Sep 022011

Today was a bit tricky.  I hadn’t done a lot of preparation for how to apply my trend rules with a large gap down.  I sat out the first hour and just watched.  I expected either a move up or down and the market surprised me by staying balanced.  I got long on the double bottom but took it as a scalp since it was a fade.  Oops.  It would have been nice to ride it up.  Then I shorted the double top as a scalp again because odds favor one of these two extremes breaking.

This makes 17/18 profitable weeks and I’m really pleased with that.  I did well this week considering I only traded 3 days.

My work on my trading plan was very helpful.  I still made mistakes but I’m learning to recognize them real time instead of after they turn into losers.  Hopefully the next step will be to recognize them before I click the DOM!

Next week I will trade 3 contracts when the market is trending.  I want to ease into trading 3 contracts and as long as everything goes ok I will then go up to 4.  I’ve been trading 1-2 for a couple years now and I need to just go for it.

Earlier today I wrote a post with advice for someone new to trading, just in case you missed it.  Have a nice weekend.  I have a lot of stuff to catch up on around the house, a picnic, and my youngest daughter’s first poney club lesson.  So lots going on here and I’ll have a nice break from trading.


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