Saturday, November 7, 2009

Friday Log - Take What Mr. Market Gives Me

Somewhat of a frustrating morning session. Employment numbers came out at 0830 creating volatility. I could not get a feel for the market until 1030 when I went long in 59's. Good trade but failed to let it work properly. Scalped for a couple points, entered another long (instead of letting original work) in 60's and stopped out in 58's. Long again in 59's and scalped a couple. Three trades - Result: Scratch

Tried a couple more trades long but had no patience to let the trades work or take small profits. Thinking small combo trades but failed to take what the market was giving me. I see the set ups, entries are in decent lower risk areas but I had a problem closing with a scalp profit...expecting too much in what turned out to be a range day after the first hour or so. Result: -2.0

So closed out the day in late morning. Again, need to re-think my ability to take what the market gives me. I seem to be much better at identifying the entry areas, stops are under control albeit at times too tight and seeing the combos and targets fairly well. I continue to have issues with letting the trades work and/or taking the profits the market is giving me.

Beginning Monday, I'm again going to try and concentrate on just taking 1-2 point profits, let one C ride to try and capture an additional point or so based on entry and combo thinking. The profits are there, I'm just not taking what I'm given by Mr. Market quick enough.

Trade Well !

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