Thursday 28th October 2004
10:12 1) S 9952. Stalls at 9950 and goes sideways.
10:17 EXIT: -5.
Out at top tick of retracement before moving straight back down and triggering re-entry which I'm not going to take as we're right on the pivot, the momentum seems weak and the bar has closed with a possible reversal pattern. I've also taking a lot of losses recently re-entering trades I've been stopped out of.
11:27 2) L 9900. I was poised to enter when it took out the previous bar high at 976 and just hesitated while it soared. So I enter again at the end of a huge gap closing up bar. Stupid. It carried on up to touch 10,000 (+9) and then reversed back to take me out for a loss.
11:35 EXIT: -2
I've got to stop this and be prepared to jump in when all is geared up to go long like this - especially as the risk, determined by the low of the previous bar, was very small. It would have given me +12 instead of -2. Waiting for the close on a three minute bar can just be far too late and I need to sort this out. Looking back, there was also a perfectly good entry at the close two bars earlier at 9974.
12:00 3) L 9900 again. Another crap entry. Going no where but into loss. A mistake but this is where I really start to hate trading 3m charts and yearn back to the 1m time frame.
12:09 EXIT -8.
12:27 4) L 9986. Better looking entry when I took it but absolutely no follow through and quickly pulls back into loss. It's getting really choppy here - the old red bar green bar shuffle.
12:41 EXIT -2.
Bad morning for me although the most costly problems have been self inflicted. 4 trades so far, 4 losers.
13:24 5) L 9996. Good looking entry except right below 10,000. Which it runs up to and bounces straight back into loss. Well that was inevitable for the second time today. Breaks through on second attempt to push towards yesterday's HOD at 10,007. Then it spikes through but reverses straight down again. Needs to hold above HOD here. Nope. I'm out at close of bar as it looks really ugly.
13:33 EXIT: +11
Well, that was a good decision for once as I would have normally been quickly stopped for 4 ticks fewer had I held.
14:09 6) L 10021. Here we go again chasing a huge 3m bar. And straight into a big loss. I've got to sort this out - it is messing up my results completely.
14:19 EXIT -4.
This is crazy. I've managed four losers out of five long trades (plus the initial short on top) on a day that's been up virtually the entire way.
14:24 7) L 10022. Back into the same trade again. Moves up better now. Then hits wall and reverses around at 10037. Next bar hits same level but cannot break through. This is dead now.
14:35 EXIT: +8.
Short all the way thereafter but while I didn't trade long against it, I didn't find any entries either. Not a disastrous day, but it did highlight a few failings in my approach at the moment.
-2 from 7
-9 for the day after commissions
+239 for October so far after commissions.