Two Trades Today in S&P E-mini Futures (ES)

According to my developing trading setup, I should trade in the direction of the very early Opening Range (OR) breakout. Today, I watched a 1 min OR and later a 5 min OR. Because of the deteriorating internals (the NYSE ADVN-DECN and the NYSE Tick), as well as my net -0.5 point loss yesterday, I hesitated and passed on the trade, but it would have been a winner. Mistake #1. Then I went short as I thought I saw a topping near S1, but was wrong right away. Instead of cutting it early at about a -1 point loss, I held on until the full -2 points (my stop) to see if it would go my way. The trade gave me a lot of time to get out gracefully, but I just kept sitting to see if it would salvage itself. Mistake #2. Finally, I saw the writing on the wall and went long on a pullback to try to scratch the day. We got a lot of momentum near my two point target, so I pulled the limit order up two ticks and got filled, +2.5 points. Finished net +0.5 points before commissions, only about one tick after comms. Here’s the chart:

2009-08-19-TOS_CHARTS

Today’s lessons for me:

1. Don’t hesitate.
2. Be wrong faster.
3. Keep swinging if you are in good mental and emotional control, and the market environment is not adverse to it.

Back to the day job grind!

UPDATE 5:00 ET–I scalped 4 more times at the end of the day. I ended up grinding back down to -0.25 points, but adding the commissions in as well, I was down -0.75 points overall. I keep learning this lesson, over and over–scalping is for market makers and suckers. I’m in the latter camp today. With that, I’m reconsidering my options for trading education and mentoring, since I keep going in circles on my own. I’ll post about what I do.

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One Response to “Two Trades Today in S&P E-mini Futures (ES)”

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