I like consolidations that are overdue for a move. Triangles, horizontals, descending, ascending ...whatever. I like to set the limit on the far side of the trend so the worst thing that happens, if I am wrong, is slightly less than break even. Even a small move in my favour but one that looks like it might not go anywhere is still good for a gain. This was the premise of my old CTP trading plan earlier in th eyear, except on a daily trading basis rather than a minute basis. Now I need to work on fast charting as I don't have the luxury of playing with the charts overnight. Spot those trends quickly, identify the pattern, plot the trend lines and make the trade. I miss a few because I am a minute or two late and the move has already started without me.
Even so, all that chart reading I did before has paid off well.
I made four trades today but only one was a real trade. The others I had interruptions distracting me so I would not actually enter the trade...as I mentioned in the past I do not like to be in a trade when there is potentetial to have to leave it.
Of course the two winning fakers were nice smooth sliders and I garnished 80 cents per share on each. One was a break even. The only real trade, I choked on (the mental stop was pennies too tight) and gave up 60 cents of the 90. Still a 0.5% net gain for real.
So a combined 4.80% return. I will be glad when I can dedicate the time in the morning to trade exclusively until about 1100h. There will be no fake trading then and all, or most of the gains will be real.
If anyone is reading these do keep in mind that I am not currently writing in a manner that lends itself to learning anything from these posts. It is as much for me to feel that I am being accountable if only to myself.
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