Extreme TICK readings (+1000, daily high), but not closing above just yet. If we can`t push higher on such readings, I`m willing to short. If we do close above, I might enter a long. Okay, we did close slightly above at 1303, but I`m not feeling it yet.
T-day tomorrow should give us some proper upside! Looks like its taking a bit of a breather today - maybe a smallish up day. Might get a nice melt up tomorrow though
Entertaining the thought of a short @ 1302,50, but the market is choppy so I`m not sure yet. We had the day`s highest TICK readings leading into the spike, but we did not break out of the range successfully. Divergence between price and TICK. On the other hand, if we don`t go below 1302, we might still close at the daily highs.
Out @ 1300,75, breakeven. I had a limit buy @ 1299,50, but when IB popped up warning me about changes in margin, I had to start looking for an exit. I place a stop @ B/E and one @ +,75. My BE got hit and then the trade went in my favour.
covered 1/2 of remaining at 1300.25,still short small,they may take another shot at the upper tl again tomorrow,adp #'s in the a.m.
2 trades: 1 @ -1,0 points, 1 @ BE. I was rather satisfied with my long. We were closing above 1303 on high TICK readings and we were close to the daily highs. A test of the highs was a likely target. One tell that could have prevented me from going long was the fact that we were making the highest tick readings for the day prior to the close above 1303, without sustaining a real breakout. My stop was tight though and the R/R acceptable, so I`m not crying. Now, since the market did not go up and I perceived a divergence between TICK and price, I started entertaining the idea of a short. In the ES journal I wrote about how I entertained a short @ 1302,50. I did however not have the confidence to execute the trade, since I would rather see some confirmation. Confirmation, did I get, but it happened way too fast, making me enter a little to late. I then entered short with a scalp target @ 1299,50, which almost got hit. Since I`m practicing not puking out of a winner too early, I held on to the trade, although we were testing resistance. Finally, I got a warning from IB about margin changes so I had to puke. I entered a stop @ breakeven and one at +0,75 points. The B/E got hit. My mistake on this trade was that I pushed for a profit that was not there. Probably influenced by the previous trade. Oh well, still slightly ahead for the week and did not lose much. My confidence is not shattered and I will be ready for a new day tomorrow.
Getting more violent in Egypt http://www.reuters.com/article/2011/02/03/us-egypt-idUSTRE70O3UW20110203