Reviewing my charts from yesterday I realized that I was a bit more aggressive than usual. I have the kind of personality and mind that keeps me going at 100 mph all the time. When I sit down to day trade my leg is twitching and I get ancy when the market doesn’t give me good opportunities.
That is one of the things that I had trouble with I first start trading
The first five trades that I took today were exceptional. T1 was a trade short following good momentum down and it just didn’t work. T2 was a great trade against the overall momentum. Noticing that the market was respecting the trend line areas of resistance I decided to stick with a 1 pt target. It was a good decision after the fact since the market tanked and I immediately took T3 to the downside.
Noticing the strength I adjusted my target since there wasn’t a major slowdown and exited that trade with 4 points. I tried to get filled on another short before the market shifted back to the upside but I didn’t get filled. Once the market broke back above the mid band I decided to wait for more confirmation since we didn’t get a very convincing move to the upside.
Click on any of the charts to maximize them
- Day Trading Chart 1
The market made a deeper retracement past the midband than usual (as expected) and then made a new high. The momentum then picked up and I pulled the trigger for T4. Notice how the LRC (yellow line) angled to the upside and the market made a weaker retracement. Market popped up and I couldn’t adjust my target fast enough and exited with 3.5 points.
The market then retraced I moved up my order to get filled at 1179.50 and was out with a quick two points. I didn’t look for another trade immediately after T5 since we had a resistance area and a divergence. Market momentum shifted to the downside and I took T6 which failed. Good trade, just didn’t work out.
T7 was a very bad trade
Due to the fact that I always try to multitask when I trade I missed the fact that there was a resistance area at 1182 that was being respected all the way back from the market open, 9.30am. Still haven’t learned my lesson that I can comment on Facebook and day trade at the same time.
- Day Trading Charts for today Chart 2
Market ran up and I took T8 which is a good trade that didn’t work. The market was overruning our areas quite a bit so I lost T9 for a full 5 ticks. I made it up by immediately getting back in at T10 where I got filled right on the edge. Doesn’t always happen but any trader loves it when it does.
Another opportunity where I didn’t get filled just before T11 while T11 worked out nicely The market popped with strength that we normally don’t like to see on T11 but I decided to take the trade anyway since we still had good momentum down. There was an opportunity at 10.50 that would have worked out for roughly a point but I didn’t like how the momentum was changing.
The market then popped to the upside and there were two picture perfect trades at T12 and T13. I tried to also get filled at 11.24am but you can’t get filled on the edge every time. Looking back I could have finished trading after T5 with just over 9 points but being that I love trading I couldn’t help myself. That is one of the reasons that I took a bad trade.
Its one of the lessons you should learn in trading
When you become disenchanted or aren’t paying 100% attention to the market then you should really call it a day.
- Day Trading Results for Today
Today’s Online Trading Results
- Total of 16 trades
- Won 8 out of 13 trades
- Lost 5 trades
- Took 1 bad trade
- 3 trades not filled
Exceptional piece of writing, I will be browsing back on a regular basis to search for updates.