NG 10min
What I did wrong:
1) Attempting to fade a more-than-10-point gap
2) Failing to get out at the start of the pit trading session - on a strong up day, trapped-out buyers are going to buy on a dip at market open. Where my profit hit USD 200 and made a U-turn - that was the perfect pullback to buy
3) Attempting to short something that's reached R1 way before the pit session started, which is really not prudent - the likelihood of price hitting R2 - R4 subsequently is high
4) Ignoring my FEELING about taking a 4% risk on a single trade (knowing that my stop was going to get hit paralyzed me - while price action clearly indicated it would be wise to scratch my trade, my fingers had not co-operated with my brain)
5) Attempting to fade a strong trending OIL simultaneously - it was clearly distraction that I didn't need
What I did right:
1) Respecting my stops - even though the stop for natural gas was PAINFULLY wide
2) Not attempting to short NG at a higher point after lunch - on days like yesterday, price is likely to go sideways after buying stops - MACD can continue to show divergence after divergence, price will simply not plunge
Additional Observation:
1) I have a tendency to short a strong uptrend on the first trading day of each month
2) NG is crazy - I realize that now (I've found some of my sanity)
1) Attempting to fade a more-than-10-point gap
2) Failing to get out at the start of the pit trading session - on a strong up day, trapped-out buyers are going to buy on a dip at market open. Where my profit hit USD 200 and made a U-turn - that was the perfect pullback to buy
3) Attempting to short something that's reached R1 way before the pit session started, which is really not prudent - the likelihood of price hitting R2 - R4 subsequently is high
4) Ignoring my FEELING about taking a 4% risk on a single trade (knowing that my stop was going to get hit paralyzed me - while price action clearly indicated it would be wise to scratch my trade, my fingers had not co-operated with my brain)
5) Attempting to fade a strong trending OIL simultaneously - it was clearly distraction that I didn't need
What I did right:
1) Respecting my stops - even though the stop for natural gas was PAINFULLY wide
2) Not attempting to short NG at a higher point after lunch - on days like yesterday, price is likely to go sideways after buying stops - MACD can continue to show divergence after divergence, price will simply not plunge
Additional Observation:
1) I have a tendency to short a strong uptrend on the first trading day of each month
2) NG is crazy - I realize that now (I've found some of my sanity)
No comments:
Post a Comment