6J Trades 8/18 (Tues)

Total: USD 162.50

4 Trades: 1 loser (long), 1 scratch @ breakevn (short), 2 winners (both long)

On chart above: Red double arrow shows losing trade; Blue for winning; Pink for scratch

The 1st trade was an attempt to take a scalp (judging by the steepness of the trendline, I was not expecting price to do a really decent pullback) - then I regretted entering a long just coz I missed that plunge down (to get that kind of breakout trades, I have to be up at 5am to go over my charts, and then wait for market to open at 6:30am - I was up at 7am today coz D stayed up last night, and then a 2am call from his men woke us!!!), and covered at 8 ticks loss when I couldn't focus on what price was doing.

The 2nd trade was an attempt to recover my loss. Again, couldn't focus, and scratched my trade when price stalled.

The 3rd trade was attempt #2 to get my money back! Covered near resistance, and when tape showed that buyers were no longer interested in chasing price up.

4th trade was an attempt at trading my signals properly. But I guess I don't know my indicator all that well, and it was only after I bailed at + 5 ticks (I'd call that a scratch - I had expected the strong bull candle to break at least 2 trendline resistance (blue dotted line) but that didn't happen) that I noticed what I had overlooked initially. Well, I can't possibly see everything there is to see, and make a decision based on what I see, all in a matter of minutes. Fortunately for me, I've gotten used to the crazy tape, which has been saving my trades (for weeks now, the indices have been a really good contrarian indicator...but since last night, the negative correlation between the 6J and the indices is GONE...so I was kind of groping my way in and out of trades a little today).

Experience tells me that now's the time to stop.

I've been watching the ES, and was going to take a short at 986, until I saw the tape. J and I were talking about how 2 persons can trade the ES at the same time and at the same level - with one of them going long, the other going short, both aiming for a point, and both will get their one point (yes it did happen either last night or the night before). That is what most will call "forgiving". I simply call that robots trading or blackbox trading. I prefer to trade with humans.

Another reason that I have to give up ES for now is that my R:R ratio for the ES is extremely unappealing in the current market. I was looking at my ES trades in the past, and noticed that most of my winning trades were those that came with a wide stop - the kind of stop that I cannot give to a single ES trade now if I were to take the "5K" startup into consideration.

I'm playing by the rules for once.

I deserve a pat on my back.

D, you know what to do!!!

My charts and trading log are both up coz I don't know how else to blog about my day. I'm sure I'll come up with something...along the way...