SLD 1494 CLOSE 14:42:35 I can't believe how much time I wasted waiting for the market to bottom. Oh well. I had a bullish bias coming into today that I couldn't seem to shake, so at least I didn't do anything foolish trying to go long.
1. I stepped away from the computer for a few moments. While I was gone, it managed to go as low as 1506. When I came back it was at 7.5X8. I thought about closing half the position at 1507.5, but I thought I could do better. When it came back up to 1510, I pretty much knew that I had messed up, but I didn't want to do anything about it. So up until that moment it was a good trade, but when I failed to exit at 1510 the trade went bad. 2. I thought about going short at 1509, but I couldn't bring myself to do it. I was too worried that it would shoot right back up on me. 3. I've been experimenting with that some. So far, I like it. I find that the times I think about exiting a partial are actually instances where I subconsciously realize the trade is about to move against me. 4. I've found that "news" has the uncanny ability to support the current direction of the tape. Obviously there are exceptions, but for the most part it holds true. 5. I wanted to be absolutely sure about Trade 2 before entry. Consequently I entered about 4 points higher than I could have, but at least I had all the confirmation that I needed. 6. Most of the time I end up trading minimally when my bias is in conflict with market activity. Take today for example. I had a long bias that I couldn't shake, and I ended up watching the market go from 1515 to 1490 without doing much of anything. Hopefully that will be something that I will be able to overcome, but in the meantime I think that I possess adequate self preservation skills.
I trade the NQ almost exclusively. My trading is discretionary based off of tape reading. Really the only difference between this and the first journal is that this one is posted in realtime. The trades are about the same. However, I am under more pressure lately, and that has negatively impacted my trading. That's why this journal seems to be different.
I'm glad I got out of this one when I did. From my exit point, the market ended up going down even further to settle at 1488.5. It's interesting to note that the NDX closed right at last Friday's level. I thought that I would have a better idea of what to expect tomorrow, but really I have no clue. I would assume that it would probably go down at some point during the day, and I would also think that Friday's low of approximately 1480 should be tested. If I had to guess, I'd say that the market would close tomorrow either unchanged or down slightly. I'd like to be done trading by noon tomorrow.
Thank U for ur repsonse and was worried a bit when I sw the post of u buying there at the end ...... that close was seriously hard work and hope it didnt hurt
BOT 1481 OPEN 10:50:43 I probably should have waited for a pullback before entering. Therefore, I will try to exit this trade rather soon.
I think now would have been the ideal entry for this trade. I really got hurt bad on this one. At 81X81.5 there were approximately 40 contracts offered when I placed my order. At least 30 traded, and I thought for sure mine were next. Consequently, I never exited and now regret it.