We obviously have a bounce here and it has broken first down trendline. This is 2nd downtrendline which has lower odds of holding. May need to go to 55 before any new moves down.
I am short from 51.75. Looks like 52.50 is strong resistance, my indicators are on the edge of tipping over into bullish territory... Edit: Took profits at 50 I'll sell again on a lower high though.
I am hoping for nice bounce but i have to stay with the shorts until key zones are broken. My risk is so small on this trade i might as well let it run for bigger gains if i can get them. We do have start of uptrend from 45 though.
Eeek missed out on another big one. I think everyone can realise my psychology here - obviously made some decent gains early in the day and now seem to cashing in on trades quicker and quicker. This is seriously one of the things i need to work on. Im sure if anyone was reading this journal today then you can realise that early in the day i said i was going to aim for even bigger gains in evening (basically stick to the same trading plan which is designed for trending days). However, you can clearly see that from taking even minuscule 6 points targets from early in day to only taking 4 point targets. Even though the plan called for at least 8 on nearly all trades taken. Technically i should have four 10 point trades but psychology of holding onto gains and not holding winners because i am afraid of the market taking away my gains. This needs to be worked on because markets does not give you many trend days as good as this and my plan should really make the best of them. End of rant
<i>"However, you can clearly see that from taking even minuscule 6 points targets from early in day to only taking 4 point targets. Even though the plan called for at least 8 on nearly all trades taken. Technically i should have four 10 point trades but psychology of holding onto gains and not holding winners because i am afraid of the market taking away my gains. This needs to be worked on because markets does not give you many trend days as good as this and my plan should really make the best of them."</i> Make peace with the fact that you will battle this mental game for the rest of your active career, just like everyone does with zero exceptions. Keep losses controlled, accept modest gains when captured and enjoy the big trades now & then. Build a career on small losses / moderate gains ratio. Most emini traders around the world either broke even or lost money today.... just like every day. You did not, which places you in small percentile of winners today. Now repeat that process more days than not, and you'll be fine
Can't help but feel we have some accumulation going on here. I may be wrong but this type of action does look like typical bot driven action designed to shake people out. Stay out of this at all costs is my advice. It will be clear to all when its going to blast off if at all. They probably blast it back to 41 and then head off to squeeze some weak shorts.