Registered: Jan 2006
09-22-11 11:54 PM
I will be on demo to refine some of the newer strategies, then switch back to real money once I show positive results.
Summary for today.
1) Day was trending down and was at new low on CL and ES when I started trading late due to not feeling good. I was looking to sell a LH and placed orders.
On CL, my indicator turned up, but I ignored it since the trend was down. However, previously all indicator trades were winners, so I should have placed a trade long.
On ES had order limit in at lower high. We got a news spike on Euro banks and order got filled and stopped out in seconds. I should have set price alert instead of just having an order out there waiting to get hit.
Mistake number 2, I chased the spike with a long order thinking this was really good news, and got stopped out again. Should not have chased, should have waited for normal trade to setup.
Shorted spike, target hit. Then since I still thinking this is great news, I bought support on 6E even though market had broken EMA to the downside which indicates weakness not strength. Support was broken, stopped out.
So overall losing day. As Brook's says ignore the news, follow the charts. If I just did good setups, this would have been a winning day, but I did not follow plan. Chasing a spike is not a trade setup.