The trading rules applied!

I had a lot of ‘rules’ in my head today regarding my trading which I wanted to adhere to. They were:

  1. Only trade when there is a signal, wait for confirmation before entry
  2. Try and hold out for greater profits, move stop loss to next level each time the market moved my direction
  3. Try and be objective, resist the urge to take small profit if the market is still behaving or going my way
  4. Watch for the longer term trends to gauge the directional trade bias and use the shorter timeframes to enter only

It can be hard keeping to the rules at times, I find that if the market volatility hots up, my anxiety increases which can force my hand to move the mouse and start clicking buttons… each time this happened, I took a deep breathe and tried to remain as objective as possible.

Ok, my first trade was a short at 132775. This was 1 price below 132800 which I saw as a short term level. The 5 min stochastics had formed a peak and there was a bearish candle. I was aware of the 5 day MA line at 132650 however and the market did bounce off this. I held my nerve and tightened my stop to 132950. I was thinking that the market would move further south with the topping of the stochastics… and indeed I was correct. I closed out at 132500 for +11. The market go down a little further from here before it reversed and went upwards..

My second trade was another short as the market fell through another short term level. I shorted at 132350 and took it down to 132150 for +9. The 5 min stochastics were oversold at this stage and I could see the market going up before going down again (as the 15 min stochastics were still showing us a sell).

I took +20 today which I am pleased with particularly because I managed to show good discipline!

make-me-some-money-31-march.gif

Did you like this? Share it:

Tags: , , , , , , , , , , , , ,

Category: Emini futures, Make Me Some Money Ideas, money, Trading