The overnight session set-up fairly well for the "Hot-Box" trade. In anticipation for an emotional spike at 0830 when the housing report was announced, price was near the middle of the globex session but closer to the PP than I would have liked. Once the numbers were released, the price action had virtually no significant reaction. No trade.
I did however try a couple trades in the first 60 minutes of the AM session. In my first attempt at trading some adaptation (Steve's rookie swing) of EWS, I found myself on the wrong side of two trades. EWS called for 928-932 support (Angel) and 937-939 resistance (Demon). I was in the middle...throw the dice and call in the auctioneer!
After going back and reviewing my two trades, I realized I was not yet ready for prime time trading of the EWS. My trades were poorly planned, too close to the middle of the predetermined range as well as having a tad bit of anxiousness thrown into the mix. Since I had not traded most of the week, I wanted to trade. I'm a trader, I want to trade. But in hindsight, my entries were made in low probability areas and not in keeping with EWS. I could have taken 1 - 1.5 pt. scalps off each trade but instead took loses as I expected the range to be tested with me onboard in the right direction. I did not trade well. Result: - 8.5
Still learning the controls of EWS. Lots to learn but happy with the progress I've made this week. During my observations over the past week, the system seems to have an uncanny way of identifying S & R levels, price targets, "magnets", etc. With good planning and anticipation of the "what if's" before getting into a trade, using the EWS road map will without a doubt improve my trading. But, in a similar way that I need to trade what TA is telling me and what my eyes are seeing, I need to rely on the "magic" numbers of the EWS road map to guide my journey. Trade what I see, not what I think! Combine that along with the first class tutelage that 'E' provides each trading day and I'll be ready for prime time before I know it.
Trade Well !
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1 day ago
2 comments:
It took me a long time to develop my system, and it takes traders a little time to put the pieces together. Paper trading is not much fun, but a far safer way to "connect the dots".
Learn the system under low stress sim trading, then make the switch when ready.
You have made tremendous progress in a week or so, and I see a lot of myself in you. Your inquisitive mind will serve you well...
Retrain yourself to take the higher probability trades near the edges. Less risk, higher reward.
:)
E,
Thanks for the words of guidance and encouragement. Your words of wisdom taken under advisement!
Your system, your ability to teach and your sincere desire for your members to succeed is a formula for personal goal achievement.
Since joining "E-Nation" two weeks ago, my motivation to learn "the system" has been virtually non-stop. I'm looking forward to "getting it". Without a doubt, I'm "getting there".
Thanks for visiting my blog but most of all, thanks for all you do for your members. It's an awesome experience for those of us who want to take our trading to the next level!!
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