Wednesday, February 6, 2008

Detailed Analysis of a Bad Day

Market had a horrible day today. I traded it poorly. 7 trades; 4 losers, 2 breakevens, and one very small winner.

First trade, short 1785.25, stopped at next bar high of 1787, so it was almost an ok trade, could have gone for 6 or 7 points.

Next, it looked like downtrend was broken and market traced out a series of higher highs and higher lows, so looking long. Bought the pullback a little too early, but scratched it. Long at 1792.75.

Still seeing HH/HL, so bought pullback. Double bottom and ME support, bought 1789.5 with a 1 tic stop.. 1788.5

Next, sold the break of 1783.00 support, short at 1782.75, didn't feel right (It did in fact bounce from here, so took a small profit. bounced to 1786.75.

Big move down to 1755. Sold bounce to 1762.5 got stopped, sold 1762.5 again, got stopped.. one was a breakeven. Sold next bounce at 1765.75, got stopped on the way to 1769.25, then gave up more or less.

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