Friday Wrapup (12/4) - $1300 gain (not including gap fill)

Lots of setups today, but none better than the opening gap play.  Little more drawdown than I would've liked, but nicely profitable to say the least.  Suppose for future reference that I should wait for 15-20 mins after the opening to enter a position on a day like today where the initial gap is so large.  Had confidence this trade would work out due to the overwhelming negative divergence shown with the EURUSD pair.  Figured it would ultimately led stocks down and sure enough that's exactly what happened.

Still, today was far from perfect.  Entered a countertrend short about 10 mins before the opening bell.  Two of my targets were easily hit, but I moved my stop when the bell rang and took a small drawdown on the last lot.  Ultimately it was profitable, but bad move by me. 

Also, entered a short pullback around noon just after we broke below 1100 expecting a re-test of the lows.  My first tgt was hit but not filled, causing me to lose focus and not honor my original stop.  On a positive note I realized my error and was able to close 2 of 3 the three lots for a minimal loss, but rode the last one for far too long.  I suppose that's a start, but ultimately to survive in this game long-term I've got to remain focused on risk management, and most importantly be willing to take a loss.

All in all took 9 trades today 7 of which were profitable.  And my two losses totalled just $37 or 3 ticks. Yeah it was a good day. Including the gap fade, I made right at $2300 on the day.  Without the gap trade, I'm up $1300.  Not too shabby to say the least.  For the week (sans gap fades which I don't consider part of my core day trading) I made a healthy $3300. 

More stats: 66.3% profitable trades, $218 avg win (3 lots), $87 avg loss.

Clearly I was on my A game this week.  My job now is to remain focused and humble, and come back Monday with a fresh slate.  Not let this week's gains affect my psyche.

Note to self - Switch down to 1 min charts when price action gets this fast next time. Would've helped me identify a hi-prob countertrend long. Typically I'm using a 3 min chart coupled with a 1000 tick chart.  I'll take countertrend entries on the 1000 tick chart using setups from the 3 min chart.