Thursday, December 08, 2005
12/8/ PM
OK, I have to remember a few things about today. Remember me talking about learning more from the losers than from the winners. Well today I have to learn from my losers. OK, where to start. How about this. I have to be aware the the AM sessions are where I make more money. I need to ask myself why this is. I think it's because I ID the morning trend and then get on board and wait for the train to leave the station and go to profitville! OK, so what happens in the PM?
Reversals, like today is what happens. I need to be very careful of the trend reversing in the pm's as it so commonly does. Today was a perfect example of me trading unhinged. I get a retracement and I go long. Stopped. Long again and stopped. OK, at this point I have learned that I am fighting a trend so I go short and of course the reversal is over and I get stopped again.
Moral of the story? Beware of PM reversals. This one collapsed just after 12:00 ct. and bottomed out at 1:30. Classic reversal times. The other thing I didn't do well today is to take positions at the extremes only. I just got caught in the propwash!
Look, there are days when the market just isn't going to do what you think. I can and do accept that. I still have much to learn and need to be more aware of my surrounding markets. Sometimes you are just going to lose and that is all there is to it.
Positives. I'm still positive for the week. I will trade tomorrow AM only because I have PM plans. It will be a profitable AM and I will take it to the bank!
Trader X
Reversals, like today is what happens. I need to be very careful of the trend reversing in the pm's as it so commonly does. Today was a perfect example of me trading unhinged. I get a retracement and I go long. Stopped. Long again and stopped. OK, at this point I have learned that I am fighting a trend so I go short and of course the reversal is over and I get stopped again.
Moral of the story? Beware of PM reversals. This one collapsed just after 12:00 ct. and bottomed out at 1:30. Classic reversal times. The other thing I didn't do well today is to take positions at the extremes only. I just got caught in the propwash!
Look, there are days when the market just isn't going to do what you think. I can and do accept that. I still have much to learn and need to be more aware of my surrounding markets. Sometimes you are just going to lose and that is all there is to it.
Positives. I'm still positive for the week. I will trade tomorrow AM only because I have PM plans. It will be a profitable AM and I will take it to the bank!
Trader X
