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Weekly Chart. Broke out of the triangle on Friday. Continued down tonight and hit the first support. There is support just below 88 extending down to 86.80ish. I think we test this level this week.
Made some mistakes last week but none bigger than trying to pick a bottom. After the second stop out I realized what I was doing and backed off but the damage had been done. I am trying to let my trades run and not mess with them. As I posted earlier tonight in another thread I have been doing other stuff and checking on the trade every once in a while.
Another thing I noticed is I am thinking about money/ticks quite a bit. This is really wrong. I should be thinking about the trade and taking the trade when it presents itself. Going to shut off my Profit/Loss totals on my chart this week. I am so used to looking at them it will be tough not having it on my screen. What I am trying to get to is a zone where I am just trading. Not thinking about wins/losses or ticks and monetary goals and just trading. On the days I worried about losing or winning I do worse.
Took a trade this morning which met my rules and had solid entry. Price fluctuated back and forth around my entry point. On the second pull back from the low i exited the trade for +2.
What was good about this trade is I did not panic when it started to go against me. I also recognized that there was a stalemate between buyers and sellers. I still think it could go lower but felt my odds were getting less in my favor based on the movement.
Hindsight - My original target was 50 ticks which would have been a home run for the day. After the strength of the first pullback I should have taken a base hit and went for 10 ticks on the second push down.