Situation After such a large selling volume yesterday leading into the fed my bias was towards a choppy or inside day. I did not want to chase the market down. 3750 remained a key level and the market opened at 3771. The main areas I was looking at was a 3820 area reject or a 3750 bounce.
Self-Talk The market sold off to 3750 at the open and I entered a long trade with small size at this area. My original risk was 10 pts but once the market put in lows at 3644 I adjusted the risk to the lows giving me a risk of 6 points for the trade. My first entry gave me a pop to 1r and then retreated back to 3750 where I exited the trade break even.
Once I saw that the 50 level was holding I re-entered the trade with a slightly higher size and took it up. Since this was a long trade I wanted to size smaller as this is risky in a selling market. I took the trade all the way to 3780 but I had the june contract loaded which was off a bit from the actual ES pricing. I sold at my target points and was stopped out of my trailing runner. Solid trade.
Coach-Talk I could have looked to take the 80 reject but the 80 area was the POC for the market and HVN I didnt want to reject a contested area that could have stopped me out had the bulls taken control of the market. I felt like the LVN bounce gave me the best R:R.
5 Trade Components (5/5 A, 3-4/5 B, 2/5 F)
1. Defined Risk 10/6 pts ✅
2. Risk limited to proper dollar notional $500 ✅
3. Risk to reward for trade (Did the trade have an edge) Trade had edge bouncing a LVN at a key area after heavy selling ✅
4. Profit plan defined and followed Profit planned was followed ✅
5. Trade behavior (fears) I accepted the risk of this trade ✅
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-06-14 09:43:34 | MESM2 | buy | $3750.00 | long |
2022-06-14 09:50:39 | MESM2 | sell | $3750.00 | 0 |
2022-06-14 09:51:39 | MESM2 | buy | $3750.00 | long |
2022-06-14 09:54:48 | MESM2 | sell | $3765.00 | long |
2022-06-14 10:03:51 | MESM2 | sell | $3773.50 | long |
2022-06-14 10:08:37 | MESM2 | sell | $3766.25 | 0 |
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