Check out the VIDEO below. Commentary and live trade.
I spent some extra time on the prep this morning. The read is usually quick but today required some deep visualization.
The extra time paid off. The prep was extremely accurate down to the fact that 1048.00 would extend but likely hold and premise of sideways action.
I took the long this morning which was similar to yesterday's long. The management was completely different though.
Yesterday, I was premising for an extension and not much else. Today, I was premising for a sideways and contracted market with a potential extension. Big difference.
Same trade, two management styles. It is crucial to understand that trading is not about setups and signals. You must understand how to adjust to changing market structure and volatility.
I was a little defensive today. This is generally a losing strategy. It causes a trader to miss the winners and hit all the losers.
I handled it OK today. I did the right thing. I will not make a habit of it. It would have been OK to lose today.
I have been reading and seeing the action well and was confident in everything I did. Especially not really engaging.
There is opportunity to work a tight sideways market, especially when you know when to look for it.
I simply did not WANT to today and that is OK. I did not miss much.
I have found that it works best in trading and in life to just trust my judgment whether it is good or bad. Then at least I am consistent.
CLICK HERE FOR TRADE MANAGEMENT IN A WHIPSAW VIDEO
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.