Tuesday, May 26, 2009

05/26 Morning Session

Had a great session Today, after about 20 days without even looking at Futures, I was able to get back on the horse without any major hicups. Crucial step was to go over my preparation checklist, to make sure I didn't forget anything prior to start trading.

At the end of the day I was interrupted by Marina because Victor wasn't able to nap. He has grown used to sleeping with Marina while I was out and now we have to "train" him again into sleeping on his own. It affected the end of my trading session, as I wasn't able to pay any attention to the market. When you're not fully focused, the best thing to do is to avoid entering on any trade all together. So I was out of the last short set up displayed bellow.

Preparation is essential, the checklist helps me to prepare for my trading day.

Did not enter this short set-up, there was no retracement before setting new lows. Eventually it made its way close to the target, but took a while.

Started paying attention to the long side, did not enter right away. Waitted for a retracement and then got in.
By waitting for the propper entry, I got in and out fairly quickly.
/ES simply shot up, without any retracement, I didn't want to get caught up, so didn't enter long after Consumer Confidence came in better than expected.
First sign of possible retracement, this set up never triggered.

Here is a long set-up that I avoided, /ES had simply gone too far higher without retracing, so I wasn't sure about jumping on board. Specially because it was around the 900 level.
After several 5-min candles of uncertainty around the 900 level, a short set-up showed up, I wasn't ready to take it, so didn't enter.

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