I think 96.25 may have been my spot, but I did not do so well today as I might have done.
I did one trade, it was a short, it was too late, I went in at the market as the offer kept dropping without me. Once in I just felt off balance. I was now managing a position from an entry level 2 points below my original order. Price was moving my way but I knew that I wasn't at the top of my game. Just over two minutes after entering, I took myself out with a market order.
I tried to gather my thoughts, but I could tell I was no good for this game today. So I called my first customer, and arranged to start work early. The good news is I was able to finish work early and I went out and bashed a bucket of balls at the driving range, and now I am home.
The best laid plans ...
On the chart below, the red filled a black X is where I tried to short. The open red is where I finally did get a fill, at 99.50 more or less, and then the black is where I exited. There was no price activity reason for me to exit. It was simply that I felt I was not in control of what I was doing. I know I can't control the market, but I can control my response to it. And once I felt like it was controlling me, I got out. It seems to happen once or twice a week where I just do not feel I know what is going on or what I should do. And if I do not know what I should do, I go do something else
Also, I did slap my blotter right on the chart. I know I said I wasn't going to post my blotter again, but having missed this rally, I didn't want one of our "friends" to come along and suggest that I was trying to hide a booboo, doing perhaps what DbPhoenix had warned against: Shorting every retrace up. I did do that once several months ago right here in this journal. Fortunately it only took two of those "pick the topfor me to figure out I was being a dumbdumb, and DbPhoenix and NoDoji made helpful suggestions to cure me of that disorder.
Also, you might see that this is a 30 second chart. I chose to post this bar interval becasue I thought it might make it easier for some to see why I had wanted to short were I did, and why I was "willing" to chase (dumbdumb). Price opened above 3100, and made it as high 103.50 before retracing to 101.75. A small retrace, and things looked ok for the longs. I say "ok" because though price was above 3100 and though it had reached 3103.5, it did not do so with a lot of energy. Even the 30 second chart makes the open look to be more of a victory for the bulls than it was. If you can go to a tic chart and play back the first 2-3 minutes from 9:30 on you will see what I mean. Those static dead bar intervals on a chart conceal alot of action. Price rose back to 103 and then paused. In fact, I had placed a buy stop at103.25, and that was in part why I was late to get my sell stop in. However, clearly things were not all well in Bullville, as price lost that 103 and couldn't get it back. Once 101.75 was lost, a short seemed appropriate.
And that's that. Not my best day. I still made about a half a week's worth of income at my regular trade for that 2 minute engagement, but as for the rest, let it be filed under what DbPhoenix calls "shouldacouldawoulda" and leave it at that.
