Forget HS and double tops, I went long on the 3rd trade. TF's breakout from the symmetrical triangle on the downside on my 5min chart is clearly busted. And that has been the only pattern that I traded today.
For the first 2 entries, I was buying on TF testing resistance at 436.6. That was the only NEAR certainty to me then: that TF was going UP to test that level. My risk was 1.5 points - I went long after TF has broken above a resistance on 5min, and my entry was about 1.5 points away from that resistance.
For the 3rd entry, I went long again, and my basis for entry was TF's testing of the ceiling of the symmetrical triangle. I didn't care if it would turn out to be a fake breakout. It was precisely because I didn't want to be caught in a fake breakout that I bought on the basis that market wanted to at least hit that point (443.3), and not on the hope that price will really take off from there. A more likely scenario will be a smack down by players waiting to catch bulls at those critical levels.
In a market like today's (a POSSIBLE bullish reversal), there's no way I'm letting profits run. They could very well really run away and not come back. My objective for this month and possibly the next, is to maintain a net positive day every day. I need it for my morale. Dec 08 has done a lot of damage to my spirit. I'm nursing it back to health. That's my focus for now.
Not feeling rapturous over a USD 95 profit, but am happy that I'm starting to feel a lot more in syn with the market, and most importantly, in touch with my heart. I know what I want, and I can tell now if it's realistic to want those things.
A good day, in general. And it's good to wrap it up now.
For the first 2 entries, I was buying on TF testing resistance at 436.6. That was the only NEAR certainty to me then: that TF was going UP to test that level. My risk was 1.5 points - I went long after TF has broken above a resistance on 5min, and my entry was about 1.5 points away from that resistance.
For the 3rd entry, I went long again, and my basis for entry was TF's testing of the ceiling of the symmetrical triangle. I didn't care if it would turn out to be a fake breakout. It was precisely because I didn't want to be caught in a fake breakout that I bought on the basis that market wanted to at least hit that point (443.3), and not on the hope that price will really take off from there. A more likely scenario will be a smack down by players waiting to catch bulls at those critical levels.
In a market like today's (a POSSIBLE bullish reversal), there's no way I'm letting profits run. They could very well really run away and not come back. My objective for this month and possibly the next, is to maintain a net positive day every day. I need it for my morale. Dec 08 has done a lot of damage to my spirit. I'm nursing it back to health. That's my focus for now.
Not feeling rapturous over a USD 95 profit, but am happy that I'm starting to feel a lot more in syn with the market, and most importantly, in touch with my heart. I know what I want, and I can tell now if it's realistic to want those things.
A good day, in general. And it's good to wrap it up now.
3 scalps. All winning. Profit: USD 95
TF hourly & TF 15min
Performance Scorecard
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