Today we had a 19pt Gap + Pre-Open Blocks + Open Block Basing = slow grinding up Trend. With multiple block bars on the 13500 and key areas on the 40500 being broken to the upside its clear accumulation on the day. We cross the creek @ 1645 on high volume and rallied from their. No surprise if we Gap up and Rally Tomorrow.
Recap Notes:
Trade Selection - Ok Trading, Good Entries, Ok Exits.
Sequence 1 Was a 45/5 cycle that i thought was a 45/15 cycle. Regardless the trade moved in favor 2points and looked as if it would break higher but failed on a few attempts. I had many chances to bail out but held tooo long and took a tough Loss.
Sequence 2 This trade was a great entry that played out very fast (Best trade Of the Day). Price kept stalling and popping with rejection below the initial entry so i was able to get more on and hold for Max pushing us into the green on the day.
ADJUSTMENTS & OBSERVATIONS:
Take a bit more time to study the pre-open - I can gain valuable insight with a little more study of the pre-open. The ideal clues are Block bars at key Support or Resistance areas.
Laughter is the best medicine - Today i actually had a trade run 5 points in my favor and before i could even blink it pulled back to my entry, i got out with a scratch. Typically i would have been moved to some frustration, but this time i couldn't help but to laugh at how that must have looked.. Needless to say it broke any inclination towards regret frustration or any negative emotions or thoughts. I then came to the sudden realization that this was FUN.. Knowing their are more opportunities to come in the future, the day became a game i was playing with myself, Like Super Mario Bros. How many coins can i collect before the closing bell??! LOL
NEVER Approach an Entry with a Short Term Profit in Mind (ie. "I Just Need 1pt") - Just this thinking alone will set you up for a loser. The 1st reason is that when price moves against you, you are more likely to hold waiting for that small uptick that you want. 2nd When price moves in favor by your small amount if you close for a small gain, you have set yourself up for regret and are more likely to come back with another loser. 3rd reason is that once price moves that small amount in favor you will need to be extremely quick to close and hope to get a good fill. if not you try to hold for an even bigger gain further setting you mind up for a losing trade. And finally if you enter trades with short term targets you are less likely to risk more than the small amount your seeking and will often be stopped out or spooked out of a possibly good trade.
The proper approach: Allow the market to flash "FREE MONEY!! COME AND GET ME!!" without any specific short term target to limit your potential. When price fluctuates in any direction you are more likely to remain focused and be willing to hold or cut out if the signals warrant.
When you Put in a 1S1K YOU ARE DONE FOR THE DAY -There is no need to stick around and fight the market when you get a freebie!!!
Manipulation Mondays - Today was a continuation of the Fridays trend, Notice when their is No or lite news as is often the case on Mondays, price can move in one direction on light volume as the campaign can be easily pushed. good to enter early and be patient as it could take hours to hit your target.
EXIT INTO THE RALLY!! - Today i failed to exit into the rally on multiple occasions giving back major points. THE KEY IS TO EXIT WHILE THE RALLY IS IN PLAY. you may leave a bit on the table at times but you will catch the bulk of the move. If price has rallied prior to a 7:00 news release BAIL OUT!! Don't worry to leave money on the table, this is a high probability EXIT.
Stay Focused - Jump on solid Block bars at cycle turns, Today i missed a few very good entries that had block bars on synchronized cycles, minor distractions caused a half hearted effort to enter and i
Laughter is the best medicine - Today i actually had a trade run 5 points in my favor and before i could even blink it pulled back to my entry, i got out with a scratch. Typically i would have been moved to some frustration, but this time i couldn't help but to laugh at how that must have looked.. Needless to say it broke any inclination towards regret frustration or any negative emotions or thoughts. I then came to the sudden realization that this was FUN.. Knowing their are more opportunities to come in the future, the day became a game i was playing with myself, Like Super Mario Bros. How many coins can i collect before the closing bell??! LOL
NEVER Approach an Entry with a Short Term Profit in Mind (ie. "I Just Need 1pt") - Just this thinking alone will set you up for a loser. The 1st reason is that when price moves against you, you are more likely to hold waiting for that small uptick that you want. 2nd When price moves in favor by your small amount if you close for a small gain, you have set yourself up for regret and are more likely to come back with another loser. 3rd reason is that once price moves that small amount in favor you will need to be extremely quick to close and hope to get a good fill. if not you try to hold for an even bigger gain further setting you mind up for a losing trade. And finally if you enter trades with short term targets you are less likely to risk more than the small amount your seeking and will often be stopped out or spooked out of a possibly good trade.
The proper approach: Allow the market to flash "FREE MONEY!! COME AND GET ME!!" without any specific short term target to limit your potential. When price fluctuates in any direction you are more likely to remain focused and be willing to hold or cut out if the signals warrant.
When you Put in a 1S1K YOU ARE DONE FOR THE DAY -There is no need to stick around and fight the market when you get a freebie!!!
Manipulation Mondays - Today was a continuation of the Fridays trend, Notice when their is No or lite news as is often the case on Mondays, price can move in one direction on light volume as the campaign can be easily pushed. good to enter early and be patient as it could take hours to hit your target.
EXIT INTO THE RALLY!! - Today i failed to exit into the rally on multiple occasions giving back major points. THE KEY IS TO EXIT WHILE THE RALLY IS IN PLAY. you may leave a bit on the table at times but you will catch the bulk of the move. If price has rallied prior to a 7:00 news release BAIL OUT!! Don't worry to leave money on the table, this is a high probability EXIT.
Stay Focused - Jump on solid Block bars at cycle turns, Today i missed a few very good entries that had block bars on synchronized cycles, minor distractions caused a half hearted effort to enter and i