End of day review 6-23-11 Thursday

Trade plan and Price action review: (Price action) The market gapped down and sellers continued to sell but it was slow and choppy. Buyers took market back up almost filling the gap.

(Trade plan)

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: Range trade

(Technical) We poked above the IBH on a balanced day. I saw some rejection so I decided to take a short. I was a little early and we popped up and I was stopped out for -2 points. The market did go my way right after the pop but I had to keep it tight because I didn’t know if it was going to reverse or not.

(Corrections) The market was in a trending move up and there was strong buying coming into that IBH area. I shouldn’t have been looking at shorts at that time. Better shorts were after we broke back inside the IB or the break of the trend line.

(Emotional) I fell as if I jumped into this trade. So I will consider this an impulse trade. I should have not got short in front of a strong up move. It was trending clear as day.

(Execution Grade) F

(BSO Points) -2 points

2^st trade: Type of Set up: Range trade

(Technical) We broke back inside of the IBH and I tried to take a short back into the IBH. The market popped back above and into the resistance level just above the IBH and I was stopped to the tick and the market reversed back lower hitting my target

(Emotional) I think I was pissed about the first trade and I jumped back in to quickly.

(Corrections) I will have to say that this was a revenge/impulse trade. The IBH wasn’t a clean level to trade off of because of the way the market opened this morning.

(Execution Grade) F

(BSO Points) -1.5 Points

Conclusion of the day and thoughts going forward: What a day and week it has been. I am going through the same shit I went through a few months ago with my emotions and work. It seems as I get distracted with work I start to do bad in trading. And I’m realizing that trading is mostly a mental process that cannot be done while there are distractions that constantly pull you out of the zone so to speak. I need to realize that and adjust accordingly.

BSO Points for the day: -3.50 points

Winners: 0

Losers: 2

Scratches: 0

Grades for the day:

Following my plans: F

Following my rules: F

Emotions in check: F