Today was an interesting day. I was still trading with my Sim-account today as there are a few wrinkles I’m still trying to get ironed out of my trading method as I work on getting all the separate components of my trading system to work together. I am finally at a point where I am done tweaking my system, now it is all about getting the quality screen-time I need in addition to touching up my trading plan: I just purchased:

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and am very much enjoying working through it in an effort to improve upon the sad-excuse-for-a-plan that I have been using. I’d highly recommend the book for anyone looking for a solid foundation from which to either build or improve a comprehensive trading business plan.

I managed to reach my Net Daily Goal this morning, but I continued trading in my Sim-Account and subsequently made a number of decisions that really hurt. I finished the day today with over a 70% Batting Average but still down nearly 2 R-Units. It all came down to the 4 Bad trades that I made today. The underlying theme in all 4 was that I either failed to take in all the information that I should have (which would have kept me out of the trades had I noticed) , or I failed to wait for adequate confirmation before entering the trade (Thus entering on a false breakout, or on a setup in anticipation of a breakout or price-hook that never arived)

For the first time in a long time I feel as if I finally have all the pieces that I need to become the complete trader I’ve always wanted to become. While I see myself continuing to trade primarily from my Sim-account until I get the experience utilizing all the new tools that I have recently incorporated into my plan, I’m confident that within a few weeks I should finally start to see the consistency I’ve always sought after.

This was a textbook 1000+ $TICK Fade opportunity that worked wonderfully this morning. One pre-requisite to taking this type of play is that the $TICKs spend ample time on both the + & – side of the 0-Line.

I already had the major trendline drawn and when price took off in a parabolic move higher, I drew the second Minor Trendline (mTL). I had my eye on the area denoted by the blue rectangle… It was a prior known area of supply from which price had yet to retest & I was confident that price would likely stall in this area. (As an aside, THIS ARTICLE explains this concept of untested supply/resistance zones better than any I have ever read, I’d highly recommend traders both new & old check it out as it lays out very well a way to get into some high reward, low risk entries)

Then once the $TICK moved in the +1100 range, broke the mTL , the TRIX hooked down all while price was within my target blue resistance area…the green lights couldn’t have been flashing any brighter.

As it turns out, this marked the dead high for the morning. I, however simply played a quick scalp back to the major trendline for a quick 4-ticks. The longer term Trend play was good for 3-4 points however.. One day I’ll gain the nerve to stick it through when all the signals align like this. But for now, I’m merely looking for solid consistent chunks that I can add together to reach my Net Daily Goal. For today at least, that mission was accomplished.