2nd Down Day 4-7-14

I didn't have a clear hypotheses to begin with today. The problem started showing on my lack of preparing Levels and trades each day. I attend FT's Trader Bite each morning and pretty much take his views of the market. This is not enough. I have to develop my own market analysis and plan.

I entered two puts orders this morning at 1810 and 1780 for this and next week respectively. It was during the first 2 hr of RTH. When I saw ES started to push back into yesterday's low range. I thought about waiting for a confirmation of testing overnight high or at least for the hourly bar to close. Then the fear of missing took over. Then market fall off and made another 20 point down day. I had doubts when I was placing the orders but as usual I ignored them. By the time the real selling came I didn't have much margin ($3.9K) left to take advantages of the high volatility. I must remember "when in doubt, don't trade". I still need more patience.

Wheat was up 8 points overnight. It came down to retest IHS neck line after open. My exit orders didn't get fill. The premiums didn't give up much. I was able to close 1 of 680 before closing at $12 1/4 which was my order price of last week but far from my order price of $7-8 this week. All grain prices didn't move much in anticipating this afternoon's Crop Progress Report and tomorrow morning's WSDE Report. I am glad I am out one to reduce my exposure. Once I am out $7.05 and 7.10 I will be in a much better shape. My $5.10 corn call is also a bit of concern when current price is at $4.99. I may add one after tomorrow's report.

CL had a pull back today and still trading in current LVA. I was able to exit my $103.5 call with $100 profit and correct my error of that aggressive trade which I noted in my weekly review. When it's a wrong trade with a profit it's still a wrong trade and need to be quickly corrected.