Monday, March 7, 2011

End of Day review 3-7-11 Monday

I was busy with work at the end of the day and didnt have time to put together a decent post. so i through this together at the end of the day.
1St trade: i tried long at 1320.50 we were at support and market bounced there so i was expecting support to hold. A rush of selling came in and i was stopped for 6 ticks. I couldn't catch the retrace fast enough so i let it go down. I felt pretty good about taking a long here not sure why it didn't work out. but i was stopped and now looking for a pullback to join the move lower. After reviewing this trade a little bit more i can see the we ranged off the open and then broke to the down side. So i should have been looking for a retrace and short type trade instead of getting long especially after retesting and failing back at the bottom of the balance area.
2nd Trade:  I tried a long at 1311.50 at support on my 30 min chart. I was obviously trying to pick the bottom and should have known better. My bad... Lesson learned. The market has been trending all day no need to try and pick the bottom.
3rd Trade: Tried a long and was stopped. I had my stop to close because the trade ended up working pout after 5 ticks of heat. I had 5 tick stop lol. Got to love rookie mistakes.

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