April 7 - 13

I've been Blogger lazy lately. Here are my results from the past week. It should be noted that I am long 500 shares of TNA from a couple days ago in which I am down roughly $2000. Again, not having a stop killed me. To my credit, I have not averaged a better price by adding to losing trades in recent memory; an advancement for me in my mental battle to succeed in the markets. Now, I must come to grips with accepting risk when I put on a practice trade so that I can take stop losses in stride, as part of an overall trading plan.

I had two nice reads of ES today and was out far too early on both, especially when I caught the 2:15 candle near its low and sold early as it made a dramatic rise through 3:00 pm. I was in beautifully with a possible 7 point gain available to me; only took 1.5 points. I also had a couple lesser trades in ES: one in which I went long a bit too early and took much of the gain available to me on the 11:35 pullback. The other was a shabby reading of the day's major mid-day reversal where I exhibited zero patience for my idea to develop. It was the right idea but was simply too early, and too bold with me so confident of the reversal that I entered four contracts. It would have been superb had I waited another four to six minutes. If I had done so, I would have nailed the LOD. Close doesn't bring home the trophy, though.

April 6

Mostly TNA with one ES short near the top of the afternoon run-up. all trades were successful, though a couple out too soon. Maintained some discipline by not adding to the one losing trade that I held; a short around 2:15pm in TNA where I was too early and didn't stop out. TNA did roll over and I held for most of the drop before exit. It was a correct read of direction, wrong execution spot. I MUST learn patience to let the momo reverse before entry.

April 5

The rest of the day...

Some TNA and some ES. Was upside down in TNA after a lack of patience had me shorting it far, far too soon. I took it short off a volume spike combined with where I thought a trend line might hold as resistance. Not to be, as it turned out. Same old, same old, from there. I held it instead of stopping out. I DID NOT average better price by adding however, which exhibited unusual discipline for me. TNA, like the market, rolled over and came back. I took a loss by covering at a spot which felt like a reversal was developing. Price did reverse at that point but it was just a pull back from the general afternoon trend. Had I held, I would have had the chance to get out close to even. No worries, I deserved a loss after holding it like a fool. A quick scalp by reversing direction and going long where I exited was a chance for a small gainer to offset the loss.

On ES, I took two contracts short just a bit early but near the top for the day. Impetus was approach of the R1 pivot on a volume spike. It rolled over an hour later then at 2:00 pm I scaled out half as it started to feel like momo was waning a bit. See chart. I held the other half through that pullback then exited all on a volume surge down. This was far too early however because ES dropped through the close; it is weak still in afterhours. I missed an additional 3 points approx.