Was doing pretty good on the DOW till the rally. Traded all night, few hours of sleep probably wasn't enough. Hadn't checked the bigger picture for a couple days. To top it off, I decided to double up to 10 contracts Wooo!

One more thing, I moved my stop and didn't scale out.

So here is a classic example of what not to do!

Ouch!

I've done that a couple of times, too... Pretty good trading up until that point, though.

I always have a larger time frame up for reference, it's usually a wise idea.

Presto 

Was doing pretty good on the DOW till the rally. Traded all night, few hours of sleep probably wasn't enough. Hadn't checked the bigger picture for a couple days. To top it off, I decided to double up to 10 contracts Wooo! One more thing, I moved my stop and didn't scale out. So here is a classic example of what not to do!

I think typically you would have been oK! That was an unusual move in my opinion! Not that moving your stop was OK. As Lornz said that was some nice trading till then!

Lornz 

Ouch! I've done that a couple of times, too... Pretty good trading up until that point, though. I always have a larger time frame up for reference, it's usually a wise idea.

Thanks, I have added a 4hr and daily chart, there on the screen permanently. I usually go threw them in the morning...I need to be more strick at following the routine. The really bad part is when I was trading on monday I noticed massive buy orders being fired in and I didn't catch it then...it should have really woke me up to take a look a the big picture. Its so easy to lose when you quit being objective. I try hard to think about all the possible scenarios...I guess its a good reason to be rested and not near as confident.

I tend to get a bit careless after a string of winners and this is something I need to change.

bluemele 

I think typically you would have been oK! That was an unusual move in my opinion! Not that moving your stop was OK. As Lornz said that was some nice trading till then!

Moving the stop was not smart, take a look at my trade on Monday. Getting stopped out pissed me off and really it was just a lousy place to put a stop. I'm letting my emotions get in the way.

Presto 

Moving the stop was not smart, take a look at my trade on Monday. Getting stopped out pissed me off and really it was just a lousy place to put a stop. I'm letting my emotions get in the way.

Looks like some stop running.

Presto 

Thanks, I have added a 4hr and daily chart, there on the screen permanently. I usually go threw them in the morning...I need to be more strick at following the routine. The really bad part is when I was trading on monday I noticed massive buy orders being fired in and I didn't catch it then...it should have really woke me up to take a look a the big picture. Its so easy to lose when you quit being objective. I try hard to think about all the possible scenarios...I guess its a good reason to be rested and not near as confident. I tend to get a bit careless after a string of winners and this is something I need to change.

It's better to trade well than to trade often... Always be well rested and focused!

But don't beat yourself up too much, you've been doing pretty well...

Tomorrow's another day...

Trade well!

bluemele 

Looks like some stop running.

That's for sure. Wish I could have told the difference between stop running and a short covering rally lol (I can when I'm objective).

Oh well, first time I was caught in the hole and probaly won't be the last.

@Presto: Thanks for this journal - I am learning a lot. Keep up the good work!

I managed to short today's high on the YM only to be shook-out with a small profit. Was that the top? I figured if I couldn't understand it I should just be out of the market. Now, I am seeing a couple more days of balance before the move. This week went from good to a breakeven... Need to be more patient...the volatility, news(non-news) moves, emotions are running high.

Attached is my homework on the DOW