This is 12-min chart for SIMSCI today
From today’s trade, I am convinced to admit that it is still long way to go before I can call myself a good trader. Again, I have made a mistake.
I have mixed up trading time frame. After trade execution , I switch to 9-min chart to observe possible early warning signal. In fact, no positve divergence was observed, but I made a decision of exit when RSI tick out from oversold zone at 14:24pm. That was a wrong decision. Exit decision should be made by looking at longer time frame (12-min in this case). I was afraid of missing profit, in other words, I was hungry of profit. My initial target was 280 (it was hit comfortably after I have closed the trade prematurely), instead I closed the short position at 281. Now , I am watching profit running away from me. That is trading. That is a bad trading.
It has been 3 consecutive day I am performing under average, which is supposed to be 1.3 point per trade. I can do better, but, it can only be done in the next trade. Trade closed with small and bitter gain + 0.7