Today we had a .75 gap up into weakness and immediately began the decline that lasted past the 2nd Ti. Price peaked at 1566 reversing to break the 1566, 1556 areas touching the 1553 low.
Recap Notes:
Trade Selection - Poor Trading, poor Entries, So So Exits.
Sequence 1- Traded against the trend all day. The sequences had ok cause but they never played out due to the strong trend that continued. My inability to see the background was the cause of poor trading. I took a series of small consecutive loses. I was able to quickly cut the trades when they shows signs of failing. However the poor trading was a result over trading against the trend and not making the adjustment.
ADJUSTMENTS & OBSERVATIONS:
Have clear premise for the day and trade it. - I had an ok premise to start the day but i failed to execute that premise and failed to make the adjustments. When the initial premise is NOT moving in favor then consider adjusting the view prior to entering the next sequence.
Give the position i little more time when block bars are evident in key areas that hold.
Limit the probes until we have a clearly defined sequence.
STAY FOCUSED the Opportunities
Give the position i little more time when block bars are evident in key areas that hold.
Limit the probes until we have a clearly defined sequence.
STAY FOCUSED the Opportunities