Day Trading Results 12/7/09
We opened up with lower volume. We we’re also in No NSE Zone at the open. We had a great EET trade for a nice one and done. I actually avoided that trade as I wanted to see what the market was going to do, and I really wanted to see us come out of No Zone for a nice trade.
I missed a great dow trade, using our new dow Emini strategy as I had my templates messed up on my trading computer! That ended up being a beautiful trade. Oh well. I didn’t take any dow Emini trades as I had appointments in the afternoon.
Back to the ES. We finally come out of No Zone. I grab the NSE as it has a higher chance of being a winner. It lost π Down a full 8 ticks! 2 rarities right there: 1) most of my No Zone NSE’s win 2) seldom do I lose 8 ticks on a NSE trade.
I catch my next trade, an EET trade, I like the trade as the risk reward is good. In this particular trade, I was risking 3 ticks to make 8+ ticks. My plan was to stay in longer when/if we got the NSE! Unfortunately it stopped me out to the tick (-3) and then went down and made the NSE. I shorted the NSE for a quick 6 ticks, and watched it drop another 2 Β½ points. Day trading is never easy π
When I trade, I typically move my stop loss to break even after 4 ticks of movement. I was down 11 ticks so I wanted more than 4 ticks profit out of my trades, but still move the stop loss for protection. My next NSE moved up 5 ticks, so I moved my stop loss. The market came right down and stopped me out even β then took off to my profit goal! My next trade was a pullback trade. I normally aim for 4 ticks on the pullback. However, my long term filter went long so I tried to squeeze 6 ticks out of the pullback. Same thing happens. It moves 5 ticks, I move my stop loss and it stops me out BE.
This is where traders get frustrated. However, I follow the rules and stay disciplined and focused! This is key attribute to successful day trading!
My next trade is a NSE trade. I grab 4 ticks off of that (on most of my contracts) I wanted a couple more ticks on the remaining contracts to cover up commissions. That bounces up and stops me out. Basically I had 3 trades all that went 4+ ticks and then went back to B/E. Hindsight is 20/20. Sure I coulda grabbed 4 ticks on both of those trades and been done. But, I didn’t know that beforehand! You never know what the Emini markets will do! So we follow the rules!
I finally catch another NSE for a nice winner, end up after commissions about 4.25 ticks⦠I had to leave for the rest of the day. I was done about 11:40AM. 2 hour day. Not bad.
Came back after the close to see some great dow trades and es trades π
Here’s a video illustrating a live EET trade. This is on a real account setup specifically for making new day trading videos for my students and showing my trading system on the blog with real money.
Enjoy
ETS
