June 20th, 2017 - S&P 500 e-Mini - Trading Activity - Today's Real Money Profit $585, Sim Trade Loss -$1,371
Opening Comments
No real movement overnight.
The market re-tested the resistance level at 2452 a fourth time and is now declining back to the bottom of the range.
We have been in this range from about 2246 to 2251 since around noon yesterday.
Our daily target in the Real Money account , for this week, is $250.
Real Money Trading S&P 500 e-Mini
Currently holding 3 short positions at an average price of 2445.25
Targets set as follows based on Fibonacci retracement levels and the Size of the trading range the market has been in since yesterday noon.
If we break out of the range lower we will probably adjust these targets lower as well.
2 @ 2443.25
1 @ 2442.25
It is now 7:30 am and the market has declined back to the bottom of the range and is re-testing support.
Oil prices have dropped significantly overnight, breaking through a support level. This may work in our favour on the short side of the S&P.
From the open the market broke through support and continued lower.
I moved the targets down to 2440.00 which is about the 38% retracement level of the last move up. This proved to be a bit optimistic as the market came down to with in a point and then rallied back to near my break even level.
The market then declined and strong support came in at the 2441.00 level so I moved my target up to 2441.25.
Target was hit we are flat with $585 profit which gives us better than our $250 average for the past 2 days.
Shortly after the target was taken out the market broke down through support and hit our original target @ 2440.00.
That is the frustrating thing about trading, even when you are right and make money you are wrong.
We have to be satisfied with the fact that we managed a trade that was down over $800 into a profitable trade.
Switching to the Sim Account.
Simulation Trading LW Best TDOM Bonds
Our next Bond entry day is the 21st.
Expecting a long trade.
Put an order in for 1 contract @ 156 4/32nd's after the market close.
Expect it to fill overnight.
Simulation Trading S&P 500 e-Mini
Market continues lower. Consolidates for 3 bars on the 2,000 tick then breaks lower into a sell signal. 11:29 - took 2 short @ 2437.75. Target @ 2436.75.
No follow through. 2,000 tick came off the recent low into 2 consecutive buy signals. 11:55 - Took 8 long @ 2439.75. 2 to cover the shorts and 6 for recovery. Target @ 2441.00
Target hit, we are flat with $155 profit.
2,000 tick pulls back, then rallies from a higher short term low into a buy signal. 13:01 - Took 2 long @ 2441.75. Target @ 2442.75.
No follow through. 2,000 tick made a lower short term high then declined into 2 consecutive sell signals. 13:19 - took 7 short @ 2440.50. 2 to cover the longs and 5 for recovery. Target @ 2439.50.
Target hit, we are flat with $261 profit.
2,000 tick consolidates 3 bars then breaks lower into a sell signal. 13:39 - Took 2 short @ 2438.50. Target @ 2437.50.
No follow through. 2,000 tick rallied off low into 2 consecutive buy signals. 14:02 - Took 7 long @ 2440.25. 2 to cover the shorts and 5 for recovery. Target @ 2441.25.
No follow through. 2,000 tick declines off a lower short term high into a sell signal. 14:10 - took 17 short @ 2439.00. 5 to cover the longs and 12 for recovery. Target @ 2438.00.
No follow through. 2,000 tick rallies off higher short term low into a buy signal. 14:16 - Took 45 long @ 2441.00. 12 to cover the shorts and 33 for recovery. Target @ 2442.00.
Nothing following through right now. We will stick with this long trade for a while and see what happens into the close.
So, we closed out the day still holding 33 long contracts. We ended up with a loss of $1,371 for today.
We will recover that when we take out the long contracts we now have. This is a Plan B situation on the Sim Account.
Daily Summary & Charts
The circled area on the chart is where we got into the mess we are in.
The technical mistake that led to this is the flip from long to short at 14:10.
The market had made a higher high making the short on one signal not valid.
Was a bit of a judgement call at the time.
We will hold the 33 contracts through the night with the target @ 2442.00.
If they are taken out overnight fine, if not we will work them out tomorrow.
No real movement overnight.
The market re-tested the resistance level at 2452 a fourth time and is now declining back to the bottom of the range.
We have been in this range from about 2246 to 2251 since around noon yesterday.
Our daily target in the Real Money account , for this week, is $250.
Real Money Trading S&P 500 e-Mini
Currently holding 3 short positions at an average price of 2445.25
Targets set as follows based on Fibonacci retracement levels and the Size of the trading range the market has been in since yesterday noon.
If we break out of the range lower we will probably adjust these targets lower as well.
2 @ 2443.25
1 @ 2442.25
It is now 7:30 am and the market has declined back to the bottom of the range and is re-testing support.
Oil prices have dropped significantly overnight, breaking through a support level. This may work in our favour on the short side of the S&P.
From the open the market broke through support and continued lower.
I moved the targets down to 2440.00 which is about the 38% retracement level of the last move up. This proved to be a bit optimistic as the market came down to with in a point and then rallied back to near my break even level.
The market then declined and strong support came in at the 2441.00 level so I moved my target up to 2441.25.
Target was hit we are flat with $585 profit which gives us better than our $250 average for the past 2 days.
Shortly after the target was taken out the market broke down through support and hit our original target @ 2440.00.
That is the frustrating thing about trading, even when you are right and make money you are wrong.
We have to be satisfied with the fact that we managed a trade that was down over $800 into a profitable trade.
Switching to the Sim Account.
Simulation Trading LW Best TDOM Bonds
Expecting a long trade.
Put an order in for 1 contract @ 156 4/32nd's after the market close.
Expect it to fill overnight.
Simulation Trading S&P 500 e-Mini
Market continues lower. Consolidates for 3 bars on the 2,000 tick then breaks lower into a sell signal. 11:29 - took 2 short @ 2437.75. Target @ 2436.75.
No follow through. 2,000 tick came off the recent low into 2 consecutive buy signals. 11:55 - Took 8 long @ 2439.75. 2 to cover the shorts and 6 for recovery. Target @ 2441.00
Target hit, we are flat with $155 profit.
2,000 tick pulls back, then rallies from a higher short term low into a buy signal. 13:01 - Took 2 long @ 2441.75. Target @ 2442.75.
No follow through. 2,000 tick made a lower short term high then declined into 2 consecutive sell signals. 13:19 - took 7 short @ 2440.50. 2 to cover the longs and 5 for recovery. Target @ 2439.50.
Target hit, we are flat with $261 profit.
2,000 tick consolidates 3 bars then breaks lower into a sell signal. 13:39 - Took 2 short @ 2438.50. Target @ 2437.50.
No follow through. 2,000 tick rallied off low into 2 consecutive buy signals. 14:02 - Took 7 long @ 2440.25. 2 to cover the shorts and 5 for recovery. Target @ 2441.25.
No follow through. 2,000 tick declines off a lower short term high into a sell signal. 14:10 - took 17 short @ 2439.00. 5 to cover the longs and 12 for recovery. Target @ 2438.00.
No follow through. 2,000 tick rallies off higher short term low into a buy signal. 14:16 - Took 45 long @ 2441.00. 12 to cover the shorts and 33 for recovery. Target @ 2442.00.
Nothing following through right now. We will stick with this long trade for a while and see what happens into the close.
So, we closed out the day still holding 33 long contracts. We ended up with a loss of $1,371 for today.
We will recover that when we take out the long contracts we now have. This is a Plan B situation on the Sim Account.
Daily Summary & Charts
The circled area on the chart is where we got into the mess we are in.
The technical mistake that led to this is the flip from long to short at 14:10.
The market had made a higher high making the short on one signal not valid.
Was a bit of a judgement call at the time.
We will hold the 33 contracts through the night with the target @ 2442.00.
If they are taken out overnight fine, if not we will work them out tomorrow.
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