8-16-2006 Trading Results

August 16th, 2006

Jason

Daily Score: -.538

Batting Average: 46.15%
Full Stop %: 23.10%
EpT: 1.31

Well, this morning went very well. I was able to hit my net daily goal after going 6 for 6 but I gave it all back this afternoon after a series of idiotic counter-trend plays in a super-bullish environment. 3 times today I went for a quick scalp on a TRIX Divergence setup. This is a highly reliable and profitable setup under the right conditions, but this afternoon was no such circumstance. The markets were finally breaking out of their mid-afternoon range & took off.

I fell into some bad old habits of trying to pick tops & fell for the TXD- plays that popped up during a powerful up-move & thus, gave back all of my morning’s profit

This has sparked me to create a list of questions to ask myself before each and every trade I make. They are:

Am I willing to miss this run if it goes without triggering one of my signals?

Is there a valid setup for me to be entering/exiting this trade?

Am I waiting for a close of 610t or 5m bar before entering?

Are there any OB/OS areas that need to be resolved?

What would I do if I were even and it was 9:45AM?

Am I trying to tell the market what to do?

Could it be going into a range or channel?

How old is the current trend?

I’d be interested in hearing what questions those of you who follow my blog ask to help keep your trading arrow flying straight. Feel free to Contact me Here.