Tuesday, March 24, 2009

3-24-09 Had the Market on the Ropes

Today I struggled getting out the gate to find the "emotion" of the morning. However, I soon got into the swing of things and took a couple o.k. scalps.

However, at 6:18 I had a golden opportunity and I let my own thoughts get in the way. We bounced hard off of support at a well established level on the 60 min charts and even though I was a little early getting in and very early getting out I scalped a few pips.

The problem is that this was the most over emotional moment of the day so far. And it was obvious that sellers wanted to continue the rampage set by yesterday's trending day. And it was so obviously not going to happen twice. I made 2 key mistakes on this trade. The first was I got out with a pittance of a sum. And the second was that I got out about where I should have added to my position.

When you have the markets on the ropes, you gotta go for the jugular. You don't get that many very high probability trades, and you can't let your own fears get added to the fears of the sheeple.

-2 pips on the day doesn't tell the whole story at all. This easily should have been a +25 to +30 day. No excuses.


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