I've been expecting (hoping for) a break above 900 for a while, so it's good to see it finally materialize. Unfortunately, price didn't pullback much so it was tough finding a good area to buy. If you didn't buy on the pullback to 889, you were left trading consolidation chop. My problem is, after ES makes a big up move, I have a hard time entering Long because I feel like price is "too high" and will reverse on me. Price has reversed hard so many times off the intraday high in the past few weeks, that it's a little scary buying above the first hour high; especially when price is so close to 900, which a lot of people perceive as a psychological barrier or resistance zone. Bottom line is, I need to set my biases aside and trade price. As day traders, we don't buy/sell value so the specific price shouldn't matter. We trade momentum. So as long as momentum is supporting the direction of my trade, I shouldn't be afraid to get in. Here's how today broke down in terms of performance across 18 trades:
| % Break-Even: | 31.58% |
| % Win | 47.37% |
| % Loss | 21.05% |
| Avg Win | 1.00 |
| Avg Loss | -0.425 |
| Largest Win (pts) | 2.00 |
| Largest Loss (pts) | -1.50 |
| Total Win (pts) | 9.00 |
| Total Loss (pts) | -4.25 |
| Net Gain/Loss (pts) | +4.75 |
At this point, I'm looking for 879 to hold as support on a pullback.
I'll post a marked up 610 tick bar trade chart; it doesn't have all of my trades, just the ones I had time to mark in real-time. I'm using Infinity's execution platform so the trades aren't auto-plotted on my TradeStation charts now.
ES 610 Tick Bar Chart (Morning Trades)
ES 610 Tick Bar Chart (Afternoon Trades)
ES/$TICK (3-Min) -
Open Gap at 876.50
ES (60 Min) - Looking for 879-886.75 as an area of support on a pullback
Nice stats. You should take it for a test drive.
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