April 28 2010 Overlay and Trades

I have marked the execution chart in detail tonight.

Had a good fight with the market today. I started the day with 3 good winners and was up 4 points then pressed on a fade of my premise which set off a 2 trade losing sequence.

I was able to fight back towards the end of the day for a complex 7 trade virtual break even (+ .5 point).

I am pleased with the aggressiveness and coming back after getting into a small hole midday but could have done better today.

The 4th trade (1st short) was completely against my premise and intended to only risk 1 point. I got suckered into giving room even though the structure was obviously up.

The Spain downgrade news hit just after that and we were getting 50k + 2 minute volume bars and heavy selling.

When I saw that I was wanting the price to tag 1177.50 and planned to buy. When the price got there, I kept waiting for a little bit deeper move and missed the execution. I have done this 3 times in the past week and missed 3 good trades. I need to fix it.

This lead to one of my nemesis shallow pull back trades that was the right trade but got stopped out due to the bad position and my unwillingness to take big heat on it.

It is cause and effect. When I hesitate and skip my planned trade, I will always take a much worse trade next. I still do it even though I know what happens.

It was a good comeback today and I think I will do well if I maintain the level of aggressiveness I had this AM.

I must continue to focus on executing with premise at extremes.