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NQ Trades
- Thread starter AFterburner
- Start date
Afterburner,
Are you gonna continue the journal or are you taking a break from trading?
--MIKE
Are you gonna continue the journal or are you taking a break from trading?
--MIKE
I was able to get the rest that I needed, and I'm coming back with a fresh perspective. I had considered waiting until next week to start trading again, but Trend Fader's post last night motivated me to start today. I'm extremely glad that I did. Thank you Trend Fader.
Trade 1 (BOT 1342.5 SLD 1358.25 AVG) I could see that the tape was pointing up, and I was determined to stay in this trade as long as the tape was pointing up. I received a better entry than I had anticipated, and it never went below 42X42.5 while I was in this trade. Every 15 minutes I would try to be as objective as possible and analyze the tape. I kept receiving an up signal so I stayed in the trade. After 3:00 EST, I thought that I would probably be able to get 1363 at the close. Unfortunately, the market needed a rest around 1355 NDX to gather the next round of upward momentum and that wasted a lot of time. My confidence started to get shaken around 3:45 EST, and when it dropped from 58 to 54 I exited 5 contracts at 54.5. At this point I was going to hold until 4:00 EST or 1353, whichever came first. Finally I exited the remaining 15 contracts at 1359.5 at the close. It was disappointing because I could tell that things were about to heat up but I didn't trust the after hours period, especially on a Friday. I'd be lying if I said that it didn't hurt me to see it trade at my target of 1363 in the after hours period. Nevertheless, I did the best that I could on this trade.
This was a terrific day for several reasons. I was able to stick to a plan of action without being swayed or deceived (except at the very end when I sold 5 contracts, but in retrospect I think that was a wise decision anyway). I was able to trust the tape completely. I was patient and gave the market enough time to work for me. My reward was that I am now above my August 28 high. It's a terrific feeling. I'm hoping that I will be able to continue this trend next week by applying the same principles I used today.
Trade 1 (BOT 1342.5 SLD 1358.25 AVG) I could see that the tape was pointing up, and I was determined to stay in this trade as long as the tape was pointing up. I received a better entry than I had anticipated, and it never went below 42X42.5 while I was in this trade. Every 15 minutes I would try to be as objective as possible and analyze the tape. I kept receiving an up signal so I stayed in the trade. After 3:00 EST, I thought that I would probably be able to get 1363 at the close. Unfortunately, the market needed a rest around 1355 NDX to gather the next round of upward momentum and that wasted a lot of time. My confidence started to get shaken around 3:45 EST, and when it dropped from 58 to 54 I exited 5 contracts at 54.5. At this point I was going to hold until 4:00 EST or 1353, whichever came first. Finally I exited the remaining 15 contracts at 1359.5 at the close. It was disappointing because I could tell that things were about to heat up but I didn't trust the after hours period, especially on a Friday. I'd be lying if I said that it didn't hurt me to see it trade at my target of 1363 in the after hours period. Nevertheless, I did the best that I could on this trade.
This was a terrific day for several reasons. I was able to stick to a plan of action without being swayed or deceived (except at the very end when I sold 5 contracts, but in retrospect I think that was a wise decision anyway). I was able to trust the tape completely. I was patient and gave the market enough time to work for me. My reward was that I am now above my August 28 high. It's a terrific feeling. I'm hoping that I will be able to continue this trend next week by applying the same principles I used today.
Attachments
I'm happy when I see any .jpg attachment. Have a good weekend.
I have decided that I am not going to continue this particular journal, although I will continue trading. I would like to believe that I will start another journal in the near future, but at this time I cannot guarantee it. I feel that I have accomplished all of my goals (and more) for this journal. Having this journal on ET has been an extremely positive experience for me. I have really enjoyed the interaction and have certainly benefited from the contributions of others. I apologize for not posting this earlier, but this is the first chance I've had today (I didn't trade today either). Anyway, I will continue to trade but I will be unable to continue posting in the near future due to time constraints and personal obligations. I'll return as soon as I'm able. Thank you for your understanding.
Wish you all the best and thank you for sharing!
t4s
t4s