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No one seems to want to take control. Every time I think I know the direction we are going it changes. 2nd entries keep failing. Trades I really wanted to enter on I couldn't because of both opens (CL and Emini). My plus $200 from last night vanished and I was in the hole. I just managed to dig myself out and we are still in a range but my current bias is to the down side. I think I am about $75 to the positive after commissions. I will check later. High impact news in a few minutes and we are not far from the CL inventories report. I just took a 2nd entry long failure for a very quick scalp. I should be back above $200.
I cannot believe I blew Live Trader Preparation in one day! Totally unreal! I am still in shock at how I shot myself in the foot. Let's see what I did wrong today:
I didn't monitor my situation closely so I would know when I MUST absolutely stop
I didn't follow my trade plan
I didn't wait for trade confirmation before entries
I didn't revisit my SNIPER MINDSET through the day
I actually tried to catch the bottom multiple times and then I tried catch the top (STUPID)
Overtraded...
I am just waiting to hear from TopStep Trader but back to the Combine I go and rightly so. It's time for me to LEARN from my mistakes NOT just to be aware of them BUT to truly change them and get back to Live Trader Preparation as soon as possible. The one positive note for the day is that I know I can do it!
Trade 2 was a counter trend w/3 contracts for +8 each. Based on the end of leg 1, channel break, 1st entry long. I reduced profit target to +8 because of being a counter-trend trade.
I elected NOT to take the best trade of the day because of doji, 1st entry short, and anticipation of channel break. I should have taken the chance knowing this was a minor channel not a micro channel and we sell the HIGHS of the channel with acceptable entry setup.
Take the time to find the Trigger for that behaviour, before jumpend right back in.
You are accurate in what you did wrong but fail to search for WHYyou did what you did.
Awareness of trigger is key IMHO.
I was away from the computer and missed several great setups BUT I wasn't going to miss this one. Entered with 3 contracts, initial stop of -10 moved to -5 and target filled of +10 ticks.
Crude (CL)
I would quit here for the day if I was in the Combine right now.