Today was a tough day. I put my thoughts in the chart but I did want to say something about the 49 short. I tweeted in an exchange with Paul that I would rather get long support than short the 49 resistance. I said that there was potential support at 47 which is only 2 pts away.
I was not able to get long because I was waiting for the support zone. I don’t mind missing those, it’s the right thing to do (per my plan). However when I do miss one I must be very careful about rushing into another trade to try and make up what I missed. And that’s exactly what I did with a short at 49. Is it at the zone? Yes. Should I have entered there? No for several reasons. First is 47 is likely to be support. Second, it just failed to close the gap so Dalton says to go with these moves. Third, when fading, you want to take the trade deep into the zone, not at the front. (Thanks to EMP for this idea and the corollary is when going with trend you want to take it at the front, at least partially, to avoid missing it). This mistake cost me a 10 tick loss which wiped out the 11 ticks I had made in globex. And I know better. Shame on me.
The plan is rather simple. But some how I always manage to make it more complicated. Better luck next time.