13th September – S&P emini futures trading – missed fantastic first entry, tried to re-enter and got stopped!
Hi all,
I came home usual time to see that the market has really moved along today.. the daily trend is bullish and I should really only look at longs in the market.
However, at approximately 6.30pm or so, the S&P emini made an intraday high and had started to ease off (see vertical blue arrow on chart).. if you look at the volume also, you can see the exhaustion volume pattern which I saw yesterday also. This usually indicates a reversal but the market has moved so strong north that you can’t help feel that you’re just going to be stopped.
Anyway, I let this trade go and to my horror, it moved 20 prices if I had traded it!! Blast!
Soon after this, it hit support at 148500 and headed northing. It bounced and looked like it would fall from here.. ah ha, I thought, time to enter! I shorted at 148675 to see it annoyingly move up and stop me out at 148850.
Ok, now it looks like wants to move down again so I have shorted once again at 148625. It has gone beyond previous support at 148500 so I’m hoping it has further to fall and make up for my earlier loss… once thing which I’ve never been that great at is to hold the trades, perhaps I should hold this one to see how far it will fall but move the stop to breakeven once it has moved significantly so at worst, I’ve got a scratch trade here.
Unfortunately, the market didn’t move sufficiently for me to move my stop loss. I was 8 prices up at one stage but it has hit my stop now. Most annoying, as soon as it hit my stop, it reverse and went down 20 prices
Total for today -12 prices.. annoying when it could have easily been +40 today!
