Not the best price action this morning for finding a good trade and I took a trade with very low risk but not ideal set up. As it turned out, it was an easy peasy trade. I had to lean pretty hard on the 30M chart to get a read about what I should be thinking. Even then, I wasn't convinced 100% since the continuation trade on the 30M wasn't the best looking one I've ever seen. So I took a chance on the 5M chart but leaning on the 30M for my direction.
I bought 52.83 and exited at 53.03 at the double top area on the 5M. In all honesty, I'm not sure I'll take a similar trade any time soon. There was lots of hesitation on my part prior to making the 30M the main decision making chart today. I think my desire to make a trade and "keep the streak going" was the primary driver for the trade and not any real overriding logic surrounding the trade. In hindsight, the trade was near perfect but in real time, not so much. I may take a day off tomorrow and let my mind stew on this for a bit. Its the first time in a month I've taken a trade without 100% solid rule driven reasons. This one had an ego and emotional component and I don't want to slip down that slippery slope.
2RR a today, and you should be a happy trader. Congrats on recent tradesReplyDelete
thanks so much. I am happy but I also recognize ego when it starts to rear its ugly head....and it did today. I'm going to be very careful tomorrow and next week,ReplyDelete