Journal XburbX - My Plan

No trades today. A real close call on one that lead to a big winner, but the risk was 1 penny outside of my comfort zone. I sat on the sidelines. Oh well. No money lost
 
WRR.


RN,

I notice that the ES and SPY sometimes vary using the same TA, trend lines, etc. For instance the SPY may break while the ES holds inside. I have mentioned this before, but how much can I use something like this in your opinion? I usually expect that the ES has it 'right' or they are arb'ing that difference.

I got caught yesterday expecting a breakout from the daily trend line, but it never materialized and turned into a headfake.

Chop still gets me. I have to be able to recognize when price isn't going anywhere...faster
 
So I managed to screw up on my plan by letting my brain get in the picture. It didn't cost me anything as far as a loss. It cost me an opportunity. I saw price making an up move and by the time my entry was allowed , I thought price was nearing the end. Yup, I THOUGHT, which means I was predicting. It would have been an awesome winner too. I'll jab myself with a cattle prod a few times to stop that from happening again. It was the stock DISH
 
Ok. After recovering from the electrotherapy I ended up in another trade which I added to. It was a nice winner. 3 trades today 1 loss, 2 wins and missed opportunity. It is probably good in the overall picture that even though I ended up, up on the day I am more mad at myself for that error. Have a nice weekend.
 
Quote from BobbiDigital:

WRR.


RN,

I notice that the ES and SPY sometimes vary using the same TA, trend lines, etc. For instance the SPY may break while the ES holds inside. I have mentioned this before, but how much can I use something like this in your opinion? I usually expect that the ES has it 'right' or they are arb'ing that difference.

I got caught yesterday expecting a breakout from the daily trend line, but it never materialized and turned into a headfake.

Chop still gets me. I have to be able to recognize when price isn't going anywhere...faster
More...


BD

I am definitely not the one to ask about SPY/ ES behavior.

I don’t follow them throughout the day…., and only look to see if the broad mkts closed up or down at EOD – so I can compare that against how the stock I traded acted (tells me if mine is strong/ weak/ ambivalent)

Maybe ask Ammo

======================

As for the chop – it can be bitch to trade… but take note of what happens after (more on this to follow)

RN
 
Quote from xburbx:

So I managed to screw up on my plan by letting my brain get in the picture. It didn't cost me anything as far as a loss. It cost me an opportunity. I saw price making an up move and by the time my entry was allowed , I thought price was nearing the end. Yup, I THOUGHT, which means I was predicting. It would have been an awesome winner too. I'll jab myself with a cattle prod a few times to stop that from happening again. It was the stock DISH
More...



Price does the thinking… and predicting…

We only need to be flexible enough to believe what we’re seeing – and roll with it

Beers on me


RN
 
Things that make you go – Hmmmmm


BD saw chop – and I would bet something changed

XB didn’t see chop – and obviously nothing changed

Hmmmmmmmm

RN
 
Quote from xburbx:

Ok. After recovering from the electrotherapy I ended up in another trade which I added to. It was a nice winner. 3 trades today 1 loss, 2 wins and missed opportunity. It is probably good in the overall picture that even though I ended up, up on the day I am more mad at myself for that error. Have a nice weekend.
More...

Pays to follow the plan :cool:

Good Job this week XB

RN
 
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