2-7-2013

I am doing 2-7-2013 b/c nobody trades on Presidents Day (Today 2/18/2013).  I think I am playing with fire by taking too many of the 2nd entry longs in a big down trend.  When price makes a double bottom and is heading up to resistance for a 2nd time then do not take a 2nd entry short thinking you are in a range.  You might be but since price had just made a double bottom it could blow past your perceived resistance which it did today.  Don't talk yourself out of trades when there is a beautiful setup.  I called it that price trapped the shorts and was fixing to turn up with a beautiful 2nd entry long coming off support.  It was also a failed breakout lower but I talked myself out of it b/c I was up for the day and didn't want a losing trade to put me negative.  This is only in Sim but yet my emotions still wreak havoc on me.

Trade 1:  2nd entry long after price was far away from the EMA.

Trade 2:  2nd entry short after price was in a downtrend and off the EMA.

Trade 3:  2nd entry long after price was at the bottom of the channel.  It looked like price had been stalling and was fixing to turn higher.

Trade 4:  2nd entry long.  This time price turned higher after the shorts had lost momentum and price went to the top of the channel.  Good exit and great entry.  I left a point on the table but I'm happy exiting early since price had been in that huge downtrend and price would probably come back and test the low.

Trade 5:  2nd entry short at perceived resistance.  Price had broken out of the channel and I thought it was in a range.  I should not have taken the trade b/c I had just missed a beautiful double bottom long and price had broken out of the downward channel.

Trade 6:  2nd entry long off of the EMA and new channel line formed b/c of it.  Beautiful entry and PERFECT exit.  I used the 2 legged measured move and exited 2 ticks before the top.  Turned out to be a perfect exit.

Trade 7:  2nd entry long after price had overshot the channel.  Price was also testing the previous resistance turned support level so I factored that into another plus as to why I should take the trade.  I figured that price would probably test the previous high which is where I planned to exit. If price went higher than that then oh well but I didn't want to give up 2.25 pts to wait and see.  Also it was hitting the support turned resistance of the bottom of the channel.  Turned out to be another GREAT exit!

Missed Trades:
1.  Had a buy order that was one tick away from being filled.  Price had moved up into that area from the night before and I figured price would test support and turn up to test resistance at least once.

2.  This is the trade I talked myself out of.  Price made a failed breakout low then turned up and created a 2nd entry long off of support.  Price skyrocketed up from there.  Live and learn.  You were scared about taking a long trade in the face of the move down to test the previous low b/c I was slightly up for the day and a losing trade would have put me at a loss.  You did a good job in recognizing that it was a great trade to take and even called it but you hesitated and could not pull the trigger to buy.