Friday, August 17, 2007

Results for Friday, Aug 17,2007

On the rebound.
Made +5pts.

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What I did right:

- did not overstay my welcome. Most trades were held for less than 3minutes max. I was basically exploiting inefficiencies in the market, and as soon as the surge of buying/selling stopped, I was out.

- In most of my trades, I reduced and removed, and did not give a chance for the market to prove me wrong.

- market conditions changed, so my plan changed. I drew up a new plan and stuck to the plan. Waited for confirmed trend or break of trend before entering. Did not trade during the lunch hour.

- waited for my setups to ..... to setup.

Trade1 was a play of the breakdown of support @1442.50
Trade2 was a play of the first thrust-pullback pattern off the gap-fill bottom @1426
Trade3 and Trade4was a 61.8% Fib RT play
Trade5 was a play of the break above resistance @1438
Trade6 was a play of the bounce off my manually drawn trendline.
Trade7 was a trend continuation play off the 76.4% Fib RT
Trade8 was a play of the break above double top resistance @1449.

- was patient. This meant letting some additional setups that I saw come and pass without taking a trade. I don't have to trade every signal that I get.

- kept persisting in drawing my manual trendlines. Those helped me a lot with my trading.

Obviously there are a gazillion google of things that I can improve upon, such as letting my winners run just a little bit longer, or trade in the direction of the ADX trend. But it's good a good start to get some wins under the belt, and boost the confidence level a bit.

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