Friday, September 07, 2007

Trading Results for Friday

Do not predict, nor prognosticate, but rather, WAIT for the chart to tell you what it is doing !

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The green arrows represent long trades that I made, while the red arrows represent short trades that I made.

Ok, I did much better today.
I was patient, and waited for the low hanging fruit. I did not chase, and did not force any trades. At least not until late, late in the afternoon session, where I tried to front run some short covering ahead of the weekend. My premise was correct, but I should have WAITED FOR THE CHART TO TELL ME WHAT IT WAS DOING. That has been my mantra ever since I started this, but sometimes, I ignore this time tested piece of advice in the heat of battle, when you fear missing out on the trade. Fortunately, that slip up late in the day did not cost me too much.

The market was behaving much better today, as the retraces had follow thru, and the breakout and breakdowns also had follow thru, unlike yesterday's directionless chop.

I also felt I did well to prepare for today's session, as I followed the advice I gave to myself yesterday and drew out levels for the overnite range, and the opening range. I kept drawing manual trendlines until I saw the opportunity to enter my trade. I had a bias for a trend day today, but fortunately, drawing those manual trendlines helped to change my mind and remain open to the message of the markets.

The plan I laid out from yesterday was pretty much invalidated by the gap down. But I kept the support/resistance numbers open in another tab, and that led to my first winning trade of the session, a play of the gap fill. That felt good to have some of my homework pay me off !!


Tyro said...

Nicely traded, P. Great to end the week on a positive note!

Phileo said...

Hi Tyro,

Yeah thanks! For the majority of the session, I was mindful of being able to finish on a positive note. While I did not actually finish on a winning note, I finished positive for the whole session, so I am happy and satisfied enough with how I performed.