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Absolutely. I average only 1-2 trades per session any way, so I think 2 back to back losses would be a good place for me to take a pause and figure out whether I should quit for the day or press on. Thank you for the idea!
No trades today. I went kayaking with my grandparents today and enjoyed the beautiful New England weather from Boreas Pond in the Adirondack state park!
Hope everyone had good trades today, looks like the market went on a nice tear. I’m back tomorrow to trade the last day of the week and ready to do my best work. I expect a modest downmove tomorrow and will be looking for short opportunities until my analysis is proven wrong (a convincing break above today’s highs)
Felt sort of meh today. Started my morning off by dropping the carton of eggs while taking it out of the fridge. Threw me off a little tiny bit! I was also tilted because I was unable to close an algorithmic trade from yesterday when I should have and was down $300 at the open due to that choice.
Trade 1: Trend Continuation
-Nothing to stop price
-Entry 100%
-Projection decreased on the first swing down, target was still far away.
-Depth increased (not good), and then eventually rolled over. The correct course of action here is to trail aggressively on the way down.
-Instead I trailed loosely, was taken out at a not so good price and then the sucker plummeted.
-75% total for this trade. Perfect entry, 50% okay exit. Wasn't perfect but was somewhat justifiable.
Trade 2: Trend Continuation
-Looks like FOMO but this meets my rules.
-Entry 100%.
-Price went farther than I thought.
-Correct course of action is aggressive trailing.
-That is what I did and got out little better than BE.
I have a bias to the downside going into this week. The area we traded into last week marks a significant level for the sellers based on my analysis.
If bears come in here and prevent price from trading above last weeks high then I expect an extended downward move.
If the bulls manage to break beyond this area, I would expect price to test somewhere in the region of all time highs again.
I will be primarily looking for trend continuation opportunities to the downside tomorrow, unless price breaks above last weeks high, in which case I would consider going long if the trend shows no sign of stopping.