When price breaks through two support or resistance areas without a significant pullback itâs an extreme day. My current plan to mange this is to look to reverse (with a max. 2 point stop) especially if the next support or resistance area is far off.
Sounds like you are using floor trader's pivots? How well do they work? The only static levels I look at are the implied volatility bands (admittedly price returns are not normally distributed). They give me a zone sometimes but not an entry.
There were no confirmation in the few setups appeared. My wife just told me her friend just told her there is some kind of bad astrological event today... something about the 9 planets. I am done for the day because I haven't had enough sleep for the past two days. Gonna stay home and sleep. Total: +2pt Good trading.
Short at 1287.50 at the open Cover at 1285.50. +2 pt I was a bit anxious because the implied volatility level lines up otherwise could have a better entry. I also gave the stop a little more room. I was gonna try ride it but don't want to deviate from my plan.
I am gonna start the first week of the year slowly and stop here. Got to go to old college buddies' twins' birthday party tomorrow and don't want to show up with a sour face. I might be a little off balance after watching the trade goes my way and I did not trust my intuition. It was an easy trade but I made it difficult. Total pt for the week: 1+4+2+2 = 9 pt. It is clear that I am still not very motivated and tend to close the shop before the seat is warm. I was hoping this journal would help but it didn't... might have made it worse. OK I don't want to watch this thing going down anymore. Good trading!