8/02/13 - p/l +$100.71 (1675 puts covered from yesterday for+$52.96) Took 1 ES trade from the long side (2pt stop/target. This is what I consider one of the highest probability trades. A double bottom at SPX 1700 support. Went long after. Was counter trend with a downside catalyst or would have put on 5-10 contracts. <object type="application/x-shockwave-flash" height="300" width="400" id="clip_embed_player_flash" data="http://www-cdn.justin.tv/widgets/archive_embed_player.swf" bgcolor="#000000"><param name="movie" value="http://www-cdn.justin.tv/widgets/archive_embed_player.swf" /><param name="allowScriptAccess" value="always" /><param name="allowNetworking" value="all" /><param name="allowFullScreen" value="true" /><param name="flashvars" value="auto_play=false&start_volume=25&title=Title&channel=estrading&chapter_id=2679393" /></object><br /><a href="http://www.justin.tv/estrading#r=-rid-&s=em" class="trk" style="padding: 2px 0px 4px; display: block; width: 320px; font-weight: normal; font-size: 10px; text-decoration: underline; text-align: center;"></a>
Being on vacation, I have had some time to look over my journal over the past weeks and will be improving risk reward ratio. From now on I'm only looking for trades that I believe have a good possibility of a 2 to 1 reward/risk at the minimum. Catalyst trend/Afternoon continuation and morning reversals. Moving from scalping to intraday swing. Which will mean less trades. Still working on the details of if/when to move stop to b/e possibly at 75% of initial risk/stop on a move in the projected direction. I'll only be posting in my options journal until I get back.
2/1 Reward Risk Target hit Saw 1 high-prob ES trade today so took it with a 1-lot. Left some on the table but with a 2 pt stop hit r/r target of 2-1 Why did I go long at 10:23am at 1649 = Morning reversal, 1 minute swing highs/ lower lows, uvol/dvol ratio + a/d trending up and positive