September 14 2009 Overlay, Trades, and Commentary

Repeat of August 27 2009

The August 27 Video Post sums up everything better than I will here.

We had the same complex move up as on August 27 as well as the same result. I said the read was tough on the morning prep but if you look closely I had it.

The move today was able to be caught from bottom to top in my opinion. It is inexcusable that I did not execute.

I think part of the problem is that I am a support and resistance trader and these more complex setups often happen about 10%-30% off support or resistance zones. It seems like you are getting bad prices but you are not.

I went through the same exact debate as I did on Aug 27. As each pullback offered another chance to enter I increasingly wanted a better price that never came.

It is like a snowball of hesitation that grows as the market extends and prices get worse.

There was a familiar sicking feeling as I knew what to do but had multiple reasons not to act as this unfolded.

I have to again revert back the the mantra of the past couple months. I could have lost 7-14 points getting run over on entries that I consider to be "non-value" entries but in hesitating I left a solid 20 points on the table.

Which is worse? Losing 7-14 or not making 20 or more? We know the answer and I am going to leave it at that.

The feeling of not taking advantage of a precise read is far worse than executing everything and losing. I already knew that but have to keep repeating it.

My edge over most other traders is understanding what is happening on days like today and I need to exploit it everyday without hesitation.

Last week's review produced a goal of 4/5 days of "total execution". If you do not know what the is read Friday's post.

Today was a strike out for execution so there is a lot of work to do in the next 4 days.

I have included the chart from August 27 above. It is worth comparing to today. Do you see the resemblance in structure?

Supplemental:

There is a difference between the posts of late and the ones from earlier this year. Do you know what is is?

I am not making adjustments to my plan or strategy. I am not making a video berating myself and giving the non-trades of today a C-.

There is nothing that needs to be adjusted. My analysis and read on the market is better than ever. In fact, it is so clear that I am in disbelief of it's accuracy some of the time.

I think part of this is shell shock from being beaten up so often earlier in my trading career. This makes sense.

My previous analysis and gut feelings about trades were not producing the results I wanted early on. Now that I have evolved into a more precise trader, my mind and body can feel the trades but I do not trust all the inputs yet.

No changes need to be made here. This is nothing more than a personal fight between me and myself. The only way for me to get to the next level is with courage and perseverance.

When my execution catches up with my premise and analysis watch out everybody.