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Stopped out for about a $300 loss on a counter-trend trade. It was at a good location on my long term chart. However, I was a little early and shortened up my stop because of the counter-trend. Had I been here at my computer a few minutes earlier I would have had the ideal location and setup. I guess the lesson is I should have passed on the trade and waited.
Taking the trade again but because of the loss I reduced my target just to get back close to scratch. I am about $12 to the negative now.
It seems like I haven't been able to do anything right. Misreading both the CL and ES markets again. Not trusting my setups. Three times I moved my stop because it was taking to long for the trade to develop. In doing so, I took losses only to watch the market move as I anticipated. Also, because of fear I cut my profits small. Only to watch price go on and hit my targets. Over trading again! Huge commissions!
The only thing positive about today is that I kept my total losses under my daily goal and nowhere near my daily loss limit. I will post my trade report later today as ugly as it is.
I intend to get some good rest and do some market replay over the weekend to help get ready for next week.
No business taking this trade. I shouldn't even be looking for a long trade until I see at least a major trend line break, then in this case a higher high, and a pullback to my go zone. I was impatient and trying to catch what I thought might be a quick ride up to my "Go Zone". I based the entry on the 2 wicks of the 2 up bars which I see alot of times for a retracement move. This was NOT one of my setups it was just impatience. When I saw the 2 sharp closing bars down I then took some immediate profit when given the opportunity. 4 contracts at +3 ticks. Quick $100 but I was just lucky.
Based on the previous setup plus my trend bias changing to long with the close above my solid black line I took a quick scalp on the ES. 4 contracts for 1 point each. I will look to reenter trade as I get price confirmation. I am NOT fully sure about this trade yet because of price hitting my dotted reversal line (major resistance) and not closing above it. We will see how the price action goes.
