CME_MINI:MESH2021   MICRO E-MINI S&P 500 INDEX FUTURES (MAR 2021)
Looking for some continuation of the rally since the cash open. Need to see a breakout above 3804 to confirm that, so I've got a buy stop in above that level with a stop just below the recent low and a target of 3820. If it doesn't trigger, all good. Will wait for a cleaner setup to develop. Max position size based on the current reward/risk is 6 contracts, but still trading small on my first day and waiting until my confidence is up a bit before moving to full-sized positions.
My trading plan: http://bit.ly/2MM9vVv
My trade log: http://bit.ly/3bqoQW5

Comments

Was long a total of 5 contracts w/ a cost basis around 3805. Had to step away for a bit to take a call --- the position went from green to red and stopped me out at my initial cost for a total loss of ~ $166.50 on the trades. Second position I've overstayed my welcome on. Going to have to get used to taking profits sooner and scaling in/out of positions as the market adjusts.

A problem I had as an analyst with longer-term positions is selling winners too quickly and moving onto something else.

Gonna have to find a balance here in this new timeframe.
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take what you can, it may not be all but its better than being stopped out.
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Finally got the breakout across all the indices. Long 4 total at cost of 3804.56. Stop remains 3799.75 but will move up shortly. Target remains 3820 on the continuation to the upside for the rest of the day.
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Added another above 3804 and then got shaken out of 2 for a $16.25 loss. Still holding two with the original thesis and stop loss at 3799.75. This 3804 level is a big one and looks like the market may need some more time before getting above it. Holding two and will add on a 5-minute bar close above 3804. Watching for now w/ my 2 contracts long at an average price of 3804.38.
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Got a bit antsy here and added 1 contract at 3802.75 before my buy stop kicked in. Currently in 3 contracts at an average price of 3803.92. Got my stop and target in. Now just waiting to see if we get that follow-through or if this needs more time before going.
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