Started off on the wrong foot today. In my determination not to repeat yesterday's chart-watching session, I got into the first "good" trade setup I saw. It failed. I could have mitigated the loss, but the emotional roller coaster clouded my judgement. Didn't like starting the day with a loss like this. Spent the rest of the day (basically the entire day), yup...you guessed, chart-watching. Sigh.
Trade #1 - I can't see the forest for the trees! Prices were touching the upward sloping trend line, when a 2nd entry long setup appeared. As mentioned, in my eagerness to jump in, I'd failed to notice several details.
- Prices were already at the double top resistance area. I must have been blind to have missed this!
- At the prior high, prices did not reached the top of the trend line. It had stalled in the middle of no man's land to form the double top.
- The signal bar was bearish. I might have escaped with a scalp had I entered via a limit, instead of a stop order.
Anyway, I still could have bailed out for 0.50 pt gain, when prices made another attempt higher. Greed & hope finally did me in. I was hoping that this next attempt would break through. Plus, I didn't want to settle just for half a point. Stupid move, as it costed me
-1.75 pt in the end.
- buy 1 @1669.50 at 9:31
- sell 1 @1667.75 at 9:36
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| ES chart 10/8/13 |
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