Thursday Log – The Day After Hangover

The overnight position did not work out (gee, that’s a surprise). Overnight positions rarely work for me and that’s why I usually don’t put myself in that position. Result - 42

I attempted a long pre-market once market came down to S1 area after eco reports announced at 0830. Market opened with internals pointing down. Had stop in place, leveraged the trade 2 pts below S1, market came back to average and like yesterday, I did not take the gift (although it was early as market tried to find direction but internals were indicating downward bias) and close the trade to B/E. Took the heat and got stopped out. Result - 18

Took a couple scalps later in the session for a scratch. Nothing too brag about that’s for certain. Maybe today’s poor results were a hangover effect from yesterday, although I try to start each day without thinking about what happened yesterday. Result: scratch

Will think about where my head is and what’s interfering with my decision making and discipline process the last couple days. One problem might be that when the trend changed, my thought process was still locked into what I “thought” the market would do rather than WHAT the market was DOING and TELLING me.
I must tighten up some rules, one of which is ‘only trade on the price side of VWAP’. Once price dipped under VWAP, that’s when I was going against the flow. Also need to be better aware of micro trend changes.

Walking away early today. Need to re-group and get ready for tomorrow’s market. One thing positive is that even with the two back-to-back non-profit days, I was not afraid to trade. This used to be a problem but I seem to have tamed that fear fairly well. Now it’s more about working on the trade mechanics and minimizing the damage.

Trade Well !