Tuesday, August 21, 2007

Trading Results for Tuesday

made 5.25 pts today.

Read Full Post.....


Trade1 was a play of the 7am reversal (with confirmation)
Trade2 was a play of the breakout attempt
Trade3 was a play of the ascending triangle. Initial target was where the previous breakout attempt failed @1452. When I saw that price action was bullish the second time around, I stayed in the trade longer.
Trade4 was a play of the last hour reversal.

The disappointing part about today was that I also made 4 impulse trades just after 11am, losing 5.25pts in the process. I think what happened was that I saw the the reversal @1030a occur, but missed out on it, so I decided to enter a trade in without properly assessing the risk. I also think I got away from trading the chart, and relied on looking at the tape too much.

Not sure why that continues to happen, so I will need to think about how I will address this problem. I do feel that I am able to follow the rules that I set for myself (like my rule about no trading during lunch hour dead zone), so I will set a new temporary rule until I can figure out how to trade well in the afternoon session.
The additional rule is to trade only after 1130am (PST). So that means the no trading time has been extended from 9am to 1130am.

No comments: