Woke up a bit late this morning and wanted to get the cobwebs cleared out before I started trading, so I didn't take the early momentum trade. Bummer! Nice flush down that would have profited nicely. So, I sat back and waited for the follow-up signal to trigger. By the time the trigger came, the Morning Range on the YM came in at 90 ticks, while the 24-Hour Range came in at 114 ticks. So, we had good range and a short signal. The market hesitated a bit following my entry, which concerned me due to the flush that had already happened. My biggest fear was for a sharp reversal, but the choppiness of the up move the last couple of days coupled with the speed of the sell of this morning eased my fear of a sharp reversal. The move finally took off (2nd leg down for the morning) and I captured a nice amount of ticks.
Good outcome - good process.
My morning results are presented below:
YM: +50 ticks (equal to $250 per one contract position)
ER2: +30 ticks (equal to $300 per one contract position)
24 Hour Range: 198 ticks
Morning Session Range: 170 ticks
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