I had the read and premise absolutely nailed this morning and hit my magenta box twice exactly where I needed to but got too timid with the management.
Even though these were scalps, as mentioned in the prep, the volatility was still 8 - 10 points worth of reactionary leg for each short.
I exited the first too early and cut the second for a loss when the trade looked too ugly to hold. Everybody was thinking long there but the price will hardly ever just keep going up without a correction.
The late day shorts were good trades but I should have already been short and covered into the area I was shorting.
Fading an inside zone is prone to washout and I can not count on consistently hitting these. I had conviction and feel and still scratched 3 times and took 1 small loss on what ended up being the correct trade.
I could analyze this much more but am just going to say that I wasted an extremely good read and have to trade ruthlessly if I want to succeed.
Half ass management and defensive scratches will not cut it.
The result for me after a day like today tends to be an aggressive attack of an area sometime over the following day or two that is completely off premise. Often resulting in dropping 6-8 points.
I am not afraid to talk about it nor will I change anything I am doing. I can not change when I am wrong but I can manage better when I am right.
Let's see if I can beat the likely tilt this week. It will take focus and aggression.
Also, the prep is still in effect. Check the commentary. We are already getting a reaction off 1069.50.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.