TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

No trade: 13-September-2006 (AGAIN!?!?!)

by Gav

Dear diary,

Ah..it was a trending day! Great.

Good thing: Not a single dummy setup in 30-min chart across E-mini S&P, E-mini Nasdaq, mini-size Dow, and even E-mini Ruselle 2000! before 12pm NY time. So, I was being disciplined, no setup, no trade. Bad thing: I didn't make any money. Worst thing: I didn't make any money during trending day.

Just as part of my observation, I noticed chances appeared in 15-min charts for the past 2 days. I was not trying to monkey around timeframes, it was the strong day with strong opening volume analysis led me to think about looking at 15-min chart for faster and safer entry.

For consideration, if opening volume analysis shows a volatile or strong day ahead, I am keen to look at shorter time frame (15-min chart). Well, it is just a consideration.

Bottom line, I need to have a couple of different trading strategies in addition to dummy trading. I can't make a living with just one strategy.

Anyway, let's fight another day.

Comments

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  1. Richard
    I agree, it works to most people's advantage to have different tools available for different kinds of days. I think as long as a trader waits until they are comfortable and "good at" their current tools before adding new ones, then it's always a good idea. Mostly, though, congratulate yourself for not deviating from your plan.
  2. Richard
    I agree, it works to most people's advantage to have different tools available for different kinds of days. I think as long as a trader waits until they are comfortable and "good at" their current tools before adding new ones, then it's always a good idea. Mostly, though, congratulate yourself for not deviating from your plan.

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