My last journal wasn't very thorough, this one I intend to make extremely thorough and detailed. If someone can glean something from it, that's awesome, but I don't intend to give away any secrets really, maybe here and there. I tend to trade off of a few specific indicators and timeframes. My analysis is completely technical and sentimental.
My trading goals has always been to join "them" on the ups and downs, whoever "they" are. When "they" don't seem like they know where they are going I stay out and wait for this mysterious "they" to decide where they want to go.
This is all simulation trading, by the way. I know this entry isn't exactly high probability or ideal, but the trend already took a small correction, so I don't think I'll have a great buying opportunity until it's too late. I'm very bearish right now, and I normally don't let my (elementary) ideas of the market affect my trading but with the markets as they are, I wanted to put a trade on this trend ASAP.
Right now I am short TF @ $665.70
My mental stop is somewhere around $669
I don't set targets, I let the market take it's course, and liquidate my positions based on TA not upon my "fear or greed".
flat @ $658.60
P/L (points): 6.90
thoughts: i'm glad I rode this one out, it's a significant gain seeing as how my entry was less than fashionably late...
exit cue: going to sleep soon, new Heiken-Ashi trend on 15m(and lower) charts, 1 hour bar ticking up, Rate of Change approaching (or passing) 0 (zeroline) on all time frames, Bollingers consolidating, trend flattening
what i've learned: despite the fact that I miss alot of RTH due to living on the west coast, I (might) need to stop trading (even sim trading) the after hours, it is too flat, too choppy, too illiquid. it's a bad habit, my best trades are always during RTH. As for this particular trade, I think it has alot of steam left in it, I think the Monday open will get pretty ugly, but who knows...I'd rather sleep in peace tonight. I still can't get ThinkOrSwim to fill my stops, which would be helpful...
my (short term) indicators are screaming at me to go long @ $660.6, again not the best entry, but i'll take it, i'll be out of that position in no time though...
so yeah, long @ $660.6 (short-term position)