We have here a chart of PCX. I was able to short today’s move up but only after two failures. I didn’t expect it to go to 16.50 today because I wasn’t even looking left at the history! 16.50 was ‘psych’ level and also key resistance and prices met that with the morning rally.
I tried to use the 1-minute to time a short but this time I should have gone out to a one bigger timeframe than the 5″. I should have gone out to the 15″ which this is a chart of. On the two day timeframe it’s very clear in hindsight that 16.5 was key resistance. I wasn’t even thinking price was going up to test that level. I was so concerned with timing the turning point on the 1-minute.
So on top of everything else I’m doing, I need to ask “where did price go yesterday”?
If I don’t do that I am making a costly mistake.
Other than that, I didn’t repeat the grave errors of yesterday and ended positive so I am happy. I am starting to realize that I am not going to reach my daily profit until I have a few more strategies. On the other hand, if I stop making goofs, then perhaps one strategy is enough. We’ll see.
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