Wednesday Log – Steady as She Goes

Trader Tip – Trading is simple but what is difficult is getting to the point where simplicity is achieved, then recognized and finally practiced. We all start out in a similar manner, trading with multiple indicators, hunting for the “Holy Grail”, moving from indicator to indicator, system to system and strategy to strategy. Like a bee pollinating a field of flowers, we search for that “secret” that will bring home the honey pot. Like the bee, we need to concentrate on one “field” (strategy) and become proficient with one plan in order to become efficient. Finding simplicity is the goal, getting there requires an expedition.

Started the day trying to work the pre-market eco reports @ 0830. Went short at an edge thinking we might dip towards the overnight low or the PP. I was wrong and got out once a doji was formed. Not a real bright entry but, had an idea and a plan that did not work out…move on. Result: -4.0

Waited for the regular open and played the half gap which has been a good, high prob trade. Entry was short in 52’s and scaled out down to 48’s. Added an extra C due to the higher probability trade and what I perceived as a good entry price. Well planned trade, specific targets and good patience. Result: +10.25

Waited for a pullback to re-enter short for a scalp, although market seemed as though it wanted to climb higher. Went “back to the well” short in 52’s for a 1 point scalp in 51’s with a runner left of which ended B/E. result: +1.0

Went long in 53’s once market pierced intraday and overnight highs. Had specific targets based on EWS and pivots with a one point stop below the breakout. Played it somewhat conservative with 2 C’s. Could have added a third as a runner once the final target was hit but didn’t. Looked like trending day once 1058 area was taken out. Result: +5.0

Put on a couple short scalps from 63’s in the PM session. One was profitable, 2 were B/E only using one C. Playing the combo strategy and played out nicely. Only looking for a couple. Result: +2.0

Not trying to force my trades, taking what the market gives me, getting in touch with intuition and the market rhythm while better planning my trades is beginning to create more confidence and steady profits. Over trading used to be a problem but I seem to have that aspect under control. So it’s “steady as she goes” the last few days as I implement a better mapped out course of action as well as emotional neutrality.

Trade Well !