The Day after FOMC the market opens with a huge gap up after a selloff on yesterdays 25bp interest rate cut. The market then travels back to the previous days low , selling off almost all day.
Besides churning through 108 contracts on NQ, I did good today. My loss on NQ was due to using bad trade management and adding to the position with stops that were at price spikes and by lowering my sell stop when the market turned bearish in the afternoon. My initial trade entry on NQ would have been a good winner if I had used the correct position sizing an added to the position correctly. Adding to positions is my biggest challenge as a trader. I need to stick to my signals and work on position sizing rules.
Net P/L= $627 (127c and 800 shares)
Missed Trades-
1.While typing this I missed a sell signal on ES, however, after seeing this I saw another good scalp and got an extra $200 by staying focused and getting a long scalp on ER2 and a short scalp on NQ.
2.Should have held short on CL, sold the high at $94.56 and only took 20cents, it is 75cents my way right now if I had held, or an extra 1k lost(the profit was decent so I took it,,IDIOT, just like yesterday, should have waited for the reversal signal.)
3.Should have reversed and went short on NQ after I got stopped out.(that huge spike down on NYSE A/D is not very common, however is not unusual being the day after FOMC, the type of volatility and crazy action I was expecting yesterday)
Rules I need to work on-
1.Keep taking trade signals until the last 30min of market open.
2.Look for exit signals and use trailing stops logically
3.Keep your stops(don't move them from that impeding spike)
4.Turn on audible alerts
5.Eat breakfast before trading
6.Get at least 7 hours of sleep (got 3hr last night)
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