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Buyer's took control. Looking for leg 2 up to complete at 50.91 which it did to the tick. Now on leg 2 down. Haven't been able to get in yet. Here is the picture I took before it reached the measured move up.
I elected to sleep in a little this morning and was all ready for the Emini open at 9:30 EST. I was all set to enter a trade after passing on 2 nice setups when my Internet connection went down and stayed down for longer than I am comfortable with. At this point I decided NOT to trade my LTP account today. Also contributing to this decision was the lower total volume on CL for the day at that point. I have just been watching the price action today and paper trading (not even sim trading).
Sick - Little sleep - Before doing any part of my morning prep I glanced at the charts and tried to catch a bottom. Why? I don't know! So stupid! I did it last week too. Before I knew it I was about $850 down. Finally, I stopped trading and took a break but even after returning I was never in sync with the market. The two best setups that I saw missed getting filled by 1 tick.
My real problem today was that I kept trying to trade what I thought should happen instead of what the market was saying would happen. At one point, I almost got back to break even and then ended up about $1,000 down. By the end of the trading day I did manage to micro scalp my way back to plus territory but with commissions I figure I am about $100 down. I will post my trade report later.
What did I learn?
I need a good night's sleep
I don't trade well when I am sick - I am just not mentally there
Absolutely, MUST do my morning routine before ever even thinking about entering any trades
Overtrading is mentally exhausting
Unfortunately, I already knew all those things or at least I thought that I did. If I really knew them I wouldn't be committing the same mistakes again. I need to do some self-examination and apply some strict discipline to my trading.
