After posting my entry at around 2am, GS went fairly flat and finally consolidated half an hour before market closed. Even though it moved up and down within a narrow range from 2:20am to 3:35am, I had chosen not to enter because the setup I was waiting for simply never appeared.
On the few occasions that D spotted an opportunity for entry, I would point out the reasons that I would not enter if I were him. It's simple for me: Once I see 2 elements that ruin my "perfect" setup, I'll stop counting and just not trade. More often than not, I welcome the chance for a break and will happily go for a stretch or a nice, warm shower.
I don't care about "missed opportunities". It's happened so many times: a nice long trend developed and I didn't do a thing. I know for a fact that had I gone in and made a killing, it would have had been a fluke if I had gone in without first seeing the setup for a proper entry.
GS Story
Anyways, at 9am on Sat (28 Jun), as I was about to do an AAR (After Action Review) on Fri's session, I noticed that D looked like he was rejuvenated enough for a brief tutorial on MACD. So I scrapped my idea of doing an AAR (ok, in all honesty, I doubt I had really wanted to do it in the first place...) and showed him how to identify divergences on monthly, weekly and daily charts.
About 2 hours into the session, D's attention started to dwindle and I was also getting really tired of listening to my own voice.
That was when I decided that putting everything in writing for him would be a better idea.
Something I forgot to mention- I had used a story-telling approach as I went about showing D the trends of GS since 1999 (when it went public). For me, charts always tell me stories. They are very much alive to me and I can look at them for hours and hours without taking my eyes off the screen. I draw lines and channels on them and insert comments and labels and I usually have to capture my messy charts and save them before clearing all the drawn items to draw new things for a different perspective on the same chart.
And below's a screenshot of my crazily chaotic GS daily chart for the period spanning Sep 07 - 27 Jun 08. This is the chart I'm using to tell D the story of GS when it was being traded during that particular period.
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