Tuesday, March 2, 2010

Lost on Errors

One of my trading rules is to have NQ aligned with ES but today I entered a long on NQ over the highs while ES was only rising from a pivot into the trend channel and was rejected from the top and my NQ long got stopped out. Other rule I broke was that the setup needs to be on the 5m as well as the 2m and the setup I took was really poor. Not sure what happened to me today. I lost a point and a tick and didn't trade after that. Definitely missed some decent setups.

3 comments:

  1. Well, the day before yesterday NQ lead the party and eventually dragged ES up with it so I expected that to happen again too, at first.

    Did you get your Al Brooks book? Frankly, my first thought when I saw the book was "oh oh, I should have saved myself the money, because I'm never gonna understand this!"

    It's choke-full of detail, I've been reading it very slowly, but I'm starting to think it may be one of the best buys I've ever made...

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  2. I got it. I'm still working on the first 50 page pdf. I printed it and I'm marking the heck out of it. I can only read a little at a time. But I never saw that information anywhere before, ever. It's really amazing stuff. And his video was great also.

    I've been marking up my live charts with micro trend lines and L1 L2 H1 H2 and I'm amazed how often they work. I still haven't actually traded more than once on that indication tho. Not confident enuf yet, but after studying more of it and marking up more and combining with Pristine stuff I eventually will.

    Not sure what happened yesterday, I think I got caught up in expectation of am follow thru and pm none, so when it reversed, I was frozen, unable to change my mindset.

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  3. That happens to me too. :)

    One of other my problems is paying too much attention to some of my indicators, which tend to be forward looking, only to ignore the ones I need for the present trade.

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