We finally had a return to volatility today. There was a clear difference in tempo and price action.
I had a positive day after some work to get back in the green after the AM session but I left way too much on the table today.
I need to capitalize when the market opens up like it did today.
The long I took looked excellent off the 1200.00 probe. I exited when the price stalled with the intent to re enter.
Then I re entered on a shallow pullback (I need to stop with the shallow pullbacks...it is not worth it). Just after that, the Goldman Sachs news came out and I instantly got stopped out. Price hit my default 3 point stop which often goes in with my enter then gets adjusted or removed.
The action looked bearish but I got no clear short setup. I had to stand aside until the price hit an area that I could work off of.
It is becoming more apparent that I need to be patient and work off the specific areas I like. I have been trying to force more entries but am just grinding it out with this tactic.
I am still caught in between holding some trades and scalping others which is causing randomness. This can be profitable but I am also making 2-3 mistakes per week which erodes the edge in my current strategy.
I have to be able to do more with my accurate reads.
I need a more mechanical exit strategy with my one in/one out executions. I can not blindly hold for full targets nor can I hold some and scalp others.
This is an issue that needs to be fixed. I suspect the solution will be more a of high probability scalping mentality.
The problem is that I only get 1 - 2 good areas to work off of per day. Anytime I start forcing shallow re entries or just taking pattern setups that are not in my chosen prep areas it leads to poor results and erodes profits from my core trades.
I see the market a certain way and need to find a rhythm that suits my read and feel. This is turning into a major battle and I do not see a quick resolution.
I have to do everything I can to keep fighting.
Hi Brian,
ReplyDeleteit is amazing and a bit frightening to see that you are not taking more profits with your excellent read.
question for you: to enter at 1193 again on the way down was not an option for you and why? because in your prep you were mentioning even 1186 as possible.
anyway, keep going, your honesty helps me a lot.
Hello. It is frightening. The premise was for a test of 1186.25 if 1200.00 broke. I laid off any longs or shorts around 1193.50 because the sell off was triggered by unscheduled news. I thought it could be a reactionary sell off then wash out and move back up. I did not want to hit the short side because all that has been happening all month are fakes down then a squeeze. The problem was that I thought too much. Even though the move was reactionary from news, the market structure and methodology I practice still held up. It comes down to over thinking and over analyzing which I suspect is the main reason why I am not hitting the numbers I am capable of.
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