One Trade Today: S&P E-mini Futures (ES)

Taking lessons from my experiences earlier this week, I traded exactly as I should have, and ended up scratching the trade for one tick – commissions. I bought a breakout of the 1min opening range with no hesitation at 996.75. I placed a target limit at 998.75, 2 points above my entry, and initial stop at the 1min OR low. The trade was correct right away, and got quick follow through–just what I want. We came to one tick away from my target (green line), and not wanting a repeat of my freezeup that led to a loss, I raised the stop to one tick above my entry (red line). Price came back, tagged my stop, then ran 3 points (!) up to 1000 without stopping:

8-20-09_ES

I think I did everything right, and didn’t make any tactical mistakes this time. Still, sometimes it just doesn’t work out. Just call me “Mixmaster Prospectus”, ’cause I’m scratchin’ it like the illest DJ in da house, dawg…

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