Took two trades this morning, both longs and both were full 1R losses. Once more I had a choice between a really good setup (KMX) and a slightly suspect one (OPSW) and naturally I went with the more suspect one. With OPSW all I succeeded in doing was getting in near the top and exiting near the bottom. I entered off the 9:45am up bar and ignored the small wick.
In the meantime, KMX eventually went onwards and upwards to achieve its target of 35.08 (I would have brought that in to 35 and a 2R gain).
Time to go back to school ...
at 2006-04-04 01:40:18
Clearly all is not well with my trading. My mindset is clearly not right as I took another 2 1R losses today. Clearly I am doing something wrong, and until I can figure it out and get it out of my system, I am simply throwing money away.
So, time to get away from trading for a bit, pick up some books and just reset the mind. I am not sure how long this is going to take, but I am not going to trade again until I have a lot more confidence in my ability to trade well.
There are also some other things that are distracting me at this point, and have been for a while now, so I will get them resolved to ensure I have nothing troubling me in the back of my mind.
So, good luck to all. I will start posting again when I am ready.
"I'll be back."
Trades today
at 2006-04-04 01:40:18
Big move today to new highs on both the Dow($INDU) and S&P($SPX). I had a few trades in ICE today,although there were better setups out there.All charts are based on the 1 minute time frame,which is working for me right now.There are two trades on this first chart.The first one was a quick long taken as price drove up through both the 5 period and 15 period moving averages.I took a long at 71.50 then sold at 71.71 for a quick +.21 winner.That exit was slightly early,but as you can see the stock began to weaken as the sellers stepped in later.I then watched for a few as the stock sold back to the point where I had went long,then a small bounce,but a failure to go higher.Then price crosses back down through those moving averages bouncing off the 5 period(light blue) and starting to widen the channel,so I go short as it tests that 71.50.The short was taken at 71.51 and then a quick flush down as I cover at 71.30,71.17,and finally at 70.94,not bad.Yes there was abounce after my ex
Wednesday trading
at 2006-04-04 01:40:18
The Dow($INDU) and S&P($SPX) both went on to make new highs again today with the Nas($COMPQ) slightly lagging.I had to turn my attention to NEW today as volume was great in that stock.Looks like it actually came to life after it’s gap up this morning.I don’t have time today to post charts and trades,but let’s just say it was one of my better days in a while.Take a look at the charts and volume and it’s obvious why that was the stock of choice today.If you take a look at the 1 minute chart on NEW at about 12:34 there was a great setup off the 5 and 15 period moving averages for a long.If anyone has been following lately that’s the time frame I have been using for most trades along with those averages.Hope you all had a great day!
Thursday trading
at 2006-04-04 01:40:18
The markets have started strong again out of the gate.NEW had another gap up and offered a nice 1 minute setup at 10:09.Another moving average setup taken at 43.89 long with final sells at 44.45 and 44.50,nice gain for the morning.I imagine they want to drive it up to 45.00 sometime by tommorrow with options expiration and all. I’ll post charts later.
1:45 update: Looks like the markets want to reverse here.It may be time for a little pullback.I found a few good opportunities in ICE after ISE started tanking,but that’s about it.If nothing great appears I may just sit out the remainder,as it’s already been another great day.Hope you all are doing great!
