ES 10min, 5min & 1 Hour
Yet another day of chart watching for more than 10 hours in anticipation of a bottom.
ES was moving down slowly in no definitive pattern during the Asian hours, making selling while waiting for the anticipated bounce from support extremely unfeasible.
When ES finally broke below 797.5, I made my first move going long. I expected ES to do at least a fib 38.2 retracement. That was 2 hours before US session started. I made a quick exit after taking 0.5 point, coz the tape wasn't doing what I expected it to do.
Entered a few more times subsequently, scratching 1 trade and taking very small profits for a few before hitting a micro homerun.
For my last entry (the micro homerun), I remember telling D that the bears are getting carried away, and I'm bailing out of my short position.
Bear trap, I said.
Shortly after, when I returned from my break, a perfect hammer with its tail touching 786.75 had formed on my 10min chart.
I decided to wrap up for the day. If there's anything that I've learnt in the past 2 really trying months, it's that if the market is my friend, it's the one taking the lead, and I'll avoid a lot of heartache if I'd just take in whatever information it's giving me and forget my own targets and wants. Today's a choppy day, and I'm not going to force any more trades.
My little experiment last week has caused me exceptional pain, but one that I needed to go through in order to eliminate the last trace of ego in me.
Prior to this costly USD1,250 lesson, I had been achieving consistent results - albeit not entirely impressive ones - and I had done that by staying nimble and humble.
I'm moving on by returning to my roots, and trusting my old scalping ways.
My charts are still roadmaps I can't do without, but I base my entries and exits strictly on the behavior of the tape. Once US session begins, I ditch my 10 min chart, and focus only on patterns on my 1min chart and the tape. I go long at offer and cover at bid, and sell short at bid and cover at offer. Once I'm in trade, I do not care about the entry point and focus on my exit instead.
I'm resetting the clock and making today the first day that I trade my usual discretionary method (which I have been doubting for the past 2 months, and I really want to kick myself!!), and I no longer doubt the wisdom of aiming for small, consistent daily gains in a chaotic market .
I believe now in letting the home runs come to me, and I know they eventually will, as long as I continue to focus on perfecting the way I trade.
I will continue to plan my trades, and trade my plans - which I'll need to improve on to include contingencies.
My exit targets will remain just targets - they do not determine when I get out.
Specifically, my exits will be based on momentum, as they've always been. That has proven to work for me time and again, and whenever I attempt to do something different (out of impatience and greed), I fall really hard.
ES was moving down slowly in no definitive pattern during the Asian hours, making selling while waiting for the anticipated bounce from support extremely unfeasible.
When ES finally broke below 797.5, I made my first move going long. I expected ES to do at least a fib 38.2 retracement. That was 2 hours before US session started. I made a quick exit after taking 0.5 point, coz the tape wasn't doing what I expected it to do.
Entered a few more times subsequently, scratching 1 trade and taking very small profits for a few before hitting a micro homerun.
For my last entry (the micro homerun), I remember telling D that the bears are getting carried away, and I'm bailing out of my short position.
Bear trap, I said.
Shortly after, when I returned from my break, a perfect hammer with its tail touching 786.75 had formed on my 10min chart.
I decided to wrap up for the day. If there's anything that I've learnt in the past 2 really trying months, it's that if the market is my friend, it's the one taking the lead, and I'll avoid a lot of heartache if I'd just take in whatever information it's giving me and forget my own targets and wants. Today's a choppy day, and I'm not going to force any more trades.
My little experiment last week has caused me exceptional pain, but one that I needed to go through in order to eliminate the last trace of ego in me.
Prior to this costly USD1,250 lesson, I had been achieving consistent results - albeit not entirely impressive ones - and I had done that by staying nimble and humble.
I'm moving on by returning to my roots, and trusting my old scalping ways.
My charts are still roadmaps I can't do without, but I base my entries and exits strictly on the behavior of the tape. Once US session begins, I ditch my 10 min chart, and focus only on patterns on my 1min chart and the tape. I go long at offer and cover at bid, and sell short at bid and cover at offer. Once I'm in trade, I do not care about the entry point and focus on my exit instead.
I'm resetting the clock and making today the first day that I trade my usual discretionary method (which I have been doubting for the past 2 months, and I really want to kick myself!!), and I no longer doubt the wisdom of aiming for small, consistent daily gains in a chaotic market .
I believe now in letting the home runs come to me, and I know they eventually will, as long as I continue to focus on perfecting the way I trade.
I will continue to plan my trades, and trade my plans - which I'll need to improve on to include contingencies.
My exit targets will remain just targets - they do not determine when I get out.
Specifically, my exits will be based on momentum, as they've always been. That has proven to work for me time and again, and whenever I attempt to do something different (out of impatience and greed), I fall really hard.
My trades today: USD 125
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