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I am not messing with this little profit I have today.
I still believe in a move upward for the day, but I am going to do some studying, read around the forum a bit and go to work afterwards. I have to double check, but I don't think I have had a losing day in like 8 trading days or so. I will still be humble about it. Especially since most of my winning days have been really small. Like yesterday I took 2 trades and only made 1 point ( couldn't post because I had to run to work).
Good Luck to all !!!
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
Observation:
-Yesterdays price closed very close to yesterdays open. Only a couple of points difference
-Range was fairly low. ADR @ 51.45
-ON session brought price back down to yesterdays OR-low area
-ETH VWAP @ 4784, W-VWAP @ 4778, M-VWAP @4757
-Maintaining a bull bias even though price has stayed in the same range for past two days
-Expecting a push downward @ open until about S! 4771 then maybe a press higher until about 4800
- After that anyones game
-Stay focused
-Remove any fear. NO EMOTIONAL trades
-Don't hesitate to take a trade if signs are positive
-Maintain a comfortable stop-loss
-Don't hesitate to change bull bias if market conditions say so
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
Long again @ 4772 /stop @ 5 points... WTF !!! Stopped out again !!! Got to re think this.......
Short 4767 stop @5.5 points .Last attempt ! I'll ride it down to S3 if I see momentum. If not S2 is my initial target.
Not sure here !!! I dont think this is happening....NOPE !!!! Stopped out !!! Again. I am done for the day
I will practice a bit and read until I have to go to work..
Down 16.5 points
Final Thoughts:
Just wanted to add that I feel like I chased my entries today. If you look at my first screen shot, you'll see my initial order was @ 4769.50. But I got anxious (FOMO) and took a long entry almost 10 points higher, which ultimately was stopped out. After that it was just bad decision after bad decision. My day could have been different if i would have left anxiety out of the equation.
If I would have waited for my initial order, who knows ?? The low was only 6 points below it, maybe i would have stayed in. maybe I would have been stopped out and entered at a better price with a clearer head ??
I won't dwell on it !!!! Tomorrow is another day
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
I guess i'll start posting my journal as my final trade plays out.....
12-8-2016
No major news. Only Nat Gas @ 10:30
-Yesterdays bull press confirmed my thesis
-Afternoon session pushed price about 30 points above what I thought it would
-Price broke above that 4760-4796 range since monday
-ON low range
-Resistance @ 4880, ADR : 54, ETH VWAP: 4846, W-VWAP: 4792, M-VWAP:4776
-I'm looking for another attempt to press higher
-Maybe a push down to 4844-4840 @ open then a nice move upward(not sure)
-Stay focused
-Be patient, there will be other trades
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
-Moved stop to BE
-I wont take any heat on this......
-Any signs of exhaustion and I am flat !!!!
Thoughts:
Overall I ended the day up about 5 points. Not very happy!!! Once again I couldn't execute my trades properly. First off, I was to precise with my entry target and did not get in the market when I thought I should have. One-ticked my entry zone, but I wanted a better price and market just blasted off!! Then twice after that, I had 10+ points in the bank and did not take profit. I do want to get used to taking bigger profits, But both times that I hesitated to flatten the market was giving signals to get out.
Maybe I am being too hard on myself......
My losses were very minimal
Even though I didnt make a killing, my overall reading of the market is improving significantly
Confidence is coming back
Fear is removed
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
Only major new today is Consumer Sentiment @ 10:00
-yesterdays price was mostly choppy, ranging between 4840 (IB low) and 4868 (IB hi was 4864)
-ON session push price higher towards wher I had thought RTH would take it yesterday (4878 "ish")(R1)
-range was low after close until European session opened
-ADR-53.48 ETH VWAP: 4865, W-VWAP:4845, M-VWAP: 4779
-I am going to maintain a bull bias atleast until 4896 area
-right now price is dancing around my area of interest
-If I see a push higher @ open, i will watch what happens around R2 (4886)
-If we get a press down @ open, I'll probably be long @ 4872 "ish" with a target of 4896.
-Stay focused
-Don't chase any trades that have left me behind
-Don't hesitate to take any trades that look positive
-Be patient
-manage stops
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
Couldn't do my usual routine today due to work. I got to my desk late and had to leave early, but just as an update i took 2 trades. One loser one winner. +8 points
Oh and friday was a loser. Down like 9 points or so.
Yesterdays price completely surprised me.Luckily for me, I wasn't trading because of work.I am not sure if I would have been able to read price action well yesterday.
-Most news came out prior to market open
-@ 10:30 we have crude inventories
-@ 2:00 we have FOMC economic projections and funds rate
-Yesterday price shot up 59 point within the first hour of market open,then almost another 20 after that.
-Not much volume behind the push upward. Sellers must have stayed out of the way. IDK !!
-After lunch price came down about 30 points.
-ON price just ranged around yesterdays close. Not much movement
-ADR:58.21, ETH VWAP: 4938, W-VWAP:4911, M-VWAP:4825
-Speculation of rate hike might push market to yesterdays highs again.
-Not sure if we will break the highs until after the official news comes out at 2 pm.
-I might watch price at open and be long until about 4960. Not sure really ....
-Be patient
-Dont hesitate to take the right trade
-Dont follow a trade that has left me behind
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
My fear is coming true, which is that the market will just range until FOMC news. Crude might give it some movement, but since i have 9.5 points in the bank, I think I'll just call it a day.
First long was a bit too soon. I thought I might have missed the chance to get in s,o of course I didn't follow my trade plan and I hopped in with my emotions..
Then I came to my senses when i got this strong pullback that almost stopped me out and realized that there is a possibilty that I might be wrong and we might just range..
So @ OR high, I took my measly 4.5 points and flipped short anticipating a downward move.
Then I decided I was not going to spend my morning getting tortured by the markets to then end up losing these NICE 190 bucks I have, so I have flattened with another 5 points and I am leaving soon to go to work and avoid any temptations to take any more trades..
Good luck to all !!! Believe me when I say that I am very tempted to come back to my desk at 2 pm and see if I can make some mula after the FOMC meeting, but I will refrain. I'll do some reading and then get out of here .
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"