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I tried to go for a longer trade and picked the wrong time to do it. The run up was 19 ticks which would have hit my normal 15 tick target. I had a target of 30 ticks. Priced reversed and started back up. I was lucky to get out with a small win. Taking a break to calm down and think this over. +2 ticks
Price hit support on the hourly chart which is why it reversed. When going for larger targets I need to take a look at the longer term charts to make sure there is nothing standing in the way of the target.
Went to lunch with my biggest supporter and best friend; my wife. Talked through what happened this morning with my trading. Two things came out of it:
I deviated from my plan without having a equally good plan to take its place. (style drift) To expand on this. I have a plan for my targets which is 15 to 20 ticks. I know what to look for and how to react in certain situations. I know how to move my stops. What I dont have is the same experience for longer term trades. In this case I totally missed the support level on the hourly chart. Chalking this up as a learning experience.
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I was thinking about money. This is the near the top of the of list of things you never do while trading. I am nearing a psychological barrier of +$1000 in my combine. I was thinking last night about great it would be to have a big today and get over this level. This morning I was thinking I have to make two trades to get past this level; I was doing the math in my head. I think this is why I was nervous on the second trade. The irony of this is if I had just traded my plan I would have breached that level today.
Was trying to setup a potential trade and I clicked on the wrong button and entered a live trade. Managed to get out @ BE. Going to call it day before I do any more damage.
The previous two posts pretty much sum up today. I am taking it as a good day because it was a positive day however I need to regroup and get back to what got me to this point tomorrow. Ended the day +12
Charts speak for themselves this morning: Weekly is below last weeks high-Hourly and 15 minute are in a downward channels. Bias is down. ADP report was bad but the market did not react. Will see what happens on the open.
