S&P 500 Futures Short daytrade!

Morning Traders.

Let it be known I would NEVER consider shorting the S&P Index unless I had lower lowes.

On the daily I've got lower lows and lower highs. This market should be ready to give us 60 ticks. Which on a single futures contract is $12.50 a tick.

Entry 2240.00 Notice how the gap to the downside will be filled right when we take entry.
Stop loss (SET IN STONE) at 2255.
Target at 2220

Very risky and I dont like the thought of shorting the S&P AT ALL. But the setup is right.

No emotion. Just lower lows.

Cheers!

Trade active:

Taken in 10:44 AM 8/29/17

Comment:

The gap has now technically been filled at 2444. So if we would have entered properly, our Entry being 2444 (that filled perfectly to the tick), our new stop is just 11 handles behind us at 2455 (1 handle = 4 ticks=$12.50 a tick) Target could be adjusted however you'd like. 60 ticks or 15 handles still seems appropriate.

Comment:

I will be treating this trade as a swing trade now. The market didn't move down after filling the gap like I had hoped. Many traders probably bought the dip and held to the close. Smart thinking, as I should have gotten a much better entry.
No harm done. Trade still on.

Comment:

Came three ticks from the stop order. Oh the power of higher highs. I have a feeling we'll be stopped out soon. Shorting the S&P is a fools errand.

Trade closed: stop reached:

Trade stopped out. It is now in the trading plan to never short the ES period. Point blank. There is no point. Even here where the statistics were in my favor, the ES is the only instrument which will defy all logic to get to the highs. Lesson learned. Shoulda been trading the DXY.