Wednesday, November 12, 2008

NOW we get a trend day

Yesterday's fake trend day got me all scared and so my trading today was pensive and skittish. After the bear flag failed at noon, I decided to call it today and took a paltry .42R on a day that was practically handing me setups. I had some afternoon appointments so it's all OK.

To show you the fractal nature of chart patterns look at the chart below. I originally posted this chart because I thought it was the chart for today. Actually it represents the last 6 days, but it's kooky how it has nearly the exact same pattern as the 5 minute chart for today.
Here's a trade that I wimped out on way too early today. I was following 30 minute charts today and noticed a narrow candle on MOS. It went on to follow the market down for the rest of the day.
Here's another trade I wimped out on. I took the trade after the bear flag, but when things reversed a bit, I got out for a tiny profit. If I had held until the end of the day, I could have made 5R.
It's important to take one day at a time. Every trade is different. I missed out on a potential 8.75R today because I let yesterday's trades affect my trading today.

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