Wednesday Trading Review (11/18) - $1763 loss

Just when I thought it couldn't get any worse. The day started off well enough.  Hit on my first two pullback trades with only a tick of slippage on both.  Missed a trade while I was on the treadmill.  So much for exercise right?  And missed another trade before the opening bell by 1 tick. So before the market open I was up around $400 on the two pre-market trades. 

I knew because of these missed trades I would need to focus extra hard because I tend to want to take out my frustration on the markets.

First trade after the open was a long pullback and I was just crushed.  No other way to look at it.  My stoploss was hit in a matter of minutes as we rocketed lower.   No prob I had a stop loss in place and took a $600 hit on this trade.  So now I'm down $100 on the day.  Still no sweat.

The day turned awful about 10:15.  We had just slid hard to the 1100 area which I figured would provide at least some initial support.  I lined up a pullback setup off the 3 min chart and entered short around 1103 looking to scale out as we re-tested the 1100 area.  Well we never did surprisingly.  The trouble was when it became apparent we wouldn't reverse I switched to the 10 min chart which still had a valid pullback setup.  But I had entered way too early to be trading off this longer timeframe chart.  Needless to say I rode this position (adding and subtracting along the way, mostly adding though!) all the way up to 1108 or.  Then rode it all the way back down to 1101 area where at least I did start to scale out.  But I fully expected the 1100 support to break so I wanted to leave some contracts on.  By this time I was short around 10 contracts with an avg price of 1104 or so.  When we didn't continue to fall I left the trade on.  Finally I closed the trade near the close when it became apparent we were heading up.  Lost $1800 and some change on this trade.

So far my entry into the blogosphere as been rough.  Come to think of it I don't think I've lost 3 days in a row all year.  Just not in sync with the markets right now.  I'm sure the fact that we've had like 3 NR days in a row has something to do with it too, but still I need to be able to minimize the damage better on days like today.

Tomorrow I'm back at it.  Need to focus harder than ever.  Sooner or later volatility is going to expand as we break this range.

Update: Made a quick $225 on a short pullback around 9:15PM EST.  Textbook entry and exit.

BTW, thanks to the market for falling now!