7:24am, First trade of the day on the /YM. Took a long in a consolidation zone during a very bullish morning. Internals are all firing up and the Dow is up 140. Stop is at 283.
Trade closed, stopped out.
This was a painful loss. The bottom line is I did not wait for a confimation candle and it cost me the trade. In the chart below you can see where the market has gone since I got stopped out. There was a clear entry candle that should have been my signal:
Please forgive the change in chart colors. I switched it up to keep things interesting.
Results: 17 tick loss.
Daily analysis:
This is a prime example of not following my plan. Since when do I enter in a consolidation zone? I'll tell you when- NEVER! What was I thinking?! This was classic amateur trading. It is a good reminder of why I have been losing lately and how I can not let my guard down as far as sticking to very specific entry/exit rules. The painful part of this failed trade was that if I had the patience to wait for a proper entry I would have cashed in nicely. Very often in trading it is easy to be right about the direction of the market but have some lame entry turn a good idea into a losing trade- which is exactly what happened. I deserved this loss.
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