FT Day 54 Nov 7th
Review:
When in the middle of a longer term Range, price is more likely to chop at the open rather than break clean. So I should lean on the side of trend confirmation using slower rets. If price is at a longer term extreme, less confirmation is needed and a faster ret can be used. I can begin to start working more context back into my preparation, especially for the Open.
The mistake of the day was the hesitation on the short, being influenced by the losses at the Open.
The exit at 0913 was sound, given the likelihood of a technical rally after a very sharp climactic sell off occurring after an already substantial down move.
Awareness of climax, preliminary support and retest helped with avoiding going counter trend too early.
http://www.sierrachart.com/image.php?l=1383842782457.png
Review:
When in the middle of a longer term Range, price is more likely to chop at the open rather than break clean. So I should lean on the side of trend confirmation using slower rets. If price is at a longer term extreme, less confirmation is needed and a faster ret can be used. I can begin to start working more context back into my preparation, especially for the Open.
The mistake of the day was the hesitation on the short, being influenced by the losses at the Open.
The exit at 0913 was sound, given the likelihood of a technical rally after a very sharp climactic sell off occurring after an already substantial down move.
Awareness of climax, preliminary support and retest helped with avoiding going counter trend too early.
http://www.sierrachart.com/image.php?l=1383842782457.png