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 !
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