June 7 2010 Overlay and Trades

I was short off the highs 3 times today.

Feel was good. I need to work on holding my zone trades. I scalped the first entry for 2 points which left a lot on the table then went fishing for a long in attempt to play a potential ascending triangle which was a mistake.

Intensity and aggression was good but I need to start holding my trades for bigger wins.

I went through a phase earlier this year where I was having many 3 and 4 point excursions going back to BE.

My strategy has changed and I am now leaving too much on the table. You can see the rule violation BE this morning. I forced a re entry at a worse price and took a profit on the second trade.

The short into lows was allowed within the plan but the price was extended. I saw something down there that made me confident in a sell off today and went for it.

I did not believe the grinding move up and had no interest in getting long. It was nothing but a grinding low volume washout. My gut was screaming to short the 1067.00 -1068.00 but I waited until the price clearly came off the highs.

I was forced to cover with a 5 point profit on the last trade even though I believed the price would continue to sell.

I can not just blindly hold and had to exit at potential support. It is worth noting the 1060.00 was not a support zone on my prep however and it was a manufactured zone intra day.

The other wrong move today was not buying the fake extension of my potential 1063.50 inside support zone just after the open.

I wanted to hit it but saw no volume spike that I like to see when a potential zone gets washed out.

I could feel the trade and need to execute more aggressively still.

I could have pulled a lot more out of the market today and need to step up my game.