Total gross profits: $75.00
Total trades: 10 [2 scratch]
Contracts per trade: 1
After an uneventful day yesterday, I was pretty sure today would provide better opportunities, but it was only a little better. Most of the regular trading day was in a choppy narrow range, except for a sharp 9 point news driven move, both up and down, during the final 1 1/2 hours.
- Of the 10 trades taken, it was clear that 2 of the trades were not traded according to plan.
- Rogue trade #1: Took place when I exited a short trade generated by Renato's DS alert trade while it was still active, only to take a long setup that had a full -2.50 stop. Renato's trade went more than +5, so I could have gotten at least a +2. OPPORTUNITY COST = 2.50 + 2.00 = 4.50 points.
- Rogue trade #2: Was when I had gotten stopped out of a trade due to yet another Euro bailout news, and then tried to short against the news driven move before even waiting for the 30min bar to close. This was partially revenge driven and resulted in a -2.25 trade.
- I missed Renato's final call of the day and missed a fill by just a few ticks. Based on how I usually execute his alerts, it would have gotten hit, but for whatever reason, I entered a more conservative entry level. That trade went as much as +9, but I count this as a +2 "could have" trade.
|Screenshot from my Tradervue.com journal - it's great, it's FREE!|
Therefore, a +8.25 day, that's what today could have been vs. a +1.50 day, had I
been more careful and executed well against my plan. Perhaps I need to reconsider
what I wrote in the first sentence above!
6.75 points -- that's conservatively how much the rogue trades cost
me today. 4.50 + 2.25 = 6.75. Wow. I'm not even including the +2 trade based on Renato's final alert that I missed. Shows how a couple of
mistakes resulting in losses and lost opportunity can really impact the bottom line.
I only took advantage of some of the key areas today (highlighted in dark green) as appropriate with my current trading plan. This is NOT a part of the Diamond Setups. In the future, I will utilize these charts to better supplement the Diamond Setups trades.
I believe there is great synergy and opportunity, but for now, I need to keep things as simple as possible and just execute well against my plan.
|ES 5 min 12/6/2011|