Monday, August 13, 2007

Monday's Trading Results

Bad habits coming back again

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Today I overtraded yet again. Too many trades to post to a chart, so I won't bother. The bigger concern is that I actually made +0.75pts from trading ES today, so this might reinforce a bad habit. My loss from the top was 4.5pts, so that part was frustrating. No more giving up points.
Really, there are so many intraday swings that can occur, so 10-12 trades per day should be the limit.

New Rules to help me cut down on overtrading ES:

1. No new trades during the lunch hour (9am - 10am PST)
2. No trading until 645am.
3. Stick to the setups as per my Futures Trading Plan.

I think the volatility will start to decrease a bit for the next few days as we enter a trading range until the market figures out whether it wants to drop some more or actually put in the bottom.
When I say a decrease in volatility, I'm talking about no more 40pt days..... I'm going to miss those days....

For tomorrow, I think we will fill that open gap in ES @1451, and then go for a test of the support level @1445 first. If that doesn't hold, then we will see a test of the 1435 level.
But if things turn bullish, then the bullish scenario will see a successful test and break above resistance @1468-1473 and wind up somewhere in the 1480's.

The more likely scenario will be some range-bound chopping around between 1450 and 1470.

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