One Trade Today: S&P 500 e-mini (ES)

I took one quick trade just after the open today for +2.5 points. I annotated a chart with some of my thoughts during the trade:

2009-10-06_ES_trade

I mentioned on twitter that when we open at or above R1 (or at or below S1) we tend to have a trend day more often than not. I’ll have to test that out and get the stats on it. But that along with the break above the first opening swing told me to go long. On the retrace, I stayed, and it paid. And of course, I got lucky too. But half of luck is preparation and having a plan, right?

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2 Responses to “One Trade Today: S&P 500 e-mini (ES)”

  1. jphillips9 Says:

    Correct. I would add that you also need to follow your plan. I know I’ve been guilty of not following mine in the past and the market usually tends to reward me accordingly.

    Question – the grey line for overnight high, is that a study that plots in automatically or did you manually draw them?

  2. Prospectus Says:

    Agreed, discipline is everything!! Without that, you’re dead.

    I drew the pre-market high line, but it’s very easy to program one to appear automatically.

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