Monday, June 27, 2005
6/27/05 todays plan
resistance at 1195 and 1204, longer term R at 1197
Support, Friday close at 119325. Longer term support at 1192, 1183, 1180 and finally 1170.
KISS plan, markets been down so expect the same as most likely, next likely is sidways day so fading could also be good. Look for + Ticks as entrys. Least likely is up but we could expect a rebound if strong enough after this sell off if we are trading above 1195.
Market doing better in premarket than earlier.
If breaking supports then short all day long... use 9/30, and + ticks as entries
If breaking resistance then reverse above.
If consolidation then use + Ticks if below 1195, or - Ticks if above 1192.
That's my story and I'm sticking to it!
Trader X
Support, Friday close at 119325. Longer term support at 1192, 1183, 1180 and finally 1170.
KISS plan, markets been down so expect the same as most likely, next likely is sidways day so fading could also be good. Look for + Ticks as entrys. Least likely is up but we could expect a rebound if strong enough after this sell off if we are trading above 1195.
Market doing better in premarket than earlier.
If breaking supports then short all day long... use 9/30, and + ticks as entries
If breaking resistance then reverse above.
If consolidation then use + Ticks if below 1195, or - Ticks if above 1192.
That's my story and I'm sticking to it!
Trader X
Thursday, June 23, 2005
6/23/05 not there yet
Well, this last week has been a disaster! No good. Several things we are going to do to change this: 1 Stop trading large (simple right?). Have a solid plan before trading.... Also simple. I've been trading from the hip and without a solid plan. So here is my plan for the day.
Support and Resistance is 1216/1225. Below that it has been 1212. Above... well I'm not sure it really matters but 1230 and then 1236 or so. Not many to look at on the high side. We've been in a consolidation zone for several day now. It has been bouncing between 1218/1220 on a very regular basis. 1220 is very solid for 4 days now. My guess is something is going to give.
The plan is to trade off of the 1216/1225 SR levels and if they are broken then I will reverse my fade trades and trade with the trend.
Trader X
Support and Resistance is 1216/1225. Below that it has been 1212. Above... well I'm not sure it really matters but 1230 and then 1236 or so. Not many to look at on the high side. We've been in a consolidation zone for several day now. It has been bouncing between 1218/1220 on a very regular basis. 1220 is very solid for 4 days now. My guess is something is going to give.
The plan is to trade off of the 1216/1225 SR levels and if they are broken then I will reverse my fade trades and trade with the trend.
Trader X
Monday, June 20, 2005
6/20/05 closer
I am beginning to think that this odyssey I've chosen is a physics experiment! If I remember that correctly there is a law that correctly says that if you take a distance, any distance, and put 2 people on either end, and tell them to walk toward each other, or one toward the other, but only taking 1/2 the distance each time, that they will never reach their destination. I know it may sound strange but it is true!
Getting to profits in daytrading (or any trading) just might be the same exercise! You keep getting close but you never get there!
I am doing so much better over the last month that it is amazing... I am really beginning to "see" things much better now. I've deleted most of my indicators... simply because I can see the market better and don't need a historical line to tell me where I think the market may go.
OK, here is my problem at this point. When I am very diligent, and careful, I can be profitable. And I have done so for several weeks, and then I get sloppy and will lose a whole weeks earnings in one bad day. No the good thing is that I am less and less sloppy all the time. In fact it almost never happens anymore but it still happens. The other thing about me getting sloppy is that I will increase size to try to make up for my losses and have a profitable day because I am trying to have a profitable day. I must stop doing that. If I hadn't increased my size I still would have been able to overcome my stupid sloppiness and still made money...but NO... I have to try to be a cowboy and make it all back in one trade. Then of course I am so worried about being wrong and losing more money that I will pull a larger size trade off too early if it is going against me because I don't want to make the day worse. That's OK except for I am trading from fear... lot sound trading rules that I've developed. A lot of those trades would have been winners because I was right in my projections but didn't have the stomach to wait it out with larger size!
Stop trading large until I am comfortable with it!
Trader X
Getting to profits in daytrading (or any trading) just might be the same exercise! You keep getting close but you never get there!
I am doing so much better over the last month that it is amazing... I am really beginning to "see" things much better now. I've deleted most of my indicators... simply because I can see the market better and don't need a historical line to tell me where I think the market may go.
OK, here is my problem at this point. When I am very diligent, and careful, I can be profitable. And I have done so for several weeks, and then I get sloppy and will lose a whole weeks earnings in one bad day. No the good thing is that I am less and less sloppy all the time. In fact it almost never happens anymore but it still happens. The other thing about me getting sloppy is that I will increase size to try to make up for my losses and have a profitable day because I am trying to have a profitable day. I must stop doing that. If I hadn't increased my size I still would have been able to overcome my stupid sloppiness and still made money...but NO... I have to try to be a cowboy and make it all back in one trade. Then of course I am so worried about being wrong and losing more money that I will pull a larger size trade off too early if it is going against me because I don't want to make the day worse. That's OK except for I am trading from fear... lot sound trading rules that I've developed. A lot of those trades would have been winners because I was right in my projections but didn't have the stomach to wait it out with larger size!
Stop trading large until I am comfortable with it!
Trader X
