Wed. 04/22/09 - Sorta getting a hang of this

Trading with price action is proving to be a life saver here. Much less stress and doesn't require you to be glued to every tick. I wasn't expecting much today since my alarm didn't go off, and I missed watching the open. I got to the screens around 9:25 AM (central), noticed that I missed the entire up-move, which kinda sucked since I was anticipating an up-move. I stuck with using TradeStation for order execution today since it's very convenient to see the trades automatically plotted on the charts; makes for good post-market analysis. Today's trades were mainly quick scalps since my internet was down for about 45 minutes (Comcast came over to check some connectivity issues I've been experiencing). I also closed down pretty early today since I had scheduled a lunch. Despite all that (or maybe Because of all that), I ended the day with a net gain of +$516.40, with a 8.46 profit factor and a win rate of 43%. The win rate TradeStation produces is a bit misleading since it classifies a break-even/scratch trade as a Loss. Going over the trade list, I see a total of 14 trades, with 1 loss (-1 pt) and 7 break-even/scratch trades. I'm keeping my risk management fairly tight, so the # of scratched trades is pretty high. Other than that, check the marked up trade charts below for details.

Looking for 830 to hold as support. If we get a break of 830, I think we'll break the prior swing low at 823 and head down to 815. I really hope that doesn't happen. Would be nice to see the ES climb to 900+. Watch out for Jobless Claims at 7:30 AM (central) and Existing Home Sales data at 9:00 AM (central). I'll most likely be sitting out the first hour tomorrow morning.

ES 610-Tick bar Chart (Overnight/Market Open Price Action & Trades)


ES 610-Tick bar Chart (Morning/Early Afternoon Price Action & Trades)


ES 610-Tick bar Chart (Late Afternoon Price Action)


ES/$TICK (3-Min) - Gap filled by 9:15 AM (Central)


ES 15-Minute - Price below 34 and 200 EMA