trade 2 - 1.75 short again. I don't mind too much having losses but man, i sure would like to have a few more winners. Again i don't think this is a bad entry just sometimes they don't work out. Didn't take any more trades after this. Trying to get the balance between don't chase a trend and jump in now. I'm getting some clues i think. Lot's of good PA today to study for the weekend.
-6 today on 3 trades. As a new trader the first thoughts are: have i lost my edge, did i ever have one or is this just a slump. Over the weekend i was thinking that as long as i'm patient and limit my mistakes my limited trading history shows i have an edge. Of course, It's easy to say after the fact that a mistake was made and without a certain trade or two i'd have an edge. So maybe what i should say is as long as i'm able to recognize my mistakes and reduce them then i should be able to have an edge. Christ, i think i'm starting to just ramble here. First 2 short trades stopped out. 2nd entry came too soon after the first. At this point I need to take more than a 10 minute break after a losing trade. 3rd trade long went 4.5 positive then sold off quickly. When i exited at -1.5 i immediately thought Don't exit ! It's at support and has stalled. That was the bottom and it went back up for probably 7.5 pt gain or if I was really good about 13 points. So now i'm going to review the trades further. If I don't improve soon then i'll go back to sim trading. Another thing i know about myself is i do behave differently when in a trade. While stalking trades i'm pretty relaxed and get good reads. In the trade i'm a bit more anxious and i think rush my understanding of what is occuring. I'm working on reminding myself to relax and stay focused while in the trade. I think being aware of this is more than half the battle. Tonight i'll get some exercise and come in tomorrow focused and with no worries about today.
No trades yesterday. -2.25 today 1 trade My read in price action was off a bit. I should have given this more time to set up. Main problem was mis reading a normal pullback as a failed breakout. Shorting near support can work if price has momentum so don't think that was terribly wrong in regards to the entry The 20 ema was still moving up which could have been another tip to wait. That's about it.
No trades today. I think i mention this every thurs so this will be the last time. I'm up late on wed so I get to office about 8 (pst) on thursday's. (I play guitar as a hobby, wed night is band practice. We're still putting together our third set and then hope to play somewhere) After the nice up move i watched and missed a couple entries on the pullbacks on the down move. Showed good restraint in not chasing the market today, though.
This is the goal. To read the chart as easily as today and believe what i see and act on it. I saw every one of these buys and failed to to take them. Why is for me to figure out. The negative a-d numbers and large new lows today was part of it. I need to place less emphasis on that. But this was helpful in gaining more trust and confidence in myself. I mean really, look at this chart. Sometimes it's so obvious it's hard to believe.
Mostly a repeat of the other day. Seeing entries but choosing not to take them. No regrets though. I'm printing up charts and making notes. There was a short entry around 6:45 i missed but I saw several buys that would have worked. I guess i'm being stubborn w/ my bearish bias but it's not often i have such a strong opinion on the market. I'd rather miss some trades on the long side than be in what i perceive to be higher risk trades at this time. I realize as a trader this is not the approach i should be taking but i'll allow myself a bit more time to indulge this bias.
Hey Jas, I sat in on Al Brooks free 2 days of listening to him talk as the day progresses... If I heard him right he sees one possibility of the ES retesting back to 1250 or so. ...with lots of 'ifs', etc. Maybe it will happen!