After postponing way too long, I have finally decided to start writing monthly trading updates. So here goes.
October began with the ES contract showing some early bullish momentum. On the 3rd, a late-day long position captured a small gain, setting a cautiously positive tone.
A few days later, on the 7th, the market tested traders' resolve. An attempt to go long early in the day struggled, eventually retreating and forcing a small loss. A subsequent long on the 9th found its footing, managing to snag a modest gain before the close, suggesting the bulls weren't ready to give up yet. However, this hope was immediately challenged on the 10th, when a second long trade quickly reversed, leading to a noticeable setback for the week.
The mid-month shift
The middle of the month marked a tactical shift, as the bears temporarily took control. Starting on the 14th, the trading strategy flipped to short. This proved wise, as the first short trade was immediately successful, carving out a nice profit.
The very next day, the 15th, saw an aggressive attempt to push the market lower, but the momentum failed, resulting in the largest loss of the month as the trade was stopped out early. This volatile two-day stretch was followed by a decisive victory on the 16th, as a well-timed short trade captured one of the largest gains of the period, demonstrating the power of downward momentum when it finally kicked in.
The bullish endgame
The final week of October saw the return of the long players, with a clear conviction that prices were heading higher.
Starting on the 21st, a series of long entries marked a late-month rally. The first day netted a small, symbolic win. The next day, the 22nd, confirmed the shift with a more substantial gain.
The month culminated in a grand finale on the 23rd. An early long trade perfectly captured the month's strongest upward move, securing the single biggest point-capture and ending October on a high note.
In summary, the month of October was a net positive journey. Despite a few tactical losses and a brief mid-month bearish interlude, the ES contract ultimately yielded to the bullish pressure, delivering a solid overall profit and concluding the period with strong performance.