Thursday, September 3, 2009

Thursday 09/03/2009 - Range-Bound (again)

Today provided a few good trade opportunities but timing is always critical, and if you missed the entries, then best bet is to avoid the chop. Today was Day 2 where the day session remained within the Globex/over-night range. Again, fading the extremes would have been profitable.

I look at charts on ThinkorSwim during the day when I can take a break from work, and will put on a trade using their Simulator if I see a good area for entry. I went Long 3 contracts at 996.00 around 2:00 PM (central) and scaled out at 997.00, 998.00 and 1000.00.

Employment Situation out at 7:30 AM (central) tomorrow morning.

ES - 5-Min Chart for Wednesday 09/02/2009
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6 comments:

  1. GarySeptember 3, 2009 at 10:43 PM

    One thing I would suggest is always think of R/R (risk Reward) ahead of time you bought at 996 but what was your risk????? what was your reward not much??? When I put on a trade I like my reward to be 3 4 5 times as much as my risk ..... perhaps a better trade would have been buy 992 y's low overnight low 2 point stop and get 5-6 points =) .... just my .02 ... thinking around this terms will make you avoid chop and generate better trades.

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  2. E-Mini PlayerSeptember 3, 2009 at 10:48 PM

    Thanks for stopping by the blog!

    Totally agree, but since I'm working full-time these days, I can't watch the charts all day, so I take what I can as long as it meets my risk parameters.

    My max risk on any given trade is 2 pts. The target was 999-1000 area on this specific setup, so 1:2 risk/reward but the market was being very choppy so I started scaling out. I may have held if I could monitor the trade but had to leave for a meeting so figured I'd lock in some gains, put in a break-even stop on the remaining position and then check it in an hour. When I came back to my desk, ES was trading around 1001 and I bailed at 1000.

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  3. E-Mini PlayerSeptember 3, 2009 at 10:51 PM

    Here's a post I wrote on Risk/Reward earlier this year in February titled
    R:R is the Holy Grail

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  4. GarySeptember 3, 2009 at 10:53 PM

    wrong... you wanna think bigger locking gains like that will generate you more loosers in the long run when I put on a trade I barely watch monitors anymore as I know what my risk is!!!! You have to be comfortable with the losses and letting winners run as you said trade at specific places and give trades TIME to work......

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  5. GarySeptember 3, 2009 at 10:56 PM

    I enjoy reading this blog as those were some of the same mistakes that I made on my earlier days which made blew my account out....

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  6. E-Mini PlayerSeptember 3, 2009 at 10:56 PM

    I appreciate your comments! Will try to improve the R/R

    ReplyDelete

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