Today I didn't see many opportunities to get entries, we had a strong down trend day that never seem to pull back. These days if recognized can be HOLD TO THE CLOSE trades if you got the guts to stay with it. But 1st you must see it and REACT accordingly.
What Did I do Well?
Not much to speak of today but I did Nailed an early Long entry @ 1324 for a 2 point gain but that would mark the end of the upside for the day.
Not much to speak of today but I did Nailed an early Long entry @ 1324 for a 2 point gain but that would mark the end of the upside for the day.
What Did I do Poorly?
I Didn't change my Bias and React fast enough! While i came into the day expecting a sell off i was anticipating a stronger TREND run to the upside and was caught off guard. The Resistance around 1326 -1327 along with Bearish Exhaustion signal on the open was very obvious on the 4500 and 13500 tick charts, but i still found a way to ignore it all. Once the Overnight Resistance was tested and failed i should have gotten short. After this there were very few pullbacks for re-entry.
4500 Notice the stopping volume and Pro bar Upthrust with mushroom top at Resistance.
4500 Notice the stopping volume and Pro bar Upthrust with mushroom top at Resistance.
How will this affect my Account?
This can make or break my efforts from my Pre prep. If i don't react or recognized changes in trend fast enough this can put me on the wrong side or cause me to miss opportunities.
Solutions:
Stay Objective and Focus on the current price trend on the 4500 tick and don't ignore the signs of Weakness, here we had Bearish Divergence on the 13,500, 4500 and 1500 plus Exhaustion selling but my Long Bias blinded me from Recognizing and Reacting to the signals. Pay attention to the NEAREST BACKGROUND info and be ready to enter and Reverse.