3 trades, and that's it for today. Very comfortable trades. Exactly like this day.
What happened that day and today was that I had gone in without scrutinizing all my charts hours before market open. For today, I took a look at the 4 timeframes (1, 5, 15, 60 minutes) half an hour before the ringing bell, and went in during the "forbidden" time zone: first half hour of the session.
On the previous day, I had gone in after quickly taking a look at the 5 and 1 min.
I was mildly detached on both days, and was doing a fair bit of self-talk, asking if I am making up patterns and scenarios and guessing where price is going instead of focusing on what price is doing right at this moment.
At least for now, I do better going in WITHOUT an opinion of the market. I am aware that my weakness is that once I have a view, nothing will make me change it. And that has often caused me to sit on a losing trade, or missed all the good trades coz price was not doing what I thought it should be doing.
Without an opinion, I depend totally on momentum and the current price actions.
Am too tired to go into details of my trades. Briefly, I went short on the first trade and was ready to hold it for a ride down when I noticed that a hammer seemed to be forming at support on 5min chart. Got out with a few ticks and reversed the trade. Scratched it breakeven when I didn't feel comfortable with the jerky movement. Went long again upon confirmation of hammer on 5 mins. Got out after price starts pulling back after going up for around 8 ticks without stopping.
Totally took the path of least resistance for the first time in many, many days. Again justifying my NOT having any view. Coz whenever I have one, it's AGAINST the path of least resistance. I'm a born rebel, and love trouble too much for my own good.
So, 3 trades: 2 winning, 1 breakeven.
I'm really tired.
Andrew, now I can sleep :-)
What happened that day and today was that I had gone in without scrutinizing all my charts hours before market open. For today, I took a look at the 4 timeframes (1, 5, 15, 60 minutes) half an hour before the ringing bell, and went in during the "forbidden" time zone: first half hour of the session.
On the previous day, I had gone in after quickly taking a look at the 5 and 1 min.
I was mildly detached on both days, and was doing a fair bit of self-talk, asking if I am making up patterns and scenarios and guessing where price is going instead of focusing on what price is doing right at this moment.
At least for now, I do better going in WITHOUT an opinion of the market. I am aware that my weakness is that once I have a view, nothing will make me change it. And that has often caused me to sit on a losing trade, or missed all the good trades coz price was not doing what I thought it should be doing.
Without an opinion, I depend totally on momentum and the current price actions.
Am too tired to go into details of my trades. Briefly, I went short on the first trade and was ready to hold it for a ride down when I noticed that a hammer seemed to be forming at support on 5min chart. Got out with a few ticks and reversed the trade. Scratched it breakeven when I didn't feel comfortable with the jerky movement. Went long again upon confirmation of hammer on 5 mins. Got out after price starts pulling back after going up for around 8 ticks without stopping.
Totally took the path of least resistance for the first time in many, many days. Again justifying my NOT having any view. Coz whenever I have one, it's AGAINST the path of least resistance. I'm a born rebel, and love trouble too much for my own good.
So, 3 trades: 2 winning, 1 breakeven.
I'm really tired.
Andrew, now I can sleep :-)
Profit: USD 125
4 comments:
Hi Jules :
Lucky you! I was caught in the whip-saw in that 1/2 hour all in the wrong directions. Am avoiding this 1st 1/2 hour for the time being.
Tony
Tony, it's tempting to get in during the first half hour coz the actions these days are just there - and after lunch, but most of us here do not stay up that late...
I would wait at least 15 minutes before getting in....
Maybe it'll help to just stay away for a while until you get a better sense of where price is heading. As far as TF goes, the first half hour general sets the trend for that day. When you're clear about the trend, you'll be less inclined to run unnecessarily (and getting whipsawed in the process).
For me, I don't think about where price is heading in the next few minutes - I run when price is not moving in my favor in the next few seconds. It really depends on your trading style. Mine is frowned upon by those who believe in giving the market a bit of room to move so you can ride winners to a gain that will offset all the small losses (and that could mean anywhere from 3 to 6 or 7 points for TF). I don't like to have to take that kind of loss if I were wrong. It affects my morale. And until I can be a different person, I'm just going to have to give those big winners a miss.
Hi Juliana :
Thanks for your frank sharing, it's not easy to get such sharing, especially when losses are involved. Been taught by my former "guru" to only share winning trades & not losses, but I felt I learned more from losses. And it's good to let others know them so that they would not commit them.
Tony
And we didn't mention any names, did we, Tony? ;-)
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