watching this price action makes me uneasy... I want to say we sell off, but that would be counter trend trading/bias. Then there's a VWAP rejection, but it's also forming a huge bull flag on the 1-hour chart which could easily take precedence.

EDIT: it could be that we flag like this until after FOMC then break down and quickly recover the bottom range of the flag into a massive breakout to the upside.

July 26th, 2023, 02:59 PM

Day 2 over.

Finished the day with a healthy +$359 profit. Got "lucky" to catch one $200 trade.

Account at just over $1050 now. Still a long ways from trading ES, but I can start scaling up to 4-5 MES lots comfortably now. Once I get to $5k+ things should get a lot easier.

Edit: just a quick note I posted some levels I was watching earlier today, but I'm a PA trader and those levels are merely there for reference purposes. They are not a trading plan. I avoid making traidng plans ahead of time as I find it leads to bias (which can lead to all kinds of issues).

Small Account Challenge (MES and later ES)

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Small Account Challenge (MES and later ES)