I've started the day with not taking the trade from my set up. I wanted to buy @1297 around 9am for a gap fill and test of PP, but failed to pull the trigger. we are in a down trend now, marked by the series of LL and LH so I shorted 3 at 99 after PP was rejected with stop at 1300, but closed the position at 99.25 because I remembered that we have a report coming out at 10 and didn't want to be in a trade at that time. Plus I need to find a better entry point and not be afraid to miss a trade and trade congestion. PS. Thanks to Mark for such a lengthy and well put comments. I'm digesting and will respond later.
btw, in retrospect my stop was too close, I should have had it at at days' high/PP. short again 3 @99.5 after the second pp rejection after the report, stop @1302. Eur/usd is tanking, should help drag ES lower, the odds of 2 congestion days in a row are very low.
new low for the day for all, ORL broken. OR today: 1301.25 - 1297.25= 4 points. closed 2 @95 after 100% of OR expansion was reached. keeping short 1 for 90 test of the gap.
normally I would have closed my full position there, but I'm trying to 'let my winners run' strategy. Plus this was only the first wave of selling, most likely Today's low has to be retested. So I'm trying to be patient.
1200 DOW defended for now and the selling seems to have exhausted itself. if it doesn't pick up soon, will close the remaining short.
Staying away this afternoon because we are in a CONGESTION! I failed to pull the trigger on another trade today - buy the pull back to 94. Because I made money on my first trade this morning, I didn't want to risk loosing it.
Vol, thanks for the book, btw, big respect for T-day theory As far as my name, 'Best Loser' doesn't have a negative connotation at all to me. Quite the opposite, to me it means that it's ok to take a small loss, to accept losing as an essential part of the game, so the name is meant to do exactly what you said - to affect my actions indirectly. Phantom of the pits said - "Trading is a losers game and not a winners game. He who loses best will win in the end. " I'm trying to change the way I look at my trading from focusing on making money first, to, first, focusing on how I lose money: to losing small , to accept losing as part of the game, to lose correctly, don't average down, to not be afraid to take a trade because I may lose. does it make sense to you?
I really can't help you with your ego problems. Everyone has problems with ego... the lucky few don't have any problems. In terms of avoiding the chop have a look at this quote from Jesse Livermoore In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction. A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for reasons or explanations. Stock-market postmortems don't pay dividends. this quote was made in the 1920s! Some things never change
Congestion is over, we have an upside breakout. All indices are positive and new high for the day. Not sure how to play this breakout, so staying away. Break outs like this often reverse, so will wait for a pull back, but it may never come.