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S/R levels for today (same again)... 1082.50, 1086.50, 1094.75, 1098.25, 1101.75, & 1112.25.
Mid/EOD Review.... I normally take options x day off, and should have today too.
For the week I'm up a whopping $2, the most money I've made in a while, I can live it up this weekend!
I'm still doing good when it comes to patience (the lack there of being the reason for my 35% draw down). Focus improved some what, but I still only caught 50% of the setups. In total I counted 4 setups that meet my criteria this week, 2 pars, and 2 winners (2-points each), it would have been an ok week had I caught everything. So missing setups is still a problem. I've noticed that when I start getting really bored, that's when I need to be even more careful not to get distracted.
Have a good weekend!
ES 7320;
ES 1220;
S/R levels for today (same again)... 1082.50, 1086.50, 1094.75, 1098.25, 1101.75, & 1112.25.
Midday Review... So far, every pullback has had either conflicting MACD patterns, or choppy and erratic price patterns. Like all this week, even if I had taken them, most would have been stopped out at the adjusted stop after running a point and turning back. It's just one of those markets where the sidelines are the best place to be.
EOD Review... Another painfully slow day with the ES making very short swings with choppy price action and conflicting MACD signals. If I was scalping for only a point it wouldn't be so bad, but 2 or more point swings are a little tougher in this environment.
ES 7320;
ES 1220;
S/R levels for today (same again)... 1082.50, 1086.50, 1094.75, 1098.25, 1101.75, & 1112.25.
The Market... We're just under the 50% retracement level with the intra-day charts trending sideways and MACD-H creating negative divergences.
10:59... Long @ 1106.25 / Exit @ 1106.50 +.25
The down trend reverses and price breaks above the anchor's ema then back down to test it. I held off taking it until the divergences formed on the 305 tick, then took the breakout of the first candle to cross it's 20 ema. I waited until the 305's ema started curling up as confirmation that the trend was starting to reverse.This time instead of just raising my stop to even I added a tick to avoid the commission loss.
Midday Review... Only one setup found so far where everything lined up. The swings are narrower than usual the last couple days, it's hard to find 2 points swings from my entry point, much less 4.
13:41... Got distracted and missed this one, hit it's 2 point target too.
EOD Review.... Leaving early for an appointment today. Things where going well the first half, then after lunch I got bored and missed a textbook setup, it couldn't have been any better. Only 2 setups for the day.ES 7320;
ES 1220:
Trades;
S/R levels for today... 1082.50, 1086.50, 1094.75, 1098.25, 1101.75, & 1112.25.
Midday Review... An active morning today in terms of setups. I watched and passed on three that all would have stopped out at entry after rallying 1.5 points before turning back. So that saved me 3 commission losses. Then there was another at 11:12 which I saw but didn't follow through on. When I saw the second anchor chart, I thought the uptrend looked strong there, so I didn't scan the other time frames for an entry setup. It ended up giving a decent trigger leading to a 2-point drop.
The setup;
13:20... Got back from lunch about a minute too late to catch this setup. It didn't hit it's target so it would have been a commission loss, maybe a 1-point gainer at best had I taken it.
14:30... Long @ 1106 / Exit @ 1106 = ($5)
Due to so many setups not running very far I was very aggressive in moving up my stop to entry, which turns out to have been a good move, it would have hit my initial 5 tick stop shortly after.
EOD Review... I'm cutting out a little early due to market conditions and having to run an errand. In total there where 5 setups which never hit their targets and the one that did before I got back from lunch. Aside from being late from lunch I did better today at catching setups and deciding on which one's to take, and which one's to pass on.
The real test is when the market will give me 2-3 good setups in a day and I execute properly on all of them. If I can do that then I'll finally have made a tiny step forward.
ES 7320;
ES 1220:
Trades;
S/R levels for today (still the same)
... 1071.50, 1086.50, 1094.75, 1098.25, & 1101.75.
Midday Review... Nothing on the ES side, there was a nice setup at 9:33 on the NQ charts, but due to having problems getting those charts loaded I didn't see it.
EOD Review... Watching the market as it slowly trends higher in a tight range was like watching paint dry. No trades today.
ES 7320;
ES 1220:
