Events like this should now be expected by everyone in the world. Mainly due to the HARRP facilities and capability to cause such unnatural disasters across the planet. In addition to the simple fact that our earth IS changing every day.
On to the day of trading where we once again saw a large Gap Down after prices close up on Friday's 15 minute closing bar. The morning open made 2 attempts to crack the Gap area and failed on both tries leaving the path of least resistance to the downside for most of the morning. After breaking the 1289.50 level the trend turn down before consolidating for a few hours the slowly rallying back to the near Open.
This tells me that maybe this correction is being supported, there was NO news today to justify a real Daily rally so I'm expecting a gap UP in the After Market so as to dodge the public on this one.
What Did I do Well?
I was able to read adjust my forecast as i felt that we would see an up day due to the large gap down and bullish Sine on the Daily. Admitted i was influence somewhat by the Barry T Daily assessment on Friday as he pointed out the Daily trend. BUT i usually call Large Gap Down days as potential Range days, and that would have been correct as we only ranged 15 points from the open but a large chunk was spent in consolidation.
What Did I do Poorly?
- I think my exercise prompted me to Over Trade and try to catch every move in order to get data on taking small profits and limiting losses. When i planned this exercise i didn't specify a stop price so I chose 1 tick on the fly and stuck with that all day.
This actually gives me another idea for an exercise which is to try to catch every move of the day.. Duh?? Ain't that the gaol each day? yes and No. Trying to catch every move will surely lead to over trading as most moves will simply not be worth the risk, So what we are trying to do each day is Catch ONLY the worth while moves of the day. The moves that will allow one to sit on the side with profit.
- I Missed the Main GAP TEST of the morning!@#$%
How will this affect my Account?
- Over trading is Suicide..PERIOD. Today i had good reason and used a 1 tick stop so that was expected.
- Missing the Gap Test was Plain Wack, there is NO excuse for this as this is a premier ice breaker trade for me.
This is the GAP FAILURE confluence on the Tick Charts.
This came on a double top on the 500 & 1500.
Look how it matched up on the 2 minute chart and $TICK
Solutions:
- NEVER OVER TRADE!! Meaning stick to the rules of 2-3 (Today is excused for excises for data.
- STAY ESPECIALLY FOCUSED ON THE OPENING HOUR!!
Intangible Jewels:
Look at yourself from the outside to see how you look and what you thinking is like, are you over anxious, too excited are you focused on the Tape?