Wednesday 10.03.2010 - Daily recap

Another low volatility day. After opening inside VA, above POC market went straight up into R=1147.25, making a new high at 1148.00, not a very significant one. We saw rejection of this level and a nice rotation back down to the previous day POC, after this market rotate inside the IBL & R.

My day was a pretty frustrating one, after closing at BE a very nice short position without any valid reason, a trade which was in my plan to take it if market gets there (probably I was too spooked out because my plan working so well), I lost my focus, my patience and I made mistake after mistake, again.

In building my discipline I recognize this pattern that keeps occurring: loosing my focus & discipline after a loosing trade or a bad one and instead of focusing on the next trade I keep making mistakes until I take a break and reassess the situation.

I'm not going to focus on this weakness but I'm aware of it, I know it's there so I'm going to focus on my strengths, my progress & development. I have to focus on confidence in my setups & just trade what & how the market is telling me to trade with no stress and no overthinking. I need to see progress and improvement in order to become successful.

Ideal trades: after the IB
- L 1145.50 break of WIBH=1145.25 exit at R=1147.25

- S 1147.25 rejection from R, break of IBH exit at IBL=1140.00 or POC=1139.50

- L 1140.00 IBL exit 1145.75 IBH

My trades:

- S 1147.25 exit 1147.25 P/L 0.00 R, break of IBH, got spooked out and exit

- L 1146.00 exit 1144.75 P/L -1.25 IBH for a retest of R

- L 1145.25 exit 1143.25 P/L -1.75 wrong reasons, no focus & patience

I took a break and regrouped

- L 1144.00 exit 1143.25 P/L -0.75 pullback for IBH test, too early, exit order flow

- L 1142.75 exit 1146.75 P/L +4.00 VAH, intraday S=1142.25, dVPOC, dVAL exit above IBH in front of R

Net P/L: +0.25