Wow has it been a busy 2 weeks. I haven’t been trading because I was invited by the Israel Ministry of Tourism to tour the country of Israel. If you want to check out how the trip went check out my my travel blog. I originally had planned to update just market recaps instead of my trades but the schedule was so hectic I was only getting 2-4 hours of sleep for an entire two weeks. I returned to Kenya last Friday and was able to start trading again on Monday the 26th.
I’m always hesitant to go full throttle after I come back from a long trip or I haven’t traded for over week. Luckily, the market has been moving incredibly well. On Monday, I simply started studying the past 2 weeks of activity for roughly 10 minutes followed by my 5 minute analysis of the current days activity. I did notice that there has been exceptional swings in the market especially early in the morning.
Click on the charts to make them larger
I immediately pulled my automatic 2 pt target and based my targets on the fib levels. My first trade was a full loss of 5 ticks. I did debate adjusting to a larger stop based on the swings in the market but it wouldn’t have made a difference since the market retraced roughly 2 pts behind my entry. Once I was stopped out I immediately looked for a re-entry. I missed the entry at 11am but the market was nice enough to give me another opportunity.
There was a major resistance area going back to Friday that the market was respecting at about 1133. Once I entered I immediately covered my risk and tightened my stop. My target was a few ticks under the 61% extension.
I wasn’t able to get filled on the third trade for the day but I did get an excellent 4th (and last) trade. I used a split target technique for this trade and since the market had a great run to the upside I was planning to let her run for at least 8 pts. If you see the chart below I was prepared to hold all the way to the cyan area where there was a convergence of areas. I was greedy and brought my stop up too tight and was stopped out instead of being able to hold. Looks great after the fact doesn’t it?
Today’s Day Trading Results
- Total of 3 trades
- Won 2 out of 3 trades
- Lost 1 trade
- 1 trade not fill