There were only two setups for me today. You can review the prep overlay if you want to follow along.
The first was a long off the 989.50 area. Even though there was an extension low I did not move my zone down.
I was a few ticks away from buying right after the open. The pivot at 9:30 AM came just inside the previous higher low pivot and just took off. I needed to get in around the 990 area to be within my risk tolerance.
Sometimes the difference between winning and losing is a matter of ticks or seconds. That is why trading is the most difficult way to make a lot of money.
The other trade was the one that I took. The short at potential inside resistance. This was lower probability for many reasons but it was a good trade. I got stopped out pretty good on it. I posted an entry from my personal log exploring some advanced analysis on why it was lower probability.
I'm sure some of you with less experience are wondering why I took the lower probability trade. The reason is that you do not know in advance which trades will work and which will not. Making money in trading has nothing to do with picking the winners. I will elaborate on this in a different post.
You can see my trade GPA was higher today than on many of my winning days. It would be interesting if any of you would like to comment on why that might be. If anybody wants to speculate, I will respond.
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