no trades on 10-18 CL roll over and tough read overall. I decided to not trade. 10-19 S&P slap chopped in a tight contraction most of the day. CL offer a some trade worth jumping into. the Chart above shos morning trade and then in the after noon how I planned out my next trade. I was spinning my web looking for the trapped traders on the short side so I could take the other side but i was wrong in that direction. I can see were the analysis was off as price return back into the range. This is usually bearish but today i was holding truth that once the S&P broke up out from contraction it would send crude and the rest of the market with it. I was wrong.
As I waiting for price to correct and then trap shorts the move lower happened and the bears remained in control. My analysis was wrong and now I have to regroup. The hard part is once its clear on direction most of the time its too late. Ive been a sucker for trading at these levels and get burned most of the time. Today i just execpted i was wrong on my original analysis and looked for the next \wave to trade
Here are the trades I took for the day
Timing of the entries.
Even thought the P&L was up for the day the part to remember is trade the analysis, admit when your wrong and wait for the market to come to you. I dont have to be right all the time.... just most of the time ;)
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