Today was an alright day as far as action is concerned. I had a loser in the morning after the strong buying came in. I was trying to catch a PB into support only to have the market shoot down and stop me out. I was a little afraid to get long at the retest of the level at 1309-1311 area so I was being cautious and waiting for a retest of the LOD. The market traded right up into the upper extreme of the recent value area and I didn’t really catch that in my morning analysis. Otherwise I would have been looking to get short around 1315.75 level test to be a responsive seller and take the market back into value around 1309-1311 area. I ended up catching a good long after the break down around 3 PM. First I tried a short on the retest of IBH and got jerky and ended up getting in a little early so I bailed for +2 ticks. Then the market retested the IBH level and sold down 2 points so that would have been a good trade. Then I wanted to get long after the market tested the 50% retrace area which was also the globex highs and a LVN on the day. So I just bought as close to the 50 % retrace level as I could and I ended up being a point early again but my stop of 6 ticks kept me alive by 3 ticks. I ended up taking 3 points and ended the day up but down $200 for the week. I am break even for the month so far.
I have noticed a few things this week one is that I have a problem with trying to guess what the market is trying to do. And the other is I trade with fear. Fear of losing money and fear of missing out on something. And I think that the fear in my trading is what is making me try and guess what the market is trying to do. So I was considering trading on SIM for the week and see how this effects my trading decisions. Then I will have confirmation on whether or not my trading is driven by fear instead of logic.
No comments:
Post a Comment