Friday, April 20, 2007

Copper Futures Trade


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Risk = 0.0030
Profit = 0.0085

HG had a massive breakout earlier this week, and I was watching it ever since. Today, it dropped down to its PP of 3.59, which was a reaction point in yesterday's trading, 3.60 was a reaction point from last week.
After touching 3.59, it proceeded to climb back up, and setup a nice ascending triangle pattern. I bought the pullback to the trendline, a textbook entry with a textbook exit. Sold into strength, as I could see from the price action that there was pressure building up for the breakout above 3.62. With today being OPEX, it was not surprising to me that the breakout above 3.62 failed.

This was my only trade in Copper today.
For the life of me, I cannot figure out why I couldn't do this with ES today. There was no pressure to perform today. I wonder if there was a part of me today that wanted to capture every move, and be a dick for every tick. I certainly did feel like I was missing out on the big downtrend in ES in the morning, and the roundtrip back up in the afternoon.

To facilitate posting these charts, I will impose a new rule on myself starting next week: Four trades max. per day, and max four futures markets per day. So that means, I get only four chances to get it right with ES, and if I still didn't get it right after that, chances are I won't be able to get it right for the rest of the day, so I should not trade for the rest of that day.

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