Review of last night's trades. Quite a tough session to trade last night. Looking at the PRICE action, there was really no clear direction as to where PRICE was heading. The only thing I know is that, in order for the ES to head higher, we need to see a challenge of support in PRIME, for the TREND chart, which is at 1383.00 (last PRIME Support on the TREND chart). For my trades, they were clearly a lesson in deciding what to do, when one is already up 2.25pts. After my third trade, I was already cancelling the previous night's loss, but my fourth & fifth trade losses took everything away!
Just one of the challenges I face, each and every trading session. Does one stop, when your daily profit target is met? Or like a seasoned trader said, "if you are hitting your targets early, don't stop, cos' you are in "sync" with the market, and should continue to grab the points" - It's a tough one, for me, as to which is the better path to take.
10:09pm As posted this morning, we are seeing the challenge of PRIME Support on the TREND chart. Where it ends, will depend very much of the failure in PRICE. Will be looking for SHORTS, for any Oscillation challenge of Minor Resistance on the Trading chart.
10:37pm No trades as yet. One of the lessons I learnt the other day was "not to play around the Magical Round Numbers". Will wait for a better signal. We are also now in PRIME, on the Trend chart.
10:45pm PRIME Resistance, on the Trading chart. TREND chart still down. Any PF here would be a SHORT, to challenge last support at 1398.00 & must breach, in order to continue the down move. A warning signal for this SHORT just been triggered - TREND chart just turned up.
10:54pm We only have a Minor Confirmation of a bottom of the Price Movement. No PRIME Confirmation as yet. Again, SHORTS are still valid (upon PFs), until we see PRICE fail.
11:11pm SHORT 1400.25 / STOP 1401.50 - First target for this SHORT would be 1399.25, followed by 1398.00. Unless, of course, PRICE fails in PRIME, on the Trading chart - have to watch out for this happening, as TREND chart is still pointing up.
11:17pm Moving STOP to 1400.75
11:20pm PF spotted. And PRICE in PRIME right now on the Trading chart...So, have to be careful here with my SHORT.
11:33pm First Target (1399.25) was already hit just now...waiting for PRICE to breach Second Target 1398.00
11:38pm Stopped at 1400.75 / -0.50pts
11:41pm PRIME confirmation on the Trading chart. This was the warning I spoke about earlier. If PRICE breaches 1401.25, we are going back up. Bottom of this morning's down move is in - Based on the PRIME PPF of Support on the Trading chart (we made a higher low in PRIME), and with the TREND chart still pointing up...Whether it is the bottom for the day, will depend on the Oscillation PRICE challenge of 1406.75
12:14am I'm done for the night...Had quite a "physical" day, hauling some broken tiles & concrete. So feeling rather sleepy & tired. Have a good weekend! 1 Trade / 1 Loser
Friday, November 17, 2006
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