Evening ramblings

I had a post started that was going to have charts from today with one for each of the indicators, indices and ETFs that I am following right now...then I decided that I don't have the patience or the time tonight to finish it. Seeing as I did not trade today it seems a little pointless, although I did have some good trading ideas based on all the available information.

I should be able to do some decently serious trading tomorrow so I will set some basic rules:

1) early trading will be restricted to small loss allowances per trade and only two losing trades permitted before falling back to PP200

2) stick to my PP200 trade setups mid day using the various information as confirmation of my ideas, no counter trend trades allowed without 100 % correlating indicators

3) late day trades will only be permitted if I have profits from earlier in the day and loss allowance for any trade and all trades will be restricted to 25% of profits. no profits, no trades.

Early trading can be setup by using pre market activity to determine trading ranges or possible trending directions. Cumulative tick used to bias the trades, Advance/Decline chart for confirming the bias, sort of a double check. If it doesn't look very good then it doesn't get traded.

All of this still requires less hesitation when deciding on the trade entries, perhaps using leading limit orders for entry, I don't overly like that as if the move is fast and the price shoots past my limit in the wrong direction I am in too high or just in wrong.

Anyway, I'll see what tomorrow brings.

Jeff.