I had a solid day today trading at 77%. My errors/trade ratio was very low as well. Problem is that the few mistakes I did make were costly. I found myself entering what I call “anticipation trades” today which is where the momentum is up and price looks like if breaks a certain area it’ll run a good way. These have historically been unprofitable for me and today was no exception. The only time these trades are profitable is price is in the Overbought/Oversold area, but I was not waiting for this to happen.

The first trade of the day put me in a hole and it is a trade that I had no reason for taking. I shorted based on the 55t chart not even looking at the 610t chart where it was sitting smack dab on the rising trendline. A similar kind of mistake this afternoon cost me another 15 ticks as I shorted on a 55t Pivot-fade when the 610t was breaking out after a green Hammer… Just poor vision on my part as I normally would have taken niether one of those trades if I had noticed the conflicting signal.

That’s probably the single greatest change that I have made in recent weeks that has completely turned my trading around. I pay much MUCH greater attention to conflicting signals and their potential implications. I still may take an occasional trade when the signals are conflicting but I’ll watch it like a hawk as things are more prone to change in a hurry under this circumstance.

I’m waiting for a bounce in the Gold market as it has finally fallen right into my Target BUY Zone. Just a matter of time before this thing turns around and there should be a pretty solid snap back up.