Internet is fine today. Existing home sales has push the Dow to a new daily low. I'll be keeping an eye to short the 1st pullback.
Out +10 I'm feeling more comfortable with my first hr trades and this journal has helped. I've been printing out my charts and reviewing and finetuning. Hopefully this will continue to do well and I'll increase my cars.
Today was a great example of following my plan and risk management. Besides my 10 pt max stop, I also have a time stop. That is, if the trade doesn't work in a few min from entry then I should starting thinking about loss minimization. I exited the trade for +1, and saved myself from a definite -10. Getting yourself out is important. If a method works 6/10 and on the other 4/10 where it doesn't you can have 2/10 scratches and 2/10 losses then it makes a huge difference. Imagine this: 6 x 10 = +60 4 x -10 = -40 Profit = +20 Vs 6 x 10 = +60 2 x 0 = 0 2 x -10 = -20 Profit = +40 so obviously a so-so setup becomes alot better just from minimizing your loss.
Nice and easy +10 The run up and 1st pullback coincided with the ISM number. As soon as I saw the better the expected figure for ISM I pulled the trigger and was lucky to get an excellent entry. It had jumped up immediately on the announcement but came back, and I got in at 30 and exited at 40 for a 1min trade. Take care and see you tommorrow
Stupid, stupid, stupid loss -10 Price setup great but again, like yty, it came at the time Pending Home Sales were coming out. These were worse than expectations and I ignored it. Stupid me. Since I was thinking long and the econ news was bad I should have waited 1st for a reaction. Oh well. On the chart I mark 2 other entry points. The first I was thinking about but didn't feel quite comfortable with it, and the 2nd I was waiting for it but at that moment I had to leave the computer. Arhhhhhh !!!!!!!!! damn damn damn. Oh well. Market will still be there tommorrow
As the market trended lower and looked weaker and weaker I took another shot and shorted. Took +10 points so closed the day at 0 (-10 from previous trade and +10 from this one).