Today's Trade

I was unable to trade yesterday and missed a great breakout from the 5 min opening range.  Seems like I always take the wrong day off.

Anyway, I came to my desk late today.  It was after the OIA report. Last night API report was positive for price as it showed less supply than was expected, so I did expect some up move today, but that did not occur.

I looked at my 2K volume chart and today's down move looked like a bull flag, but price was in an intraday down move, so I was looking for shorts.  I missed out on a good short after price moved up to a SZ and I got a great reverse sell signal with a HVC engulfing bar.  I am really pissed off at missing that as I was not prepared at the time.  Yes, I was looking at the ES charts at the time. Stupid.

After this I did not see any more sell signals.  However, I then saw limit buy orders coming in just above a DZ on 2K vol chart.  And then, a very bullish engulfing signal, engulfing 2 bars, on the 800 tick chart, including limit sell orders.  As soon as I saw this, I took a long with 2 contracts, with the first target at 16 ticks, which was the same as the stop loss.

I did take some heat, but my stop loss held.  Once my first target was hit and price continued up, I moved my stop loss just below a CBO engulfing bar and left it there. 

My target was hit for 67 ticks on the 2nd contract.  However, If I was watching it at the time, I would have increased the target after price had broken above a HVC DD (limit sell) bar on the 800 tick chart.  And at this time of writing, price is at 97.40, which is nearly 100 ticks from my entry.  But I am quite happy with both my entry and trade management.  Total is 16 + 67 = 83 ticks.

Here are the screenshots