Market was pushing higher and higher. Was taking all the info in, trying to figure out what was going on. I understand there were some news and rumours on Greece. Then a large down bar with increased volume. What to make of this? Was the trend now off? or was it setting up a pullback long entry? I decided to try for a scalp but if it didn't work would bail fast. First try I scratched. While I was watching I saw heavy buyers at 1994 these look legit and it looked like a stronghold that if broken hell would break loose. So got in at 1995 and targeted 1999 which I thought was easily achievable. I decided if the 1994 stronghold started weakening then I was out. Thankfully, the scalp worked +4 pts. For the day so far: +4,+5,+4,-5,+4 = +12 pts. P.S. This is all in my real money account
Well managed to screw up. Took a short after a double top, divergence and price closing the low of the trendline almost breaking it. It didn't look particularly bad. What was bad was my positioning. My risk/reward was inadequate. I risk 9 pts to make 4-5. I should have waited for a better price. Then we would have been talking about a profit and not a -9 loss. Oh well. +3 overall for the day.
So today I was a trade and forum post-it junkie. I need to cut down on both. But I know I can do it. I just need to club myself with a baseball bat and stop trading after I hit my target. Or at the very least wait for a screaming trade rather than be the junkie I have been today, trying to trade pullbacks, tops, bottoms and sideways.
Well Tradestation screwed me today. I entered and order and decided to cancel and change the price. The stupid order wouldn't cancel! So I had to call them. It only took them 10 min to cancel !!! Thank God I was right and the market went in the direction I wanted else I could have been in a losing position. Of course this also denied me the profits I would have made if I was able to cancel and enter the market! So then I decided that perhaps the computer may have had problems so I defraged, update, etc. This took time. By the time I was done, I missed another classic oppty. Too bad. It would have been +10 today...
Got a long in after retail sales were announced which the market took badly and produced a pullback on the FESX. On the 30min chart we had a spring so got in with a 2081 target. Price went there but didn't take me out As price did not take me out and the pullback was likely strong I decided not to wait and got out +1. The bar closed down, followed by another down bar. This combined with the volume told me that this was heading down. Got in short at 2073 for +5. So far for day +6 pts. Met target!
So far only 1 trade today. Nice +5 off the bottom. Great call. Everything was in my favour on that trade. I was looking at a few other oppties today but didn't take them and scratched a trade after it didn't work quick enough. I guess the secret to it all is finding the 3-4 price patterns you like and work, add a risk management plan, and a few indicators and just trade it when you KNOW its going to work. Of course to get to the point where you KNOW, you need to spend a zillion hours in front of the screen. There really are few the times that I KNOW it will work and it didn't. Trouble is I was taking additional trades too. So focusing on taking the KNOW it will work trades. Then phase 2 will be taking 1/2 off and let the rest run. But one thing at a time.
Friday I was absolutely brilliant! Very proud of myself. My trades had good location and good risk management. I was patient and took the trades with the highest probability. Result: +16 points! Last Week: Mon: +10 (good job) Tues: +4 (should have been more careful) Wed: -10 (stupidity, not sticking to plan) Thurs: +10 (with luck...) Fri: +16 (excellent job!) So last week I made 30 points. 10 points above target, but overall not happy about it. Had a lucky trade on Thursday which gave me 14 points. A trade that was not part of plan. So if I take that into account then I would have been 16 points for the week, and thus below my target 20 points. Need to continue working on sticking to plan and ignoring likely trades with dangerous traps. We always focus on the positive but need to focus on the negatives before trading. Give yourself a reason NOT to trade! Good luck all!