Wednesday, April 21, 2010

Thursday - calm confidence in unpredictable

- notes from my trading journal 21/04: - open just above VA, attempt to auction higher, touched the NPOC@1207.50 and returned to auction down into VA. After the IB was set, there could be seen some weakness, price trading in the lower area of the IB and even breaking it very early in the session. The big drop in the second part of the day went right down to the single prints from Monday, 19/04, and got rejected, like expected, buyers stepped in and drove price back to 1203.00, in previous day VA.
- i was totally out of sync with the market today, low focus and frustration made it's work, i did only mistakes and i lost -4.00 points. Looking back at today, there were pretty easy trades, all falling under my setups and trading plan, unfortunately i didn't follow my plan. 2 short trades at the IBL, and long from the low of the day, based on the OTF buyer still present, defending that level. Yesterday was a bad day for me, as well, so i have to pull myself together and stay focused, stick with my plan and not chasing green horses on the walls.

- key areas/levels from the structure:
  1. strong R area 1207.00-1209.50
  2. R 1201.50-1204.00; HVN, this area is formed by 2 days VA's overlapping, so a big balance area, I'm expecting this to hold as strong R as we break below it/or S if we move above
  3. 1195.50-1194.75 LVN, still an area defended buy buyers, heavily tested today, i would say is my initial S
  4. 1191.00-1187.00, HVN, area of S
  5. 1183.75-1181.50, this is the low extreme area defended by buyers Monday, price rejection, buying tail@1179.75-1180.75
- i'll analyze the O/N, adjust my levels, and i'll continue with scenarios after i'll redefine my trading plan and strategy

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