Wednesday, June 19, 2013
ES TRADE REVIEW 06/19/2013
That trade finished me for the day. I simply do not like to get involved in the chop action combined with the violent moves post FOMC. The balance of the day I used binary options so i could control my losses very carefully.
The easiest trade was to the short side, and while it seems obvious now it was not so obvious in the early going. Knowing the bias and control gave a two fold edge. 1) It let me know (if) I took a counter trend long in needed to be fast. 2) That the short side set up would give me bigger potential profits. Looking at the chart you will see the back of the zones combined with a good rotation up payed very nice dividends.
I think the biggest takeaway of the day is that the best trade may have been no trade. Markets like this look so big. Like so much money is there for the taking. Its an allusion. ES was moving in 2-4 point bursts. Stops got run over. I highly doubt many banked coin this afternoon that were not positioned prior to FOMC. It was simply so hard. If you took the highest odds trade and then went home; well done. If you lost make notes of the errors and make it a focus to only take the highest odds trades tomorrow and every day moving forward.
Good night. Tomorrow more fun.
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