Recap of my /ES Trades Today
Today was a pretty darn profitable day for me. I had a bit of a pre-mature exit on my SKF puts, however they were closed for a nice fat profit. I can’t complain too much about that.
Recap of the overnight – Stop bot trade
I have no idea if stop bots actually exist, however the evidence appears pretty overwhelming that they do in thin markets. On Tuesday, Tim Knight posted about an overnight position he had that appeared to be gunned down by a market maker.
Last night, the same thing appeared to happen to my short. I had my target exit order set to kick in at 708 (perfect in hindsight), and a stop at 715. The futures ran right up to my stop, kicked me out, then dropped down hard again.
Color me frustrated with that. Oh well, nothing I can do about it.
Missed that one
See those three lines pointed up in the image above? Yeah, I should have gone long, long and long. I was busy at the office and didn’t have a chance to eyeball the market. Once I had a moment to see what was happening, I jumped in long.
This is the setup for tonights overnight short trade
Flip Flop, lets get short
Very busy day today at the office. I had an offsite meeting so I dropped in a trailing stop to cover my downside risk on the long position. I expected pretty strong resistance around 744-749. Sure enough, the market stopped, I was stopped out and that was that.
I checked on my iPhone when I had a moment, saw the price action and quickly went short /ES with a stop above the 750 area.
This trade should ride down to the 23.6% retracement right around 730. Again, I’ll be putting down a trailing stop right around 730. If we can bust through, I’ll take the extra profits. If not, I’m willing to give up a point or two for the opportunity.
