Friday, November 13, 2009

Thursdays Diary - Reasonable Performance

Last night I acted on a solid couple of reads my only regret being (once again) not capitalising on the fade on the 1 minute extreme - see below:-




I use the time based charts to get a bigger picture ( 1 min, 5 min, 30 min, 60 min) and determine my market bias at any given time. The 1 minute chart at around 9am (US central time) was at the Bolinger band extreme and exhibited 'white space' between price and the blue moving averages.

The good thing is I picked this and I entered at a good price at around 1100 - fading the market extension. However at this point I had a $100 (from 2 previous set-ups - see below) in the account already and got twitchy and got out too early for a measly tick or so.

That said I am not too disappointed because the day is getting closer when I will have the conviction to go 'all-in' on these set-ups.