In the pre market meeting (posted below this review on the blog) I pointed out that the main objective was to look for entries to the long side. That a slow grind up was the anticipated scenario for the day and that is exactly what we got. You had to be aggressive and take the first rotation lower. Personally I was looking for a fill at 1792 and never got hit. I did however get filled on my NQ long and called it out on the client private twitter feed. Importantly, no one in the room was caught short which is critical on a day like Friday. You basically get one move and while it can be frustrating not to get long it can be so much more frustrating to get a poor read and end up short with no shot at ever getting profitable. I can not emphasize enough, avoiding a losing trade, keeping your capital dry for the next high odds opportunity, is as valuable to me as a winning trade. I hope everyone had a great weekend. Looking forward to a great week.
I AM OFFERING AN INTRODUCTION TO 1 TO 1 TRADER PERFORMANCE COACHING @ ONLY $200 FOR 3, 1 HOUR SESSIONS. (NORMALLY $145/HR). LET ME HELP YOU TO STOP STRUGGLING AND START GETTING CONSISTENT.
Trading of securities, options and futures may not be suitable for everyone and involves the risk of losing part or all of your money. Commentaries are educational in nature and are designed to contribute to your general understanding of financial markets and technical analysis. Use it how you want and at your own risk. I am not a registered investment adviser. This information is a general publication that reflects my opinion and is not a specific recommendation to any one individual. You must consult your own broker or investment adviser for investment advice. Controlling risk through the use of protective stops is essential