1 trade. Am calling it a day. I need sleep. Had only 3 hours of sleep in 48 hours. I don't want to start making stupid mistakes again (ya, like the one I made yesterday....).
Was pleasantly surprised to see the market behaving like it used to (ie. before end of 2008) when I returned home from a class reunion. Missed the opening bell, and hadn't the time to prepare for the market at all today. Thought I was going to have to give this session a miss.
TF continued trading down for an hour or so after market open. As usual, I didn't chase, and was looking to BUY. I had so many misses with picking bottom that I'm starting to recognize all the traps. It's not enough to see a higher low and higher peak. I need a strong bullish pattern to get in. And I definitely consider a busted bearish setup a very strong indication that the only way the market is going is UP.
It's not very common for me to get into a trade with a normal heartbeat. Today's a rare occurrence. I knew where exactly I was going to get out. In fact, my entry and exit reason is a common one - that everyone's eyeing on that resistance to be broken, where price is very often seen rushing towards, only to plunge back down when it gets smacked down by sellers who have already positioned themselves there to take out the weak bulls. Didn't happen today, but I'm not going to change my rule. For now, I just want to take profit when there's profit to be taken. Letting profit run is not a practical approach for me right now. Not when the market's so fickle about where it wants to go on intraday basis.
Profit: USD 95
Was pleasantly surprised to see the market behaving like it used to (ie. before end of 2008) when I returned home from a class reunion. Missed the opening bell, and hadn't the time to prepare for the market at all today. Thought I was going to have to give this session a miss.
TF continued trading down for an hour or so after market open. As usual, I didn't chase, and was looking to BUY. I had so many misses with picking bottom that I'm starting to recognize all the traps. It's not enough to see a higher low and higher peak. I need a strong bullish pattern to get in. And I definitely consider a busted bearish setup a very strong indication that the only way the market is going is UP.
It's not very common for me to get into a trade with a normal heartbeat. Today's a rare occurrence. I knew where exactly I was going to get out. In fact, my entry and exit reason is a common one - that everyone's eyeing on that resistance to be broken, where price is very often seen rushing towards, only to plunge back down when it gets smacked down by sellers who have already positioned themselves there to take out the weak bulls. Didn't happen today, but I'm not going to change my rule. For now, I just want to take profit when there's profit to be taken. Letting profit run is not a practical approach for me right now. Not when the market's so fickle about where it wants to go on intraday basis.
Today's report card:
Profit: USD 95
3 comments:
Good - you made up our fat finger from yesterday. Thanks for sharing.
I've been followed your blog for months and I liked it. Thanks for sharing. Would you kindly tell how to setup your chart with TICK below it. I'm also used TOS Chart and don't know how the hell to set it up. It's annoying.
Oh, and why do you hate scalping options? Maybe you want to share your thought.
Thanks again, some of you technique like setting fibonacci works for me too. I learnt it from your blog
Thank u so much Jules. I knew it you can not find those TICK on that annoying TOS Chart. That's really helpful.
On 2009 I am starting a blog especially on GS Scalping. I think sharing experience with EX-GS scalper will be useful. But you had your own personal grudge, I don't mind.
Actually I dislike options. The bid-ask spread seems unfair to me. But with my minimum account I only afford day trade options right now.
I am just a beginner, sometimes do silly trade.
my blog : www.scalpingoptions.blogspot.com
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