It was luck to void a possible train rack today. There were only 2 of 14 positions closed overnight. I decided to close most of the near money position before the job report at 8:30 am. I did close 1730 with a small profit and 2 of 6 1735 before the report. I was exposed with a potential loss of the 1735. The job number was much better than expected, 220K vs 120K expected. ES tested 1736.25, the very end of the large balanced area. It couldn't break it and push up all day to yesterday's broken down point of 1767. It erased all the lost of yesterday. My assumption was it would pull back to test BBD/M for a set up of going lower. But it pushed through. Looks like the bulls are not ready to give up and want to charge higher.
What I did right and wrong in this week.
1. I made a decision to control risk and honor my stops this morning. I exited some positions before open this morning.
2. I was patience for the most of the week, except yesterday. I was not very calm during the high volatile time.
3. I had plan to manage my positions. Although the plan was not perfect and partially come on the fly. Any plan is better than no plan.
4. I over traded yesterday. I entered 15 contracts during the high volatile time and 12 of them were for this week's scalping. I exceeded my weekly planed number of contract. Had a total of 19 for this week. It could have been a disaster if ES has a different reaction to today's job number. I will limit my contract number to 12 per week with current margin amount.
5. In the heat of market swings I forget I need to trade my IB personal account too.
Luck is good. But don't rely on luck for business profit. It may run out one day and cause a big loss. Must methodically manage each trade like a pro.
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