Just a bad thing to do. Last night I was trading the Yen in the Asian overnight. We had a rounded top formation so I went short into the US afternoon, Japanese early morning once we had broken the 118 level in the Yen.
The trade went well, and after an hour , I was in profit. Volume was falling and the market was getting quiet as it usually does this time of day, and I was waiting to take my profit.
I literally just fell asleep watching the screen. I had my original stop which as back up at the 118.20 level. I woke up and immediately closed the trade. I was now well off my trading plan, and when you are off your plan, the best plan is to get flat and regroup.
The reason I wrote this post is the moral of the story.
When you are off your trading plan for any reason, close out your trade and get back to disciplined trading.
Disciplined trading is really the only way.
I never liked trading Mondays. Monday mornings and Friday afternoons have always been “not good” for me. I think most of the market is getting started late or taking off for the weekend early. This Monday had the Pending Home sale report and Dallas Fed Survey. The Pending home sales would move the market more.
9:00 AM CST Pending Home Sales Index
9:30 AM CST Dallas Fed Mfg Survey
I have been trading early, trying to be done by 10 a.m. so there is little time to trade if I avoid trading around these two reports. Tomorrow is the consumer confidence report @ 9 am. So I could probably trade after that.
Started out in with a 8 ticks loss, which was a bummer, but I came back. The second trade, I jumped out at 3 ticks, right at around 808.5 when it started getting “noisy”. Since it was a counter trend trade, I like to jump out quicker.
Waited around for a re-entry short but did not get one before I called it quits for the day. Tomorrow is Fed day, so I will just look for trades on the open.
It has been a horrible first month of the year for me. The volatility was has been horrible.
But last week, I think we started getting tradable (is tradable a word ?) volatility.
It has held up so far and the Greek thing is … well …. Greek. It should not have a effect on the 6J Yen, but for some reason it does.
We had some reports that moved the market, and it was mainly an straight trending day, something that I am not particularly good at trading.
I like reversals in trends and I did not see any good places in the morning to get in, so I wandered off.
There were some trades later in the day I think, but I was not around.
Some days it is better to sit on your hands. For me anyway, trend follower guys probably had a field day.
Today was a typical day in trading. I was trading and something in my personal life got me out of the zone so to speak. Trading distracted is no way to trade, so better to walk away which is what I did after two trades.
These trades were in my smaller account on a different computer which is why the time setting is different. The first trade the price stalled on the downward move when it came bace to yesterdays high.
The trend was down, so short trades were preferred, so I waited for the reversal to fail. When it did , I rode it back down to the high of yesterday.’
Up $100 a contract today, which a good day in the mines.
The next trade was a similar one. there was a small inside bar around bar 68 that theee price stalled. I wanted to put a bracket around that price but didn’t and waited until it passed below the previous close attempting to ride it to the previous low.
On the DOM the trade petered out and I took another 5 ticks. After that, dealt with some family stuff.
I must admit I messed this one up. For some reason I came and checked my econ calendar and noticed that today was roll over day. I really thought it was next week for some reason.
I don’t trade on roll over days for good reason.
I tend to lose money on roll over days
So it is a goo time for me to take a day off. A very short week for me. Trade a day, take a day off and half day on Friday.