S&P trading – need to see the trendlines!
Today wasn’t a good day.. I’d been doing rather well recently and today, I let myself down. It was an obvious mistake in hindsight but the markets aren’t very forgiving.. you make a mistake and you get taken to the cleaners.
As you can see I went long at the two positions as shown. The stochastics were turning and I thought this would be a good entry. The market did move my direction for a little while and then hit resistance. The orange resistance line was something that I didn’t see when I was trading… these are simple things which I should have been aware of and I should have only gone long when the trend line was broken.
I ended up -21 points!!
