I placed 2 trades today.
I was looking at the early AM high of around 4053 as a level to watch if we broke higher. Well we went up past that, and started to pull back a bit. I made an anticipatory entry of a HL at 4052 when the market came back down. We paused at this level, but I didn't wait for confirmation, and my trade was a bet that the move up would continue. Unfortunately it didn't, and I was stopped out for a 5 point loss.
I notice that if I'm up money, I have no problem at all calling it a day and stopping trading. But, on the other hand, when I lose, it's a different story. The only thing I generally think about is getting back in to make it back. I know this can be dangerous thinking if I let my emotions take over and make bad trades.
Well the market came all the way back down, and at that point the move down was larger than the move up. I knew I was going against the trend at that point, but I was playing the bounce. I entered long to play the bounce and the market rose and I was looking at a 6 point gain. I thought we might push higher and it would be one of those days that whipsaws up and down again. But to my horror, my 6 point gain evaporated in a matter of a minute or two, and I was back at b/e! I'll admit, at that particular moment, my spirits and mood wasn't all that great. As I was beginning to picture another quick drop and another 5 point loss, the market rose again and I took 5 points.
Even though my second trade was a win, I still think that the first trade was the better trade, I just got unlucky. Or, as maybe ND might point out to me, I should have waited for confirmation that we would make a HL before I entered long.
So I have a question or two surrounding this trade, and the entry. Was my anticipatory entry 'bad', or do they sometimes have value? I know it could just have easily worked and I'd be sitting here feeling good like I really picked a good one.
I had to go today, so my trading was done, but I did pass up on the breakout above 4058 that happened around 11:15am EST. The 4058 high we set at 9:40am EST was a level I was looking at to see if we would again push higher.
Unfortunately, I was starting to get ready to leave, but I did have time to enter if I really wanted, but I passed. I have a question regarding an entry like that as I was anticipating a breakout. Let's say that I identified 4058 as a breakout level. How would it be best to enter a trade like this today ? There weren't really any significant pullbacks, and there was no 'second mouse' entry on this breakout if I understand that right.
So other than just jumping aboard at the first sign of a .5pt retrace, what other methods could you use to enter a trade like that? That trade was a bit upsetting for me because I had that level picked out long before, and I watched the whole thing play out pretty much exactly like I had thought, except I was on the sidelines and just about to leave for the afternoon.
If it looks like it's going to be a slow grind or melt up or down, is it 'bad form' to just enter and monitor as you go? Edit: this question doesn't imply that today's rally was a slow grind, I just meant in general when we have days like that.
Today's results:
2 trades
1st: -5.0pts
2nd: +5.0pts
Net P/L -$7.56
Chart:
I was looking at the early AM high of around 4053 as a level to watch if we broke higher. Well we went up past that, and started to pull back a bit. I made an anticipatory entry of a HL at 4052 when the market came back down. We paused at this level, but I didn't wait for confirmation, and my trade was a bet that the move up would continue. Unfortunately it didn't, and I was stopped out for a 5 point loss.
I notice that if I'm up money, I have no problem at all calling it a day and stopping trading. But, on the other hand, when I lose, it's a different story. The only thing I generally think about is getting back in to make it back. I know this can be dangerous thinking if I let my emotions take over and make bad trades.
Well the market came all the way back down, and at that point the move down was larger than the move up. I knew I was going against the trend at that point, but I was playing the bounce. I entered long to play the bounce and the market rose and I was looking at a 6 point gain. I thought we might push higher and it would be one of those days that whipsaws up and down again. But to my horror, my 6 point gain evaporated in a matter of a minute or two, and I was back at b/e! I'll admit, at that particular moment, my spirits and mood wasn't all that great. As I was beginning to picture another quick drop and another 5 point loss, the market rose again and I took 5 points.
Even though my second trade was a win, I still think that the first trade was the better trade, I just got unlucky. Or, as maybe ND might point out to me, I should have waited for confirmation that we would make a HL before I entered long.
So I have a question or two surrounding this trade, and the entry. Was my anticipatory entry 'bad', or do they sometimes have value? I know it could just have easily worked and I'd be sitting here feeling good like I really picked a good one.
I had to go today, so my trading was done, but I did pass up on the breakout above 4058 that happened around 11:15am EST. The 4058 high we set at 9:40am EST was a level I was looking at to see if we would again push higher.
Unfortunately, I was starting to get ready to leave, but I did have time to enter if I really wanted, but I passed. I have a question regarding an entry like that as I was anticipating a breakout. Let's say that I identified 4058 as a breakout level. How would it be best to enter a trade like this today ? There weren't really any significant pullbacks, and there was no 'second mouse' entry on this breakout if I understand that right.
So other than just jumping aboard at the first sign of a .5pt retrace, what other methods could you use to enter a trade like that? That trade was a bit upsetting for me because I had that level picked out long before, and I watched the whole thing play out pretty much exactly like I had thought, except I was on the sidelines and just about to leave for the afternoon.
If it looks like it's going to be a slow grind or melt up or down, is it 'bad form' to just enter and monitor as you go? Edit: this question doesn't imply that today's rally was a slow grind, I just meant in general when we have days like that.
Today's results:
2 trades
1st: -5.0pts
2nd: +5.0pts
Net P/L -$7.56
Chart:
Last edited:
