Today is Wednesday and that always make sme a little nervous. I don’t really get along with trading Crude Oil Inventories days. For some reason I always have my worst showing.
I decided to focus on the ES (Emini S&P 500 Futures) and see if we can pick up on a nice move. Well I defiantly identified the potential of a shorting possibility. It kept looking better and better but by the time I tried to take it down I was down over 130 ticks (-$1300). ES got me again, just like old times, Sitting me down and slapping the you know what out of me.
I always come back to review my trades and of course it looked good to short again. I realistically only had 1 more trade left risk wise because I was getting close to my daily loss limit on my TopstepTrader FTP.
Finally it’s starting move! Showing its cards exactly how I thought it would, call it luck, call it technical analysis it doesn’t matter because I finally got my move. I had to run out of the office just as it hit my target! I defiantly wanted to hold for another 3-5 points but I just was not going to leave my charts with an open position even with a stop and target in place, that is trading suicide. I made up ALL the losses including my small 4 tick crude oil loss and turned the day into a winner, a small win but it doesn’t matter it’s a WIN on a day that had my number.
I want to take more trades that I can hold for larger targets, I have in the past and they have worked out great. I just need to take a step back with the ES, It doesn’t move as fast of crude does.
I always get asked If we can trade ES with this strategy and I always say of course. It’s all about price action and Risk/Reward. We can trade ANY market you want as long as you got the core principles in place.