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I am assuming this is a swing trade. Here is my daily chart and while I am not actually tracking the swing trades, I am marking them in real time or at least EOD. Each entry is either an initial or a scale in location for adding to an existing trade.
I thought I'd show you my daily chart just for another point of view. I am targeting the 101 area as a profit target for the entire position. That is the 62% fib area and more or less where the biggest move began.
I won't be looking at shorts until the trend line has broken and a pull back to the MA has occurred.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Took a few trades and decided my mind was a bit confused and closed out for the day. I didn't see the best trade (short) and was just feeling a bit tired so I decided to take it easy.
Didn't hold my target (worked out today!) and considered cutting my last short trade to leave me at 2+ points for the day, but decided to not trade for points and just be technical.
Took nice long at open, cut it short early, but I did a better job of holding it up until then. I saw the short on the smaller timeframes, but didn't think it would be that 'short' but I believe fundamentals are playing a bit here. Still in tight wedge on higher TF.
I took 4 trades and scratch for the day. It just didn't look clear, but seemed long. I guess I was right. But, for some reason I was taking shorts in the hope that fundamentals would sink the market maybe? I don't know...
The longs were hard to get on, but I guess I didn't try all that hard. I was very cautious today as I didn't like much about how the market was moving.
I would have had a more decent run had I held my stop, but glad I didn't as this market just didn't seem beautiful to me.
I did market replay today because there was some drama yesterday where a moped ran over a dog where we do our normal crossfit group on Tuesdays. Well, the dog belonged to a homeless Meth-head lady and some wanna be bad-ass local Meth-head came over and said, "Who hit the dog I am going to f-in kill-em'".
Friends went to go help the dog recover from shock and the next thing I know, the Meth-head dude is punching my friend in the face and pushing him. Next thing I know, I am now toe-stepping with the idiot and he and two other dudes are doing the same.. It was interesting. I was so disturbed by the whole thing that I couldn't sleep. The thought of my kids growing up around multi-million dollar real estate and yet homeless meth-heads picking fights for no reason doesn't sit well with me. ahhhh... Welcome to the real paradise...
Ok, I slipped today. Normally I would have been done @ 1.5 points for the day and walked away. Well, I said, you know what, I am going to start making 3-5 points per day and I will stay in the game.
Problem was, my stops were just getting hit because I wasn't entering in areas and being patient. I had 3 gifts/stops today by the tick and then got back in. Ouch..
Then, I ended up down 1.2 and started doing and saying things that were stupid (I cut them from the video). I started scalping for 5 ticks, 10 ticks etc.. Just to get back to BE. Today is the types of days where I will choose to be happy and walk away with my 1.5 points and be done after 3-5 trades.
I thought the market was short on the long term (which I think I am still correct in assessing) but the 4181 had a nice separation underneath and I didn't want to go long.
I am doing my very best to hold the trades, but boy, it cost me today and then my mental game goes downhill from there. 1 step forward, 3 steps back.
I need to listen to who I am as a trader and not be anyone else....
I hear you. I had kind of the opposite problem today. Lost my first 2 TF trades on fakeout support breaks...Was 14 ticks down..Went into a YM trade and got 10 ticks back. Then I entered long on YM at 10:30 and failed to realize there was minor news event..Natural Gas Storage..which normally doesn't move the market..but this time it shot my trade short real quick and I got stopped out.
Now I've had a rule in place only allowing me a 20 tick max daily drawdown, so I switched to SIM after that. Of course on SIM, I end up making about 30 ticks and caught that nice 11 am EST move. So I guess my 20 tick drawdown rule kept me from making my money back.. assuming I would have done as well live. Bottom line, I can almost always win on SIM..Live is another story. Hope you don't mind I invaded your journal thread.
Yes, most people lose their 'game' when SIM. They truly don't know how to keep it 'real'. I did that today and that is why I cut my video. Anybody can make money sim. That is the easy part. Well, most people.......
Of course there is always the issue of getting filled (which I couldn't even do on sim today!)
Scalping on SIM is a paradise and that is why you will find so many jokers pretending to be live doing that. Tough day had by all I am sure....
