Friday, February 06, 2009

The New Same Old Same Old

Traded S&P500 EMini Futures and DO breakout today.....

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1st Trade: It was near the end of the pre-market run-up, but I just hadn't realized it. Stopped out for a 2pt loss.

2nd Trade: Not being content to take a loss, I tried to play a double top reversal without waiting for confirmation. Took a 1.75pt loss.

At this point, I felt dejected, and needed a way to recover. I was watching
Diamond Offshore Drilling, Inc. (NYSE:DO) this whole time, so I decided to play the breakout @65 with half of the position that I wanted.

Once ES started running up, it was hard to enter any position, long or short. So, I waited for ES to finish its run.
3rd Trade was based on purely watching the tape - it was cycling between micro-resistance and micro-support levels, so I hit the ask @micro resistance, and got out before it hit micro-support

4th Trade of ES was a play of the 7am reversal. Price had been drifting upwards according to the white trendline that I drew. Keltner channel started to roll over, I could tell it wanted to test the trendline again. Shorted on the imminent drop to trendline, and covered when it looked like 856.25 was going to hold up as micro-support.

Today's screw-up was not being able to wipe out the 2pt loss from the first ES trade out of my head. Things went a little bad from there, until I recovered some confidence with the DO breakout trade.

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