So far, it has been a choppy morning. All my indicators are showing nothing interesting.?Market is rather flat. There might be some action in the afternoon, but I am calling it a day now.
Cough syrup has caused some drowsiness. I just need to catch some sleep now.
Pre-market was weak. Nothing was really exciting today. I was looking for opportunity to scalp ES. Another TICK Band setup was formed. After Intraday high was tested twice and failed to be cleared, I was looking for opportunity to get long and targeted at day high.
Target hit with +1 ES point (1-R gain). I am looking for another opportunity again.
[photopress:ES_Tick_band_close.jpg,full,pp_image]
I do not label this as a dummy trade. The entry was not really a narrow range bar. Instead I have established a new category called TICK Band. This trade was made based on NYSE TICK behavior.
The strategy is to catch the short term momentum in the market and trade along the direction in ES (E-mini S&P). A strong resistance was found at previous day’s high. It was tested once, and failed to clear it. I was waiting for ES to test it again.
Indeed, higher lows were formed in ES and TICK. The probability of this setup is high according my experience. That was the reason I risked 1-R to gain 0.6R. No secret, just traded with trend lines.
Target hit. First trade closed with +1 point (0.6-R) gain.
[photopress:ES_trade_close.jpg,full,pp_image]
I guess it might be Richard who builds a dam. The river is not flowing today.
What a boring Monday. No trade. I am going to have a early night then.
After gap down, and downtrending moving averages I was looking at short opportunity. I shorted ES, however, I was stopped out immediately. One trade closed with 1-R loss.
I guess this should be the only trade of the day. Good night.
[photopress:ES_scalp_LBR_closed_1.jpg,full,pp_image]
By the way, if you are Tradestation user, take note of your statement, I was charged of monthly fee even though I made more than 10 round turns future trade during October. I have confirmed with Tradestation securities, they are aware of the billing issue.
Long position of ES was established when it pulled back to 20-EMA. I did not take profit when it hit last swing high (It was 1-R gain at this point of time), and it was Pivot R1 level as well. Instead, I moved my stop to break even which was below 5-EMA. I am thinking maybe i should take profit at this point (partial profit taking is not an option to me at this point of time, I am trading 1 contract for ES), and subsequently look for second entry opportunity. Anyway, stop was triggered. Well, too bad. One trade closed with B/E.
At the time of writing this post NY time 1205pm, I found that Tradestation quotes and charts are frozen for the past 2 minutes. After restarting the application, everything seems fine. I don’t know what’s going on again.
Recently I am enjoying trading dummy in 5-min ES. Volatile and bigger tick value comparing to YM and NQ.
