Posts Tagged trading discipline
Every now and again I get a Friday off and if I have nothing on, I dedicate this day to trading the S&P emini futures contract. Sometimes the problem with just trading the evening session is that I find that I have missed the days major move and then I get into the market wanting to grab some profits which I should have if i were trading the whole session.
Although I ended up down today, I didn't feel all that frustrated. I felt that I was able to read the market. I did make some mistakes
February 17, 2008
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I came back today usual time! The market was a down day, so the idea is to sell at the pullbacks. When the market had bounced off 135175 at around 6pm GMT, the market went high and made a doji candlestick pattern. The doji candlestick could signify a reversal and it could have potentially been a good idea to short it.
However, I didn't as the stochastics were moving upwards in the 5 mins. The 15 mins were showing the chart in oversold territory which made me cautious about trading it. Therefo
February 14, 2008
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I missed a lot of the action yesterday but back to it again today. I got home as normal and watched the market make a double top at 136675. I entered manually as I wasn't sure if the market will get higher. When I thought it wasn't going any higher, I hit the button to short. I got in at 136550.
The stochastics in the 5 and 15 mins were both in overbought territory which gave me confidence in the trade. My initial target was 136225 which was just above a previous swing high made at 17:10 GMT
February 13, 2008
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