ES Trade Plan for Jan 23 2014

This is insane. I have the exact same ES Trade Plan for tomorrow that I had for today.

What Happened Today

As you know, I don’t like to get into a trade until I have a conviction about the direction. Our Support & Resistance lines at 1833, 1838 and 1846.50 were in play all day long. Since the ATH is just above us, a breach of that gives us no upper limit, so I am reluctant to get long close to the ATH without some sort of confirmation. Today, we didn’t even test the overnight high (1843.25). We did test and fail 3 times in the 1841-1842 range, so I felt confident there was no upward energy.

When I saw the pop after hours, I entered a short order at 1843 about 6:45 mountain time tonight, with the same targets of 1833 and 1828. I had to go out after placing the orders, and I just got back.  It’s now 11:50 mountain time, and I’ve hit target 1. I closed half the position and am still waiting on target 2 with the remaining amount.

Tomorrow’s Plan

Assuming my target 2 of 1828 doesn’t get hit overnight, I will leave the current position open still expecting us to touch that.  If I get filled overnight, I’ll update tomorrow morning. In all likelihood, little will change in the next 7+ hours, but I might get filled.

I’m cutting it short tonight because I’m beat.

3 thoughts on “ES Trade Plan for Jan 23 2014”

  1. Congrats on how much this trade has worked for you lately! I hope your stop trailed you through target 2 and you are still holding.

    1. Yeah, I wish that as well. But I am still learning to use NinjaTrader to its full power, and I had the order at 1828 sitting there rather than trailing a stop. I caught a total of 15 points on that trade though, so I’m not gonna beat myself up for missing the rest of it. Obviously, that is something I need to improve on though.

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