I had no trades today. The zones were good but I had a premise for a retest of 1082.00 and possibly 1077.25 just after the open. Instead, the market took off and I was not going to chase it.
Overall, I though we would see a test of 1077.25 and we did but not before a big move up and a sneaky late day selloff in the last 45 minutes.
The ES has been tough lately. I do not mind standing aside in this type of action.
Observations:
There have really only been one or two good opportunities to trade each day on the ES lately.
This does not apply to those who scalp a few ticks at a time.
I have noticed that many of the clear setups I often see have been getting retested and pushed through and then go on to perform as premised.
This makes it tough to hit the key areas.
If you go in early like would have been required to hit the opening long this morning, you are risking getting retested and pushed beyond a reasonable risk tolerance.
This happened to me twice last week. I had the direction and premise but got clipped out on my initial entry.
Usually I would just re-enter but the grinding nature of the action makes the market contract and thus most setups are not worth risking 2 full stop outs.
The problem is that if you wait for a good washout or firm confirmation, you can miss trades like today which can put you on a path to randomness.
Today, I wanted to see the price push back down to 1082.00 at least before entry and I missed the move.
I am going to deal with this by being patient and waiting for my key setups.
Pushing myself into questionable trades has never worked out well.
It is not enough to have a good read and premise. I must focus on hitting the areas where the market is really going to have to work to stop me out.
I believe I have deviated from this concept a bit lately.
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