Saturday, July 20, 2013

back to daily chart, watching crude, channel lines

I checked out day trades for the past several days.  always cool at first until I remember how tedious it is.  Seems like I would get the same percentage of wins but the trades would be much smaller.  small trades bore me, I like the big, long trades on the daily chart better but its hard to practice on a daily chart.

Watching light sweet crude oil (texas tea?) futures.  it is close to weekly resistance, I would short it on daily chart if it inches up some more and then closes down one day. 

I like just focusing on where horizontal S/R lines are on my charts but sometimes there is too much of an uptrend or downtrend and I think I will start drawing channels to see if those new hi's or low's are still hitting something.

Thursday, July 11, 2013

no entry signal for RBOB gasoline futures, it just kept pushing up so I won't be shorting that again.  I took another loss with /ES on 4 hr chart.  exited at 1654 for an 8 point loss.  that is a big loss for me.  that is my 4th consecutive loss.  whatever.  next?

hindsight is awesommmmmme!

My recent 8 point loss on the /ES 4 hr chart broke one of my rules.  The resistance I used was not what I consider "major" on the Daily chart, instead it was only major on the 4 hr chart.  I need to follow my rules...I should not have entered in the first place.

Wednesday, July 10, 2013

Last trade was a loss exited RBOB Gasoline futures yesterday at 2.9447.  Watching for another possible short entry now that it has moved up to an old support/new resistance.

Entered short trade for /ES on 4 hr chart at 1646, tight initial stop at 1649, still watching it right now for the drop.......its thinking about it but hasn't commited yet.  news for today is a strong dollar is hurting profits.  maybe that's enough....