[Soultrader]

Trade setup #1:

Short
Entry: 13405
Exit: 13385

Reason for entry: Overnight resistance at 12408. Price rallies at the open to test the overnight resistance. Pops up on high volume and is rejected around 13420 at the monthly pivot. Short Entry below monthly pivot.

Exit: Exit due to heavy short covering on tape.



Trade setup #2

Short
Entry: 13399
Exit: 13385

Entry reason: 50% fib retracement from swing high to low. At the same time, ES made a 50% retrace as well as the Institutional Holdings Index.
Exit reason: Bailed early due to strong bid at 13383ish.



All trades were all-in all-out trades.

[TinGull]

Nice man, all in all out eh? How'd it feel? Was it more nerve-wracking that way? Or did you feel nice and confident?

[Soultrader]

Actually, I traded half my position with a 20pt stop on the first trade and a 10 pt stop on the second trade. I felt extremely comfortable.

I think I am more concentrated now on 1-3 trades a day with at least 20-30pt swings.

How are things for you Tin? I havent had a chance to get up to date with you.

[TinGull]

Excellent Great to hear. I've been doing OK...was doing amazingly well for a little while, then went into a slump the past couple weeks, but am getting out of that today. It happens....but things are lots better now.

[Soultrader]

Oh yes.. I had a 3 day serious slump. Partly because I wasnt really in the zone with the US markets. Glad you are doing better now.

[TinGull]

haha...I wish it was only 3 days for me. Had 2 full weeks without a winning trade. But, Im back on track now.

[Soultrader]

Looks like that 13400 was a great area to be shorting prior to the afternoon. I called it a day after the first 90 minutes today.

Hey Tin, keep it up. I know you will reach where you want to be. Hard work and perseverance.

Im actually considering consulting a trading psychologist to improve my trading. Most of my losses are always because of my lack of mental discpline. There are a few things I have yet to understand about my own psychological makeup and looking to understand them better to improve my trading.

[TinGull]

Nice. Definitely keep me posted on how that works out.