today i held the bad trades longer than the good trades. My exits were off today, but my read was good. Market opened a little stretched to the down side so my plan was to go for quick targets if I felt flow was not in my favor. Im still working on my exit style and adjusting from the TF market where momentum is stronger. The YM I have to learn to be a bit more patient with.
Ok enough of that broken record. Lets talk structure. After the market move down expect price to slow down and consolidate. Picking bottoms is too hard for me so I look so see how these lower levels react when price approaches them again. The focus is on where late shorts (in this case afternoon session) end up
in trouble. The morning session i felt the market had a little more room to go and expected a attack of a lower level (10970 YM). Once that level was hit I start to look for signs of a bias change which happened in the afternoon session.
My worst trade for the day was the second to last trade. What bonehead idea. The area was too early to hit and i knew that going into it. The issue i have with this trade is i held it too long knowing that if i didn't get the surge i need to get out fast and wait for it to reset which it did later. My last trade was a good trade because I could see the bias changing from failed action moves to the down side and shorts were beginning to get in trouble. Of course the entry was great but the exit was bad as I over managed the exit.
Taking the day off tomorrow to hang with the family.
G'day Terry,
ReplyDeleteSorry I haven't had a lot of time to drop in here. Good work on Monday - despite one "bonehead" trade (your words... but I agree entirely), and two where you just missed a massive move (although I would likely have exited as well), you still produced a profit.
Don't be too hard on yourself. It's a great result.
Cheers,
Lance.
Thanks Lance for the comment. NP drop in when you have time, and comment when you feel like it.
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