CLICK HERE FOR JULY 22 2009 VIDEO COMMENTARY AND ANALYSIS
Had a good read on the market today but I strayed from simplicity. It seems that the simplest concepts are often the most difficult to follow when it comes to trading.
The morning preps posted had clear zones that were very trade-able. However, when it came to my grey visualization arrows, I started to speculate a bit.
I think the fact that we have had essentially the same inside support set up day in and day out for a month finally got to me. I started thinking about how the market is overextended and should exhaust. This caused my mind to start manufacturing reversal setups.
This was not a major break down in discipline but a nuance that became very clear to me in the last couple hours of trading.
My best setups are basic support and resistance entries. It takes training to find them but once there is an understanding of structure, they can be quickly identified. Then successful trading becomes a matter of consistent execution.
Today I found myself with a short bias. What is interesting is how this type bias or distortion of the facts about structure can corrode the mind when it comes to trade decisions.
I had a short bias, but the worst trade I took today was a breakout attempt to the UPSIDE. I almost bought the high of the day. Very interesting. I do not want to explore this further tonight.
I was down 4 points today total. It was actually a fairly decent day for my trading. I am pleased with my decisions and executions. You simply do not always win.
I have a video post below.
CLICK HERE FOR JULY 22 2009 VIDEO COMMENTARY AND ANALYSIS
Well yes it looked like u got the major moves again today. Except for that middle one with the HOD. Curious if you're prepping with longer term charts to determine the POC, HVN and LVN pivots. your videos are well done and the overlays are very clear. But we're not saying u're he amazing kreskin yet!
ReplyDeleteI do use higher time frame charts for context of direction on prep. Generally, I use a daily, 1750 tick, and 610 tick for fine tuning. I do not look to identify specific pivots to bet on. However, it is not uncommon for the areas of liquidity, or lack there of, that I use for S/R levels to correspond with certain pivots if you were to look back. Some say have commented that I am just bracketing highs and lows but what they are not seeing is that my zones are often in place before the highs/lows occur. The primary technique used to create the zones is simply a unique way of interpreting market structure based on price action.
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