Monday, July 09, 2007
Day trading nightmare........did the CCI help??
I think we can all agree on one thing....or maybe even two.
1. We can all get caught overtrading and at the end of the day you go...WHAT
THE "BANJO" WAS I THINKING?
2. We can all get caught leaning in the wrong direction.
3. We can all miss the setup and then miss the entire move.
4. We can all get stopped out, and can't get right back in the trade in the
same direction 8 seconds later even on a setup....
That was today, the first bar idea was a bust so now I'm behind the eight ball looking to get even. I use fibonacci levels to find safe low risk setups 90% of the time. These levels act like support and resistance and a lot of times they are magnets to speak....the market will run to them and turn on a dime. So over the years I have developed with screen time a feel for it.
First I look at the 15 minute fibonacci levels, .618 retracements, symmetry and extensions and today we had an extension just above the market. COOL, I thought and when the high of the first bar was taken out, well I had my money counted. But it failed and stopped me out. While this was going on there was bullish symmetry
sitting right there at the 859.40 and 859.10 area to take a trade against. Between 9:40 and 9:45 the ticks had pulled back to zero and again I was starting to count my money.....at point "1", but got stopped out before I could blink an eye....now I am 0-2-0 for the day and still wanting to get even.
The next setup for me was when the market came down to the mother cluster from the 15 minute for support. My little paint bars started humming along and when the ticks went from negative territory to positive and up to 400 and back to zero...(TAZ), I said to myself, "This is it baby", and pulled the long trigger again. Then it happened, "THEY" and I'm never sure who they really are BUT...."THEY" went for the stops under that level. You can see that clearly as the bar closed on the low and the next bar...3 minutes later closed...way higher. A classic Haggerty 1-2-3 pattern. I was like....DAMN DAMN DAMN DAMN and !#%)!$%^*!#$^!$&!~)$*(!$^!(!~)_.
But that is OK, I thought....0-3-0 and it's only 11:00am. So, when the market came up to number3 and into 3 minute and 15 minute bearish symmetry I was waiting yet again. By noontime, it wasn't pretty anymore as I sat there eating my banana puddin.
I hate Monday, for one reason is that indicators work off of Friday's data and the way traders around the world viewed the markets last week. A lot happens over the weekend to change their minds, their agenda, their portfolios. An article in Barons and everyone is going the other way on Monday. The good news is that by controling the risk I was able to get most of it back before the close...not all but most.
It's just not a perfect world is it??????? But, there is tomorrow and we'll be there waiting for opportunity to come....will you?
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