This blog is geared towards improving my trading knowledge and recording my trades. I am not licensed to give financial advice. Trade at your own risk. It is your fault for losing in this money game.
Sunday, April 7, 2013
k done with research for now. decided to watch S&P500 emini futures only and use its 4 hour chart to find s/r and trade on its hourly chart. this way I can focus on only one instrument, which makes it much easier for me, and there should be at least a couple trades per week for me to get into, which is good for learning. looking back over the past 20 days I would have lost on a few and gained on a few but the gains would have been huge compared to the losses, great sign to motivate me. I wont look back for trades on the hourly chart to add to my running list of recorded trades, instead I will just start recording trades as of Monday.
current hourly resistance for me is 1558 and current hourly support for me is 1533.
NDXT happened to end in a loss for me. I was stopped out at 1533.30, took an 11 point loss for that trade. But with the amazing power of hindsight I see how it was a determined but messy/volatile rise up to the resistance I found. My resistance worked and the wonderful people in this market did sell and push the price down like I expected but it was so volatile on its way down that I got stopped out before the plunge. the nasdaq tech sector is messy, too messy for me right now. maybe I should keep an eye on volatility prior to entry. NDXT did have quick/ strong/upward rallies but the consolidation in between them had deep pullbacks. about to review more charts now.
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