Thursday, March 01, 2007

Mar 1 daily chart

Well I traded for 30min today around the last hour for the 3pm reversal. I entered too soon, and forgot I should have been looking for this setup and I was getting nervous on my position but held out for the turn. The 3pm reversal is characterized by a spike a certain direction around 2:56pm EST with the reversal lasting normally about 8min and then we sometimes have a reversal at 3:03pm, it seems to occur better when we are at the High or Low for the day. I admit, I let a scalp turn into an scaled in loser which turned winner, that is why I'm working on the simulator for my trade executions. I made about $700 on the simulator and made a video from most of todays afternoon action. I will post my trading strategy for using NYSE TICK and block signals maybe tonight or tommorow, I've been really busy.I would like to post todays video; however, the video on youtube is poor quality and may not be worth the time.

As another note, my account is now back above the level it was when I had my large loss last month. So, basically it took me a month to make back 1 days loss. I have only had two losing days in the last 2 months, with both days being a killer. The big losing days were average in losers, so my key to staying positive is trading small size and avoiding scaling into losers. Today I screwed up by not exiting soon enough and then taking an extra 2pts of heat. I knew the pop was coming, but I didn't exit, it just takes time and practice and eventually I will get better at my trade execution.


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