Grasshoppers guess of the day 6574
It's now an hour before regular trading hours an I am going to attempt to make a few paper trading points by guessing an entry and exit point that will allow that. These are only guesses. I haven't done a lot of research or anything like that, it's more so intuition. It's to early to call it now so I will make my guesses around 5-10 minutes before the market opens. By the way, the market That I am paper trading is the front month of the ES. I will always have a 5 point stop loss as I have noticed that that number tends to give trades a little wiggle room.
Okay. I think that once the market opens up, if the price hits 1322.75 that it can possibly push it's way to at least 1326.75. That's a possible four point gain, with a five point stop loss at 1317.75. Let's see what happens.
Well, it did not quite make it to 1326.75. It went as high as 1325.75. Did not get stopped out but if I were trading with real money and had held the position until the end of regular trading hours, I would be out of $50 because it closed today at 1321.75, And the entry was 1322.75. Very little movement today. I'm going to keep this Journal open for 30 trading days and see if I can turn a paper-profit. If I can, maybe it will give me enough confidence and courage to open up a real trading account. Until tomorrow.
Once the market opens up, if the price hit 1329.00, my guess is that the price will drop to at least 1325.00. A four point gain. If the market opens at, or below 1329.00, I'm in, with the same profit target of 1325.00. 5 point stop loss. if entry 1329.00, exit is 1334.00. Let's see what happens.
Today the market started out in my favor, going all the way down to 1325.75 early. But then it turned around and shot up to 1333.75, almost stopping me out of my paper trade. Then the market shot back down and hit my profit target of 1325. That's a four point gain. That put's me up $150 ($50 loss yesterday, $200 gain today) in paper profit for the last two days. My guess was right today, let's see what happens Monday. Until then.
This is my guess for today. If the market opens up and the price goes up to 1334, I'll be looking for prices to reverse and go down to at least 1329. With a five point stop loss at 1339. Now, if prices open up and go down to 1327, I'll be looking for them to continue going down to at least 1323. 5 point stop loss at 1332. Let's see what happens.