Re-focusing

I have been very un-focused in my trading...always. Trying this and trying that to see how things work, and perhaps make some profit...although profit has not really been my primary goal.

As I mentioned in a recent post I am working on trading ideas rather than the actual trades, although I will place the trades to see how the execution works for me to prove the idea out as often as I can.

Today I started with the same premise as yesterday, check the pre-market chatter to see what was going on. Today I only had about 10 minutes before the market opened to form an opinion, something that I might continue as I tend to over-think things often.

Activity of the European market (FTSE) (up at the open but neutral trading)
Current trading price of gold (Down)
NYSE cumulative TICK (UP, +150 range high for pre-market, so far that I have seen)
Global Gold Index (Down near the 200SMA)
Crude Oil (up and looking like an early uptrend)

Expecting a continuation down followed by a range day.

Trade plan A) Enter HGD for the drop in Global Gold (TTGD) and hold it.

Trade plan B)if TTGD rallies off the start wait for a pullback to a pivot point or significant line to enter a trade for HGU

The move:

The price dropped from the open to past the S3. HGU jumped over 30 cents in reaction.

The execution:

HGD at 0934h $6.66...stopped out at $6.60 very shortly.

The idea was sound, the analysis was bang on but the stop was too tight or the entry was too high...actually I didn't wait for any pullback and it happened as the price of TTGD returned to S2 before continuing it's drop...my stop was the equivalent of being just below S2 in HGD so I was out for the sake of 2 cents.

I ended up getting in later at $6.79 for the last of the particular move I was anticipating, sounds familiar.

It is worth mentioning that my stop got hit too close again. Usually these are for the sake of a few cents so the temptation is to widen the margin...but then when do I stop? I think the better plan is to wait for the better price entry or let the trade go.

No chart today, not much to see, actually.