Saturday, January 29, 2011
Friday, January 28, 2011
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.
Thursday, January 27, 2011
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 !
Wednesday, January 19, 2011
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 !
Tuesday, January 18, 2011
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.
Monday, January 17, 2011
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".
Sunday, January 16, 2011
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