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I took short every day. It's pretty clear that my preferred style is FADING and hence don't do well on Trend UP days.
My 2 stops were hit on Thursday after my 1st target was achieved. It was a reversal day i.e after European close, market turned around. I am considering moving my stops to HOD after my 1st target reached but will wait for more data. I am also considering taking a Second trade if my 1st trade reaches all 3 targets. This is to ensure I have enough trades to do meaningful analysis. I am hoping to get about 100 trades in 3 months.
In summary, pretty good start. Dull 2nd week. No new changes in execution.
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ES is trying to break out of the range from 1860 to 2020. I suspect formidable resistance above but NO sign of big sellers yet.
It looked like rolling over mid week but it reversed on Thursday with a retest and consolidation on Friday. Since it was Options expiration day, I am not sure whether it's a genuine breakout. Also note average volumes of just over 1 million on those 2 days.
I will wait for confirmation of breakout. NO LONGS CONSIDERED YET as we may be in the process of false breakout.
I will consider SHORTS if 2012 is taken out.
If we gap up, then I may fade but will be cautious and look for weakness in internals before doing that. If we gap down, then I will wait for the gap to fill first.
I watched more of Mark Douglas' videos over the weekend. Great Guy. Every aspiring trader should read his book. Very entertaining but concise speaker too. I want to pay my sincere tribute and respect to Mark.
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trading does not require physical strength, it requires an inner strength. as @Big Mike alluded to another post, a trader must accept responsibility for his actions. the notion of choice implies that we must accept the consequences of our choices, even when they are undeserved since consequences cannot be foreseen.
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Location. Pretty bad. Short 2021. Reason its a poor location is bcas my stop at 2029 is right at the obvious location. My goal is to place stops where only OTF can reach me. Misguided by initial flurry of sellers.
Emotion- Actually I was pretty calm and focussed.
Execution. So far so good but likely to be stopped out.
Last edited by Narcissus; October 20th, 2015 at 12:30 PM.