Friday, February 26, 2010

Walking the tightrope. Fri Feb 26

I'm practising technique using intraday 5 minute charts and the moves often have little to do with any overnight leads. While I'm sitting waiting for something to evolve, it's quite easy to jump into a trade and then get "imprinted" into being bullish or bearish. Along the lines of "I know nothing", I'm trying to take an academic rather than a personal interest in the trades.
I've already broken a couple of my rules today, to my cost, and had to pull myself together again. The chief mistake was to get excited about the possibility of a larger breakout and put a position on without good confirmation.

Actually, I'm really tired today which is why this post is thin. I've also been impatient with my intraday trading, cutting a Cba long without a trigger just before a big surge. I would have been wise to sleep in today and try to find a couple of trades later in the day.
Here's Cba on the 5 minute.

Click to enlarge















Got long this at 5341, around 12.30 pm and cut for square - for some silly reason like I was temporarily bearish the Spi - only to watch it race up 75 cents before a recent pullback. I obviously failed the "I know nothing" test today! It's a good lesson though, don't trade tired.

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