Dear fellow traders :
In the last trade, I shorted the ES of what seemed like a double top. 
Got "chickened" out when I saw the next candle tried to thrust upwards though I saw the 10 mins. stochastic of the S&P500 was starting to trend downwards. 
Sometimes when trying to protect the profits that I've gained from earlier trades, I would be afraid to hold on to a trade in fear of losing those earlier profits, although my convictions (from the indicators) to hold on were there.
From the next chart you'll realize that the ES did go lower after forming a double top. But as we know, hind-sight is always perfect.
By the way, I've learned the e-minis trading skill from Mr Michael Woo. If you're also keen on attending his future e-minis class, you can check out his web-site at http://www.tfal.com.sg.
Regards,
Tony Chai
Thursday, March 26, 2009
ES Trading - 25 Mar 2009
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2 comments:
i have the same problem with you, which is controlled by our emotions. This is why i am looking for a trading system.
Hi :
Even with a trading system, there would be many occurrences that the movement of the ES (or other index futures) would not go according to books.
The indicators could point towards a probable direction but sometimes you have to see the context of where these indicators were forming eg. at a major FIB level, a major pivot point, a particular support/resistance level.
As we know, we could still see price trending up when indicators screamed overbought & price keeps dropping at oversold levels.
Regards,
Tony Chai
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