November 6 2009 Overlay, Trades, and Commentary

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There was a textbook inside support zone this morning. When I did the prep, the price was actually below the zone. This is something I look for.

I like to see the zone get tested and penetrated prior to a move up. It gets difficult when it gets extended, back inside, then extended more.

This was happening often a couple weeks ago and made for a very tough sequence. I think the difficulty made me start to doubt some of my prime setups and led to some skipped trades over the past few weeks.

I am working on the mindset that I need to execute everything I see and just take the losses on the double washouts.

There was not much of a short entry at the highs other than just making a blind short bet. This is not a move I will make when there is an inside support zone that has been extended and held.

After the move off the highs. I anticipated a contraction and was looking for very premium setups only.

Weekly review:

I was down a little bit this week. This is mostly due to missing a couple key moves. I had losing trades in the right direction at the right areas but did not re-engage after I took the initial stop out.

I think this is going to prove to be a pivot week. I had some good trades that sis not work out and suffered from a bit of reluctance due to less than optimal personal performance over the past few weeks.

I am reading the market well and after this week, my execution confidence is higher than it has been in a long time.

There is clarity in what I am doing and I think the PNL will reflect that next week.

Also, I had a solid Friday which has been something that I have had at the top of my trading "to do" list for a long time.