Frustrating day !

Not the best conditions again in CL today and of course this means you better nail your setups if they do show. I missed a couple again today, Bad reads....and being too conservative.....luckily damage not too great. Got one more day this week and month.....I want to finish up the week with a good clean day of good reads and good execution !

Did not know what to expect today......with.."FOMC"...decided to chicken out after small scalp. As it turned out...would have been fine...good profits available if you had taken all the setups.....I'm learning that you just have to TRUST "PRICE ACTION TRADING" it will not let you down !

Mistakes and poor price action !

Missed the "trade of the day" in CL about one hour into the session.....too conservative...it was a long at 111.92 good for 50 + ticks.....I made a mistake passing on it.....that combined with doing a couple other trades that were not as strong a setups......and the choppy conditions....made for a tough day ! Happy to atleast finish green !

Thursday 4-21-11

Joe DioGuardi: Government Accounting 101

The National Debt Road Trip

Friday

I ended up doing no trades friday......most of the day we had a tiny range....and lower volume.....then after the econ. reports we got some volatility.....by that time of day...especially on a friday I had no interest. Ready for business Monday !

Nothing today

I did no trades today, "ECB" day for the euro......you never know what to expect...and decided to play it safe.....as it turned out....would have been a good day "perfect play"....was a good number. I will resume tomorrow morning. I have watched "Steve Vai's" video several times today.....just love it ! Every single thing he says...applies directly to our trading business......very inspirational !

Great Video

I came across this video from the guys at SMB Capital's blog........I have always been a huge fan of Steve Vai.......and when you listen to what he says about being successful in music......of course it applies to anything.....but especially to TRADING !! Just fantastic !

Steve Vai "How to be Successful" Private Sessions Guitar Center

Just the way it goes

Started the day with two consecutive losers......kind of surprised...but it can happen...low volume through the day.....decided to take my lunch break 13:00-14:00 today..[gmt+2]...last several days I took lunch from 12:00-13:00...and missed several trades..thought I would be "smart" today...LOL and of course as fate would have it.....no trades 12-13.....and missed 3 winning trades worth over $300.00 during 13:00-14:00...."murphy's law"....afternoon was very slow.....never had a chance to make it back to green ! My "reads" and "focus" were excellent today ! I am very happy about this.....this really is all that matters..."big picture".....one hour...one day..means NOTHING....when you have an "edge" all that matters is maxing out "sample size"....just get your trades done everyday...and the cash will follow !

PETER SCHIFF: MONEY + INFLATION + ECONOMIC COLLAPSE = [JAN 2011]

PETER SCHIFF: MONEY + INFLATION + ECONOMIC COLLAPSE = [JAN 2011]

Back on track !

Computer crash yesterday....as well as internet issues.....back at it today...10 trades.....7-0-3 +52 ticks +$650.00 [6e futures].....closed software before taking a screenshot of P+L....will try to remember tomorrow. Banging on new highs again in 6e.....makes for choppy trading.....I thought when she sold off friday...we would stay down for a while.....so much for that...LOL I always keep a running "stat" which I call "PERFECT PLAY" it is the win % and profit I should have each day if I perform "perfect".....ie...all trades executed...and held for proper distance...etc. Its obviously very hard to nail everyday....but "knowing" what you should have for "numbers"....each day...shows exactly how good or bad you performed....and it's a way to "grade" yourself with a % each day. Today I did pretty good ! Any number above 75%...I consider good....This business is ALL about "PERFORMANCE"....from your "method" to your "execution"....Just getting it done everyday is tough !

http://www.xtranormal.com/watch/7570703

One and done for today !

Caught a good setup early and called it a day......Friday is not my favorite day for trading....glad to finish the week on a good note ! The "breakdown" in the Euro came later in the day than I expected. Should bode well for trading Monday....today definately was better.

Nassim Taleb Rips Ben Bernanke, the Fed and QE2

Quantitative Easing III

Quantitative Easing Explained 2: The Bernank Motivation

Jim Rogers on CNBC 01/27/11

Choppy "price action" continues !

Been a poor week for trading for me......no losses...but very limited opportunity.....When the Euro is bumping up against these highs everyday.....it makes things choppy....and difficult. This combined with me trying to trade off of a 1 minute chart...when I knew better.....Too much info. to process...missing too many trades....just a mistake..."Al Brooks" in his classic book warned about trying to do this.....and I thought where I was only doing "trend trades" that I could pull it off.....but after a month of very little results....I have lost enough time....and I went back to the 2 minute chart..this with more crap creeping onto my chart.....Pivot points, SR levels,etc...after awhile you get so many lines ...that there is no more room to trade....so I dumped everything...and back to a clean chart !! As of this week....and as you would have it....we have some tough price action to deal with. I only got one clean setup today....and took it....and got knocked out on a trailing stoploss...with +2 ticks. We are up against some firm resistance from last November now....so I think we have a good shot at some downside action tomorrow. I will be ready at the "London" open to get whats available !

Marc Faber on Bloomberg 01/25/11

Same deal as yesterday

If Euro futures run up strong [bullish] during the Asian session.....and then open near this level..[or close to it] at the London session it does not usually bode well for good trading...it has a tendency to have ferocious bull moves....and then stall....and drift....until the next wedge and pop again.....the only hope for a good seesion would be if you can get a good bear trend going....and get onboard ...otherwise....it usually ends up a fairly lame session......as it was for a second day for me.....[3 out of the last 4] I did get some signals...in the last hour of my day...but my policy is...if I am up a little or done a little after 6-7 hours....I usually pack it in...obviously it was not a great day...and I absolutely despise digging a hole late in the day....I WILL NOT DO THAT ! The good news is...I doubt we get 3 consecutive days like this.....as I'm writing this...we have a "trendline break" on the 60 minute......I need to pullout something for this week......so I need to gaurd against being too conservative tomorrow...as far as...not quitting too early....I can't tell you how many days I have quit with +$100.00-$300.00....and the day goes on to be a thousand dollar day ! Going to bed early to be fresh for tomorrow !

Nothing today !

Big uptrend today.....frantic buying at every lift......these kinds of days are tough for me to trade.....the upswings are so aggressive they "overshoot"....and then "stall" for an hour before repeating all day long..."wedge+pop"..over and over ..I don't like this kind of "price action"....difficult to trade ! We will see what tomorrow brings...should be a more normal day....Not a problem....did not lose any money today...safely on the sideline.

Missed it !

I decided to pass on trading today...unsure of volume and holiday pace. As it turned out...day was excellent ! A dozen setups with nice profit ! Thats what I get for being too conservative ! The problem stems from starting with such a small account, [$3,025.00] I welcome the challenge but it makes me too conservative on "questionable" days like holidays etc. Once I have some "cushion" I will be more aggressive......trading "price action" without any "indicators" is just so solid....and strong as long as I get the "read" right it seems you can almost do no wrong ! Win % is great ! profits are great ! So......tomorrow [tuesday] is the "kickoff" no more fooling around. Solid "focus-reads-execution" for "London session".

Quantitative Easing Explained

Gerry Rafferty - Baker Street lyrics