Today was an unusually tough trading day for me. I ended up with a small gain in points but the win was big from a mental perspective.
I anticipated tough action today. Like I said in the prep commentary, the price is in a vacuum right now.
This makes for a grinding battle between buyers and sellers.
I had a good read and was following the action well but my reaction time and decisiveness was just plain bad today.
My gut knew what to do but I was thinking to much about patterns and what "looked" right. I am moving away from this mindset and forced entries at worse prices than intended today after initially delaying on my executions.
I did this to have rhythm even if it meant worse prices than what I wanted. I worked today and demonstrated that I can mix it up and fight through some less than optimal trades.
The only other thing I will note is that I got squeezed on another breakout short. This was a result of trading a pattern setup and not the context off how far the price had traveled prior to the entry.
I am just going to eliminate this trade from my strategy. It has caused mostly losses over the past few months.
I have been spending a lot of time trying to hit the improbable moves at the precise moment they happen. This is not a good strategy.
While I am often right about the move, timing it in this action is virtually impossible for me right now.
I have been passing on all the more probable opportunities while waiting for the improbable.
I have decided to reverse strategy which has lead to more trades and quicker targets. This will lead to more losers but also more winners.
I think I can keep my daily losses low by engaging more and fighting back after a bad sequence and increase the net amount on my winning days via winning streaks which are inevitable with my edge assuming I execute properly.
It will be interesting to see how this plays out.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.