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Trade 2: The market held at the area of volume, so I get long at 52.83. This was obviously the trade of the day for me. It was countertrend at this point, and I was still thinking that market wanted to go lower. I get shaken out for 2 ticks.
Trade 3: Market basically fakes me out. Hits my TS on the long, and so I think we are going down to test the lows. I get in at 52.82, just a really long, slow, painful trade. Just no follow through at all. I add 1 at 52.89. Market just wont go down. I lose 10 ticks on the blended entry.
At this point, I am not feeling too good. Down about $160. Market just not moving. I think about calling it a day but.....
Trade 4: Market finally breaks out of range to the upside at 52.90. It seems such an obvious level that I wait a bit to get in, market just doesn't want to go down, so I get long at 52.91. Just another slow trade, until a huge ramp up at about 11:30. I take 1 off for 16 ticks and 39 on the second.
Quick Summary: Down $474.08 for the day. Had a lot of nice opportunities, but just could not convert. I overtraded, no doubt, but I felt the day had opportunity, so I kept slugging away. I am basically just going to detail one trade....This was what I thought was the ONE LOL.
So I had battled back and forth, was down about $370, but I kept feeling that a move was coming. I had just stopped out of a long at 50.98. The logic for that trade was that it was about the 50% retracement level, I had some MA support, market seemed to be stalling, so I bought the 98s. However, market bled lower and I was stopped out.
I take a couple more shots at it, which unfortunately just gives me a bigger loss.
So after thinking about this throughout the day, I have to basically just blame myself for thinking there was more opportunity than there really was. The market really just rotated around the settlement price of 50.85. There was a lot of movement, and I was reading that as opportunity without seeing the bigger picture. Hopefully I can learn from this.
Ok, I admit it, I was swinging for the fence and struck out. My combine is up for renewal shortly and I decided I was either gonna win or lose. And I lost. Thanks for reading.
