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Very narrow premarket today. I typically try to be very careful on narrow days....however, I resolved to take trades as I saw them...
The opening 5M bar was way out of proportion to the globex session. This generally means a range bound period is coming. Sure enough, it was...but since I dont really know how to trade range bound days, I traded based on the same type of trend line/S/R break I have been. This does not work as you are entering in the middle of the range....perfect for getting cut to pieces.
That being said, even though it was a losing day, I am trying to generate a positive out of it. So I came up with 4.
1. I kept taking my signals even though I felt I could not trust them. Not trusting your signals turns into holy grail hunting or worse.
2. I made sure I lost small if I could.
3. I set a pain threshold well below my stop limit. If I got close, I would just quit....and thats what happened.
4. I had a moment which I recognized as "to hell with it itis". I quickly smothered that emotion. I knew from experience that would lead to a blow out day. I actually had my hand on the mouse to do a impulse trade...but I gathered myself and was able to rationally talk myself out of it.
Today was a teachable moment....lessons learned.
1. I have a reasonable expectation that large opening bars generally mean sideways for a while. Don't trade or perhaps attempt to trade the ranges instead, do not trend trade.
2. I had a daily chart with a desending trend line price was bumping up against....be careful with longs. Stops need to be far away from the noise. I can't do this so might be better to wait for the break.
3. Its really ok to wait for the larger time frame break on days like this.
-16 today....not terrible considering how much worse it could have been.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Large spike up out of the channel on the daily chart premarket. Should have anticipated a sideways morning and I should have been long at 107.90..that was the long signal on the daily chart and then just held it.
Instead, I tried to trade the range using normal trend line breaks....I had profit on several trades, some when for losers and some were BE. After the losers, I got aggressive with the trail stop.
The major failure I had today was two fold, not anticipating the sideways movement and not trading the support created by fridays high.
I'm pretty disappointed in my price action reading skills today. It seems improbable that some thing I have been working on for so long would be so difficult on days like today.
To many trades, half the wrong direction. And I let trades that had profit come back to often when I saw them hitting support or resistance.....
I ended the day +2 and consider myself fortunate to be flat.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I couldn't figure out where price wanted to go....I felt up due to how the daily chart looked but we were definently below reistance...so I did nothing today. No trades...first time in a long time I have had a no trade day....
Tomorrow then....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
that breakout caught me off guard, still scratchin my head, actually.the 3rd time we got up to that 106.75 area, i knew better to fade, but this thing blasted off.The am on the 5 min was slop.(for lack of a better word).Ill scratch my head again now
After the sell off today, I moved to a one minute chart to look for trades. I was anticipating exactly what happened. Sideways...so I figured I could make some money on a smaller chart.
+30
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
