Tuesday, July 10, 2007

Today's Trades

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In that first trade I made, I moved my stop, which was a mistake which led me to take a larger loss than usual. But after that, I took a quick break, and regained my composure, and went right back at it.

The biggest difference in today's trading was that I didn't feel frustrated after starting off the session with that loss. Yes, it was a mistake, but I didn't dwell on it. The other difference was that I ended today's session with a win, rather than ending it with a losing trade. It's these little things that help me to get back my confidence.

The vertical lines represent signals which had I been alert enough at the time to take them, would have led to some tidy profits. I also read somewhere that 1536 was a support level (from last week), which would mean it is now resistance. But I forgot to write that into my notebook, and missed out on a great trade (short @1536).

The Keltner channels identify low risk trade opps, but not necessarily high probability trade opps. To increase the probability of a profitable trade, you would need to combine the Keltner with a TICK extreme, and even the MACD divergence. But again, this requires being alert at all times to what the indicators are doing, and sometimes, I get too bored to pay attention.

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