Friday, April 13, 2007

April 13 trade summary

Well today was frustrating. The market just kept creeping higher and not retracing for me to be able have my trading strategy work. I'm negative for the week by about 1 day's average profit. When you start swearing at the computer, you should probably exit your loser position. Each time we got an extreme tick low with a retracement in NYSE A/D, buyers would come in. I over leveraged myself on YM and took a big loss. I was up $400+ this morning on ER2, but started adding to my loser YM position which never reversed and ended up costing me. What is bad is that I let my YM scalp trade turn into an intraday leveraged swing trade. I was planning on going long around 7:30am PFT, but missed the pop, so I tried to get a short scalp retracement which never worked out. I was stubborn for not exiting at the key buy signals. I still haven't made my paintbar alerts, so I need to do that. The last 2 days have been hard to trade, because when the afternoon would hit, volatility would stop without a good retracement, and then the market would start creeping up with buy programs. I'm sure some people liked the last 2 trading days, and some people disliked the last 2 trading days. If the market starts trading this way, I will need to adapt or not trade at all.

Bad things today-
1. Let a scalp turn into an intraday swing trade.
2. Over leveraged myself.
3. Didn't exit at buy signals due to greed.
4. Looked at P/L. (I think this actually made things worse, because I put a number in
my head of what I had to achieve, instead of trading signals.)

Good things today-
1.Cut my short position losses on YM and went long ER2 into the market close, to take
part in the short covering rally.(I really hate being short on those market close
short covering rallies)

Market Observations-
1.The key reversal time of 10:15-10:30am striked again today, and buy programs really made some shorts mad.(like myself). Gold took off today, not sure why, but glad I didn't try shorting it.


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