Friday, April 9, 2010

Rangebound Today; Nice Gain Yesterday.

I committed to this trade. Not sure if I could've done this with real money. I widened the stop to exactly where I would be convinced that this would be a short. I was convinced that this was bullish and I set it and let it go.

The target was a little more than the stop amount, so basically the target was the depth of the base, which is about the only technical area I could come up with.

I saw it as a bullish cup and handle with very bullish internals, especially the TRIN dropping significantly from the bearish to bullish area.

Then it flattened out and I walked 5 miles to go pay a bill. When I returned I missed nothing.

Been very busy searching for an old check for taxes so I haven't been posting as regularly but will return soon.

Monday, April 5, 2010

Countertrend Trading Fighting Market Internals


This much gain in a countertrend trade fighting the market internals should be taken. The internals by this point should be supporting this trade but they really aren't and this is still in an uptrend, so this should have been exited and considered a scalp. I didn't and it moved up to stop out that was even wider than shown here because I widened it to over the prior bar, bad move.

With six ticks of gain, I should have at least moved stop to break even.

It's funny how real this all feels even tho it is the simulated account. I've been trading live for so long that I take this seriously and forget it's sim, which actually helps the process.

Thursday, April 1, 2010

Range Breakout Attempt Failed


No, you can't break out of this range, this time.

60 minute chart of NQ. 60m reversal bar pair.