Futures Trades

Wednesday, May 31, 2006

 

Trade thoughts

Reflection

Well today I reflect on my last few swings and realize I have been over targeting. Of the last 4 trades 2 have been two breakeven pushes after good profit (+120 and +70), and today a couple of small stops, -8 and -30 both discretionary trades that were poorly timed. The Vector system has been finding good entries; I've just been expecting too much from them. I actually missed today's early short signal that would have stopped out even after a +20 move.

On reflection I should have seen the two breakeven stop outs coming; I was expecting the abc correctives off the daily; I've talked about the count long enough...I should have at worst trailed the recent bullish trade (the 'a' up) and at best attempted to take profits during strength, and not held on in green hope. And likewise today, during the 'b' down I expected too much from it, anticipating a test of the lows last week. I probably should have trailed it or merely targeted the 11100 major support.

But anyway, Vector remains bearish for the open, and I'll be looking short side, trying to catch the 'c' completion on the daily. I guess now is the time to be patient with the good entries, and lots of green hope, so I'll just stick with what I've been doing and try to remember to target short the next time the Dow finishes a 5th impulse.


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