Midir's Stock Market Challenge: Day 8

Results For Today

Trades:6
Total Contracts: 7
Winners: 5
Runner:16 Ticks Over 3 Runners
Scratch: 1 (+2 Ticks)
Losers: 0
Profit: $397.44 after commission
Gross: $450

Channel To Range To Channel

What a great day! I got kinda upset with my first trade, because I only took one contract. So out of a 8 point move I only banked 1 point. I decided it was time to get more aggressive.  I'm getting tired of missing all these trades because I was scared unless it was ideal.  I've watched so many trades I didn't take work out great, and missing that great runner was the final straw.  Time to start making some real money.

I'm also going to try doing this a little different.  I labeled all my trades, and I will describe why I took each one in a more organized fashion.

Trade 1: Second entry long with a first break of the overnight ascending channel.  It never retested the lower channel line or the top, so I figured it would head at least there.  One contract, only for it to continue in my direction.

Trade 2: It was a bit aggressive, but it was a new high after a trend line break.  I'll admit I was a bit off-edge on this trade, and decided to get aggressive.  I only banked 2 ticks on the runner (came back and stopped me out).  I should have sold the runner sooner.

Trade 3: I missed two trades because I had to take my eyes off the market, but I realized we were in a trading range.  Again, I entered with two contracts.  It was a new low with a second entry long.  I banked 9 ticks on the runner.  Could have banked more.  Oh well.

Trade 4: I made my profit goals for today, and I figured I would just make a little gravy.  I decided I would only trade one contract for now.  I did commit a big "no no" when it comes to trading.  I added something untested to my strategy and started to listening to pit noise with commentary.  Goldman Sachs came in and started buying so I scratched the trade. 

Trade 5: I saw what looked like a new trend line, and the short side looked a bit weak.  I saw a second entry short, but Goldman Sachs came in buying, so I figured it might trap.  I took it for a quick 50 bucks.

Trade 6: As I was typing this there was another trade that set up.  I decided to push my luck and went in with two contracts.  Closed the runner at +6 ticks, because of the fed speaker coming up.  Picture is included below.