Tuesday, December 20, 2005
12/20/05... the Day from HELL!
There was nothing I could do right today. My first two trades were emotionally driven and just stupid but I quickly recovered from that. I believe I went long with Fooser just before the open when in the back of my mind it was saying "Gap will close at open" Which it did. I mentioned it in the room once and I saw someone else mention it so I wasn't the only one that know I was in a losing trade. I did it anyway because Foos was in it. Nothing wrong with that, he is usually right. Some trades are just bad. That one was. I think I was long at 69 looking for 71 but found 67 instead. Then the market broke... and broke badly. I then went short at 6550... and was stopped at 71. That one hurt, but the trin was in a + slope and we did make a lower low so I figured my entry was just really bad since I didn't wait for a pullback before my entry. Didn't matter. After struggling the market made a new high (still lower than yesterdays although) and I was stopped. Just when we broke another another resistance I figured I'd go long (should have gone short again, but stupid is as stupid does.). I doubled up when it retraced to 69 and change. It broke down from there and I covered again at 66 something.... then in rallied... back to 68. I just couldn't do anything right.
Enrico did much better than I did today. I think he was not trading emotionally as I was at the open and then he stuck to Foosers trades which were not worse than BE for the day. Congrats to him on a very bad day for me.
OK, what did I learn from all of this. 2 things I think.
1. Even though the trin was was slightly positive and trending upward the market can still rise. Taking that into account I would have been much better off if I had just sold the +900 ticks for the day. I would have been profitable if I'd done that.
2. I also could have just bought the low ticks I could have made money or BE as well. Clearly I didn't get the extremes today that I should have.
3. It takes a steeper slope on the trin for the market to trend. Today it just traded back and forth between support and resistance as seen on the 60 min chart. I should have picked that up and then used the tick extremes and S/R levels for my trades in the consolidation day. There was not trend and I didn't pick that up all day until it was too late.
Make that 3 things that I already knew and had been doing very well on until today!
Trade and learn. Today I learned.
Trader X!
Enrico did much better than I did today. I think he was not trading emotionally as I was at the open and then he stuck to Foosers trades which were not worse than BE for the day. Congrats to him on a very bad day for me.
OK, what did I learn from all of this. 2 things I think.
1. Even though the trin was was slightly positive and trending upward the market can still rise. Taking that into account I would have been much better off if I had just sold the +900 ticks for the day. I would have been profitable if I'd done that.
2. I also could have just bought the low ticks I could have made money or BE as well. Clearly I didn't get the extremes today that I should have.
3. It takes a steeper slope on the trin for the market to trend. Today it just traded back and forth between support and resistance as seen on the 60 min chart. I should have picked that up and then used the tick extremes and S/R levels for my trades in the consolidation day. There was not trend and I didn't pick that up all day until it was too late.
Make that 3 things that I already knew and had been doing very well on until today!
Trade and learn. Today I learned.
Trader X!
