Wednesday, May 21, 2008

Bears Win! Bears Win!

Well, today was a screamer for the bears.
I didn't write a blog yesterday -I was really frustrated with myself mostly with my trades yesterday (Tuesday) because I was expecting a little more follow thru than the market would give. Basically was in some good trades, for 1 to 1.5 pts each, but would always let them come back and stop me out for a tick, or b/e, and finally saw and executed a great short trade late in the day. It went 4 pts from entry, hit dead on the previous low of day made a couple of hours earlier, and I even let THAT trade get me back at b/e. Really was in a fog. In my defense, the day was extremely bearish, and I had a fib target just under the previous lod, which was also 2 times the Initial Balance, and thought that surely the market would go down a couple more ticks, but would not, and was just amazed at myself for letting the trade retrace all the way to my entry. (in fact, it continued going up, and set up the Bulls for a Bear Trap for today)
Out of time, and haven't wrote about today yet - maybe I can tomorrow, lol.

Friday, May 16, 2008

Today was a perfect example of me failing to trust what my chart was telling me. I did ok, trading-wise, up about 2.50 pts (per contract, but just been trading 1), but I seem to fall into the trap of expecting a day to continue in its early direction, especially if it was a strong move. I really seem to do this A LOT, but bias is also a factor, I think. I believe that all traders have some sort of bias, some more than others, of course. The key may be in tempering the bias, rather than struggling to ignore it. Had I traded what I am trying to accomplish with the 377 tick chart, along with fib levels that I am using, I would have made much more profit. However, I did leave at about 2:30, and I think I would have been making a few winning trades if I had been able to stay and trade. I am going to try to post a chart, but otherwise, it's late, so signing off.

Thursday, May 15, 2008

First attempt at blogging. basically just to try to say out loud what the trading day was like etc. For the last few days, I have been watching the following charts for trade ideas: 30 min; 10 min (RTH); 5 min; and 377 tick (with HeikenAshi candles). I am really liking the 377 tick chart, and the HeikenAshi, it is very easy for me to see Support and Resistance levels, and it seems to be helping me to address my main issue with trading, that of the "where do I place a Stop?" question. My trading plan is not very structured, but consists mainly of trying to spot reversals and getting on board for a ride.
I am writing this late in the evening, as I have a regular job that I must attend to, and most days trade until the last minute, and jump up and leave. I had a decent trading day, up about 4 pts. There was a decent push Up today that happened after I left.


The Black Sheep tries to warn its friends with the truth it has seen, unfortunately herd mentality kicks in for the Sheeple, and they run in fear from the black sheep and keep to the safety of their flock.

Having tried to no avail to awaken his peers, the Black Sheep have no other choice but to unite with each other and escape the impending doom.

What color Sheep are you?