Archive for September 28th, 2006

9-28-2006 Trading Results & Analysis


 
 
I hit my Net Daily Goal today in 12 minutes after the open going 3/3. This morning’s breakdown was beautiful & textbook. I only took enough of it to get me to my goal but it was easily worth 3 ER2 points and as much as 6 if you stayed in until the 610-tick (or 5-minute) trendline break around 1:00pm.

Today was the best I’ve traded in weeks honestly. After I hit my goal I continued to trade using the Ninja Trader Simulator as I need all the practice I can get with these new changes I’ve been making. Today the first fruit was born, but I have high expectations for the future as well. The first 9 trades I made today were profitable, in fact, I left a good amount of profit on the table by only taking 2-ticks in many cases. Later on this afternoon I made a couple questionable trades, but didn’t let them get out of hand, and after making mistakes, that’s all we can ever really do.

Review of the Day

Setups like this only come along but so often on the higher timeframe charts so it’s good to take maximum advantage of them when you can. Trendline Break plays don’t come any more clear cut than this. The 610-tick bar closed right on the trendline; all you needed to do was go short on a breakdown below that bar and enjoy the ride.

The break coincided with a TRIX Hook-, which added credibility to the move. And boy did it drop quick too, 4 points in less than 10 minutes is pretty nice. It was nice to have a quick 3 & out for a change. Past couple of days I’d get close to my Net Daily Goal and then slowly backslide downwards to the point where I’d be struggle the rest of the day to keep my head above water.

While not always the most fun initially, change is inevitable, and if controlled can bring forth great progress…
 
 

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