Took a whopping two trades today, both for losses. They were very small and ordinary losses, nothing earth shattering.
The first was a scalp at the open. Being that it was a scalp, it had a very short leash (stop loss). My objective was to get to the $110 range where the previous day's last hour range highs were and the 127% Fib. Retracement (drawn from PDC to today's Open).
I entered right at the 78.6% retracement (price seemed to be flagging bullishly) and pulled the trade as price looked to be setting up a small bear flag on waning TICK.
In hindsight perhaps I should have snapped my Fib. lines between the pre-market highs and lows and entered on the opening base break.
The second trade was a Wolfe Wave setup. I had a buy limit order in at $109 and came within 2-cents of getting filled. I then jumped the gun to get in and, as a result ended up with a lousy fill and got stopped out as price tested the lows. Again, in hindsight, I should have had more patience and my stop should have been below the LOD. Being an Opex Friday one should expect a choppy market and patience would have paid off. I did jump the gun on my entry and should have waited for a 5-min bar to close bullishly before getting in.
Well, at least Opex is over and I'm starting to feel better from the cold I've had all week. Next week should be perhaps a little dull, with the Thanksgiving holiday shortening the week, and then it's December already!! crazy!
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.