Futures (ES) live trading journal 3/02/21 Tuesday.
Ok trading today though a bit of lapse of discipline on one trade, but I am trying to follow a new rule on break out trades (BO).
The momentum was up in PM and a level formed. Right at the open a break out trade formed. The new rule is don't take a BO trade unless it has a perfect setup and even then take one contract. A perfect setup is a new high/low with a pullback to test the level and then a new high/low again and then another pull back for the trade entry.
A few minutes later there was more of a pull back with a chance the price will go back up and test the high (TT). A very good reward to risk, but I was immediately stopped out.
Then another BO trade and I was good not to take it because it wasn't perfect. Then a failed breakout but it had no entry.
Then again another breakout trade setup that was not perfect. Actually it was the worse looking of the 3, but hungry for a trade I took the trade and shorted. Being nervous about taking this trade I pulled my stop in as soon as there was the equivalent of a 1R move. Then the price bounced up to take me out by a tick and then go for a big run without me.
The price dropped and made a new momentum down level then a large pull back setting up to test the low again. But no entry was given. But the SPY ETF had a better pullback and I was actually able to take this short on the SPY for a profit.
A few minutes later the price broke the bottom level and bounced back giving a failed breakout setup. Not an easy entry but I was able to take a long for a few points bringing me back to the green.
I hope everyone had a solid day today.
I'm just getting started with swing trading and am confused on which order execution platform to use. Which one do you recommend? Do you use an "all in one" that does charting, analysis, news and order executions?
I have not started day trading yet so I would be starting from scratch.
I would appreciate any advice.