The first time approach buy 116 050 trade is now over. That was close enough. I didn't take it, just a friendly observation in case you did. I'm waiting to go short now
1016 EST Breaking 116 120 is fairly significant. My best guess for the remainder of the day is lower prices. I'm hoping for a short opportunity between 116 120 and 116 160. If we start to play around with 116 190 then obviously we may have a "V" day.
1041 hrs EST I'm looking for something to happen right around 1100 hrs. Hard to say if it will be further down moves or a change in trend. I'll be watching the ES carefully now for the next 20 - 30 minutes.
1106 EST I'm not particularly proud of my trading today. The first trade was a violation of rule #1, never be in a position prior to a potentially market moving report. I was in it for a simple reason. I saw a pattern that almost always results in a rather significant move in my direction. The next reason for not being happy is the missed short at 116 090. Classic retracement, money-in-the-bank, my-bread-and-butter trade that I execute day after day and I missed it by posting here. The final reason for my disappointment is that I wanted to short anywhere around 116 030 to 116 050 and I waited too long for confirmation and got in at 116 015. My Spidey sense was tingling on that final trade, beating me upside the head so to speak, and I ignored it.
1110 EST I've been following a thread on ET with great interest. It is the one with a title along the lines of 500 / day. In it various ideas have been expressed about setting daily profit targets and not setting daily profit targets. My thoughts on the matter are that one should collect statistics on the trades executed over 3 - 6 months or longer. Look at the time of day, look at the average trade duration, etc. In particular look at something that will be very hard to see on most software tools. Look for how often you were up by a certain amount and then either lost all of your profit or lost even more. I would say that after studying these things you will then know how you should approach your trading. My personal belief is that one should not be too quick to dismiss the age old proverb about a bird in the hand. There is a reason why it is an age old, and probably cross cultural proverb.