April 1 2010 Overlay and Trades

I had the correct read today. It was screaming at me at 6:00 AM EDT this morning.

You could see it in my prep commentary as I noted that I will look for inside support but not anticipate an extension of the highs.

There was not a complete pullback to inside support but the market looked strong this morning. I am pleased that I faded it with no confirmation.

I made a bet on my visualization. The price was extended and I took the higher probability route.

I covered the first entry because it had not gone anywhere and news was coming out in a few minutes.

The second entry was good then I completely over managed. I was soo reluctant to be short with no confirmation because the price was not coming off the highs.

This was a lack of trust and belief combined with way to much watching of the tape.

Then you can see the internal battle play out with 3 more tight trades as the price grinded down.

I ended up being up .5 point. It was a scratch on the sequence. I think it is good that I kept entering even though my price was worsening.

In the midst of the lack of trust of my read, I entered and covered well. Of course, it would have been best just to enter and trust.

My stubbornness burned me yesterday causing a big 4 hour scratch and my lack of stubbornness burned me today causing a complex scratch sequence.

I need to get my emotions in sync with my gut.