War - Low Rider

Trading is a war. We win the battle by staying low, ride the wave of patience and strike when the odds of success are bouncing with us.

Friday Log - Better Fills With Patience

Opened the session going long from 82's looking for 1/2 gap fill. Consumer Sentiment report out at 1000 so needed to be nimble. First target was 84's but tightened stop prior to price moving 2 points short of 1/2 gap. Result: +1.0

Was frustrated with myself for tightening stop as I was pressing just to get a winner in the bag. Had idea to go short from 85-86's but could not pull the trigger, eco report announced and priced dropped without my idea onboard and would not chase it. So missed the prime move into anticipated T1 area of 81-80's.

Waited for one last set-up near lunch time and looked for combo set-up and 50% retrace short. Did not want to get into the late short arena so waited for 82.25 short fill that hit about 1120. Scaled out at 81, 80's and runner for 76's to complete a 10 and 20 combo. Stopped at break even as I left for the day with trade limits on auto pilot. Result: +3.0

One thing I thought of re-focusing on is working on my patience and getting better fills along with better identified risk management. Stops have been too thin, entries have been sporadic at times due to impatience to trade "something". Gotta remind myself that it's quality and not quantity of trades. If I get good entries, I'm more apt to let a trade work, identify the risk more sensibly and relax more.

Trade Well !

Thursday Log - Missed the Move

Felt I had a good afternoon fill in 1086 and planned out the trade to scale out. First target was the previous high in 88's, then 89's (2 points above previous day close) and have a runner for test of high in 90-91 area. Got the 88, scaled out, adjusted stop to not break even which I should have done but set stop at 1086.5...which was stopped out by a tick before price ran up to anticipated targets. Result: +3.0

Missing trades, not letting them work, pressing too much for a "winner" only to not give myself a chance. Not sure what has happened to my pysche. One week things clicking, next week the inconsistency shows its head. Will continue to sort thru and re-evaluate.

I am printing charts and reviewing the combo moves in relation to chart patterns and flow. This process is frustrating but yet rewarding. What a business. Not expecting to trade past first hour or two on Friday due to possible expiry volatility in afternoon session.

Trade Well !

Wednesday Log - Eluding Rhythm

This week I'm really feeling off. The deeper into the week I get, the less patient I have been with my trades. Not letting them work and/or getting in a point or two too early. Today I took a short, then long and long. All stopped out. Good stops as far as capital preservation goes, but the entry areas were suspect.

Was long in late morning/early afternoon at 1083. Stopped out at 1081.75. Low for the period...1081.5. Saw H & S forming on 5 min, measured move was 88-89 which coincided with combo thinking. Missed the move. 3 trade Result: -6.0

I have some frustration building. Rethinking my approach. patience and timing. Need to make some adjustments as I find myself being right with many of my trade ideas but either not having enough patience and waiting for the proper entry or not getting in after "good" signal bars print and taking a shot. We'll try again tomorrow with many eco reports looming as well as expiry Friday two days away. I will find the rhythm again but this week the rhythm eludes.

Trade Well !

Tuesday Log - No Handle

Missed a short fill for the first trade of the day by about a point in 72 area and never really got into a position to enter remainder of day. Thought about entering long in bottom area of 63-64's but missed the opportunity and did not chase. Had a short set up for 67's as it was 50% ret zone from bottom but did not like the price action and internals so took off the trade as price chopped the rest of the session in a tight six point range.

So I could not find the handle today. Did not chase, observed for most of the AM and late PM session. Options expiry this week and earnings continue to throw confusion at us. Until the picture becomes a little more clear to me, I'm keeping the powder dry.

Monday Log - "Holiday" Trading

Planned to only trade the first 2-3 hours max. I let the market work for the first 15 minutes after open before going short in upper 74's with one point stop at demon's feet. Looking for 1/2 gap and scale out out below that. Was stopped out with high reaching 2 ticks beyond my stop before rotating between 74-75 for the next couple hours. Result: -3.0

I called it a day as I performed some tasks around the house and checked back in around 1500. My inclination of 1/2 gap filling was and ultimately the full gap was hit...but without me along for the ride. In reviewing my one trade, it was a decent fill although I was thinking 75-76's for initial fill but did not wait. This caused me my "Holiday" trade. I figured if I could get in during the first hour, I could have the patience to ride it down to at least 1/2 gap.

Columbus Day "holiday" is not a big one but it certainly limited market action. I planned properly by getting filled in "decent" area but should have waited for a point higher. I anticipated a fairly tight range and rotation before moving one way or the other. Everything happened as expected but without me on the ride. Win some, lose some. We'll get 'em tomorrow.

Trade Well !