Jun 192012

Today I traded like crap.  I broke rules, moved stops, you name it.  I’m not sure what got into me.  I just couldn’t wait for a good setup.  Had to trade.  Stupid.

I was down -2.25 which is really small considering how stupid I traded, but then got the pullback to vpoc in RTH for +3 pts which put me +0.75.  My wife was not impressed but I was quite happy to come back from my stupidity.

Days like these happen.  The important thing is we learn from them and avoid repeating them.

Here’s my plan that I tweeted and some thoughts on the chart.  I’m not posting my trade markers to save myself the embarassment.

ES Plan: Trend is up and overnight was strong. Bias is bullish.

46 is a key level for me and we’re currently trading a few ticks above it. I expect sellers to be active here and how we handle that will be valuable information. As it looks now, if we clear 46 then 1358.25 is likely.

Potential support levels below: 41.25-75, 35.50, 33.50.

Potential resistance above: 49.50, 53.75, 58.25.

If 39.50 is resistance I’ll try a short, but otherwise will trade mainly the long side.

I put the important parts in bold.  It played out exactly as I planned.  46 held and the market rallied, stopping just 1 pt short of my target.  I would have shorted 58.25 if it got there but it didn’t.  Thank goodness for the bounce off support around 51.


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