So here is my write up from yesterday...Rough day. I think my inexperience really showed up today as I really felt I only had 1 major error during the day but still wound up down pretty big. Like I said earlier, definitely a learning day. Im not terribly torn up about it but it always sucks to be on the losing end.
I started the day out really well...I didn't take 2 trades in the morning b/c I did my full thought process, wrote everything down, potential issues with the trade, etc. I wanted to go short around 6:35 and 7:00 but after doing some thought it was very possible neither of those trades would work out. So I was really happy with myself for going thru and being methodical with saved me from 2 losing trades.
Trade 1:
7:47- Long 1175.25 Stop 1173.25 Target 1179.00
8:02- Stopped out at 1173.25
-2.00 pts
As I said before, I was really surprised this trade didn't work out or even head in my direction. There were a couple of long tails at the 1175.25-.50 level, but I thought for sure, since bulls seemed to be controlling this market, this was a good area for a push back north. The trade didn't work out, stopped out. I was fine with the trade working out, however, it didn't take until my next failed trade to realize what was going on.
Trade 2:
8:40- Long 1170.25 Stop 1168.50 Target 1175.00
8:45- Stopped out at 1168.50
-1.75 pts
So my original thinking with this trade was to go long off the bottom of the channel that had formed if priced back up off the support level. Which is "kinda" did. But I think the mistake with this trade was 1. going against the overall trend, and 2. I didn't realize that the shorts probably have more control since the 1175.00 level breakout failed. Also, small mistake, but I think my stop should've been a bit tighter by 0.25-0.50 pts, either this trade was going to bounce back up or head back down, it didn't need much wiggle room. Again, as I said yesterday, I realized this only after this trade had failed. I've made a similar mistake like this before, not exactly the same but close. I think if I thought this trade thru a little more instead of being so focused on taking a trade off the support level, it would've kept me out of the trade.
At this point in the day, Im somewhat doubting myself b/c I feel a bit over my head since Im not making correct calls and realizing why or how stuff happened a trade or two late. So I decided to take the rest of the day fairly conservative.
Trade 3:
11:47- Short 1164.00 stop 1166.75 Target 1160.25
12:06- Move stop to 1165.25
12:11- Stopped out at 1165.25
-1.75 pts
Man, not doing anything right today. I took this trade for a couple reasons...1.) were still in a grind down and the overal trend was pretty bearish 2.) We broke thru S1 pivot point. 3.) broke through longer term support at around 1165.00 and lastly 4.) the sloppy double bottom failed. All these reason seemed like a good trade and a good point to get in. The overall trend had been going for awhile but the strength in the downtrend still seemed there. I was kinda surprised it bounced up where it did at the 1162.50 level. I thought for sure if it was going to bounce it would've done it at 1163.00 or a bit higher.
So overall kinda a weird learning day for me. There were a lot of long tails that broke thru a s/r point by like 1 tick which was a little nerve racking to see. I think that is what also gave me the feeling of being inexperienced with seeing all those areas where it may or may not push thru the s/r. Looking back on the day, I feel I can only fault myself for trade 2. The other trades, I feel I set-up well, thought out well, and they didn't work out.
Any of you guys feel free to chime in about my trades or overall thoughts/ideas about the day b/c for me I felt a bit out of place.
Total Trades: 3
Winners: 0
Losers: 3
B/E: 0
Total Points: 5.00
Avg. Win: $0
Avg. Loss: $83.33
Total Win Rate: 0%
Total Profits: -$250.00
Also, I couldn't post the 512 tick chart b/c the data wont go back far enough so here is the 1600.
