25 October, 2012
So today I made two trades, one ITM one OTM. I didn’t trade much this week mainly because of work and I decided to focus on reading my price action books. I’m trying to weed out low probability trades and take only the best, but I’m having a hard time doing that lol. Some trades i pick win by a long shot and some I lose. I think my problem is I’m too impatient, and when i see a half decent setup I’ll take it. I think only screen time will improve my ability to figure out which trades are better than others.
Anyways, my first trade i placed was based off a support line I had drawn based on past price levels. Price dipped down and touched the line and immediately began to go back up so I placed a call and won. I based that trade as high probability because when past price came down and touched that level, it shot up and continued to rise for a few more candles. My second trade I thought was going to win, but it didn’t. The reasoning behind my second trade was simply because price broke through a resistance level of consolidation, and my intention was to wait for price to retrace back to the resistance level and continue up. Well it did return back to the level but it only went up for a little bit, then it continued down. The second trade wasn’t a very good setup, since it wasn’t as clear as the first. I need to improve my patience and reduce low probability trades.
One thing that really impedes my learning, is work. I just wish I had a couple days in the week where I could sit for hours and actually look at the market during the NY session. When I look back at past price action during the NY session, it’s much easier to spot reversals and great trading opportunities. Sometimes I wish I developed an interest in trading back when I was in college, because I would of had plenty of time to sit and watch the market haha, not unfortunately I missed that opportunity. I just need to practice as much as I can when I can, and I’ll reach my goal one day. If anyone has any questions about my trades, or any advice to give, please let me know! Thanks for reading my blog, and I’ll see ya’ll another day!