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I tried to bottom fish yesterday. I should have placed a hard stop below the previous day low but got sloppy due to busy work and hence paid my fees. Another lesson learnt.
Today I went long again but got out breakout as the price action was indecisive. Glad I was out quick.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,743 since Nov 2014
Thanks Given: 3,441
Thanks Received: 3,014
No fuss execution. I like this
P.S. As I mentioned in one of my previous posts, price is likely to close in the extremes, intra-day, in this market condition. Hence, my End of Day execution style has a better profit potential outome. I just have to make sure that I'm on the right side of the market and not stubborn in taking losses.
Execution is the key today. Despite the better odds of lower close today, I was not short from open. That's because, we are more likely (80% chance) to make a higher high in the daily chart. Hence, I waited and shorted above Y-H @ 5083.
In terms of target, it's a conservative 'gap closure theme'. That is a good 40 points though.
Bullish bias but risk reward is not that great at this level. Waiting for gap closure and a bit more to enter. SPX 5100 is the target. May not get the chance to enter as time is running out.
In the meantime, had a chance to look at my performance since my birthday last month. My resolution seems to be working.
I am wrapping up my stay in Canada and likely to not post for the next 2 weeks. After that, it will be full time trading again for 3 months. Hurray.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,743 since Nov 2014
Thanks Given: 3,441
Thanks Received: 3,014
Small gain day or "commissions paid this week" day.
Though the bullish signal didn't work out today. I was able to get in at a slightly better spot i.e Y-C and hence a breakeven day.
Ideally I wanted to enter at deeper pullback, as I mentioned in my preivous post, I didn't have the chance due to the early chop. This is what I mean by better execution and getting better at it.
