Take a Look at Success, It's In The...Man in the Mirror

Sometimes we need to occasionally look in the mirror to bring out the person (trader) within and make necessary adjustments to be successful and consistent. Keep trying as the realization of success is within all of us in whatever we do. It's passion, persistence and continuous adjustments that eventually break down the barrier and get us to where we want to be.

Side Note: Went to see M.J.'s movie "This is It" last week. Awesome! The film really captured the talent this guy had. I was never a big M.J. follower but have developed a new respect and appreciation for what he brought to the music world.

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 !

Thursday Log - Steady

Missed the opening short fill in 53's for shot at the half gap which played out within a tick...close enough. Waited until after 1000 for next trade. Once price penetrated R1, I waited for pullback to 56's where I entered long. Stopped out in mid 55's as price went back thru R1 deeper than anticipated. Re-entered long in low 55's and worked off combo thinking for quick hit and closed all in 56's. Two trades - Result: +1.50

Re-entered long from low 57's once price again penetrated R1. Scaled out using combo thinking from regular session low with 1/2 off in 59's and balance off just below R1 1/2. Result: +5.25

Worked a scalp over lunch session again using combo thinking. Working off the 56's, waited for retest of 61's, Entered short high 60's and looking for quick hit. Result: +1.25

Making some steady profits this week. Staying out of high volatility situations, anticipating price action, planning the trades are all reasons that contributed to a steady, consistent bagging of profits. We'll work to close it out tomorrow with continued success.

Trade Well!

Wednesday Log - Take it and Run on Fed Day

Only trading the AM session on Fed day. Generally the morning session is the primary trade(s) before chop settles in as the market waits for the 1415 FOMC announcement.
Took a few scalp trades in the morning session.

Went predominately long with a couple shorts thrown into the mix with longs in 50's, short in 54's and taking a couple points each time. A couple trades did not work but had tight stops and small size once profits were bagged.

Took the rest of the afternoon off as FOMC can be too difficult to play with the high volatility. No methodology identified yet for these high emotional fluctuation periods so best to stay out. Take the profits you've made and wait to play again next day.

Trade Well !

Tuesday Log - Excercise Your Privilege

Entered long from the open in 32's looking for half gap trade. Did not give it enough time to work as I squeezed my stop under the regualr session low. Re-entered long in 36's on pullback after PP was tested and penetrated. Two trades Result: +2.25

Once yesterday close was penetrated, looked for another pullback to go long. Entered in 37's and again in 34's as I averaged in based on anticipated support and combo. Scaled out in 37's and closed trade once price failed to get much beyond yesterday close. Result: +1.50

Went into scalp mode after 1100 using the dance around the PP and small combos as a guide. Took two trades, both longs but the timing was not as good as I would have liked on the last of the two. Net result: +1.25

Backed off for a while before getting long again near pivot during lunch session. Went swing long in 39's and took some heat as price again dipped below PP. Held the trade until after the PM session began. Had defined targets and plan. Scaled 41's, 42's. Result: +6.0

Tried a couple scalps in PM session with small size and tight stops. Did not fair well as I did not get a good read on the market and probably tried to do too much. Pretty much chopping in a range all day which calls for being nimble and taking small bites. Result: -3.25

Today was our opportunity to exercise our privilege to vote. Not only in the off year election but also in market direction. Although it's an off year election, it could be interesting to see market reaction tomorrow as results are realized and the FOMC announces at 1400.

Trade Well !

Monday Log - FOMC This Week

Economic reports at 1000 kept me out of the market for the first hour. Missed the move up and waited for long set-up once pullback to PP occurred around 1100. Entered long in 41's and scalped a point on 1/2 position and closed trade prior to the retrace back to 47's. Result: +2.0

Missed the close/open set up first time thru as price slammed down to 26's. Waited for pullback to 32's. Scaled out in 31's and 30's before going flat as price rebound to 35's. Result: +3.0

Reading combo setups better and expanding the range albeit need to take a couple more trades without pressing. Over the weekend I reviewed my rules and working to tighten up my discipline and trade plan for each trade. Of late I've had a problem with trying to get too much on each trade. A review and update on my rules should help refocus my efforts.

Looking for 1-2 points on half of position should be mechanical and absolute. Been giving away too many profitable scalps as I try to squeeze for the extra tick or two. Not worth the irritation.

It's the beginning of the month, earnings begin to wind down and FOMC meets on Tuesday with macro results announced on Wednesday at 1415. I'll be out of the market that afternoon as I meet a fellow trader for our monthly "FOMC" lunch.

Trade Well !