8/25/2009 11 am update

• ego, ego, ego!! so invested in the trades outcome...so pissed when i am out of sync!!
• afraid of not having a position in the NQ for the discretionary swing trade...afraid that i am going to miss the move...afraid, afraid, afraid...
• tired of the day and night sesssion chop in the NQ since mid morning friday...when the NQ gapped up this am into the low 1640's, my limit order which was moved down from 1656.50* to the mid 1640's, but i kept on missing the exit by a few ticks...so i moved the limit order down and down and down and the got filled at 1641.25 (for +5.75 NQ points/contract)...
• what did the NQ do then?? why it went on to rally to recent resistance at 1647ish, break that resistance and rally up to 1655.50...
• i decided that i did want to get back into the NQ, but at a level that takes the following into consideration: multiple time frame analysis (15M, 60M, Daily), pivots, moving averages and expected ATR high/low areas (http://stbsmb.blogspot.com/2009/08/atr-average-true-range-volality-bands.html)...this analysis led me to place a re-entry order at limit 1642.50...
• the 1655.50 high of the day was hit at 1004 am, and then 14 minutes later i was filled at 1642.50...i didn't expect/want to get filled that quickly, as that quick reversal suggest potential weakness....however the market internals were either neutral (TRINQ) or bullish (AD LINE), so i still took the trade...
• exit order at limit 1653.50...
• in my vcm daytrading account, i shorted the COCO gap up...the entry was good, however i messed up the exit just like i did yesterday with VRX...
• when R base trading, i need to decide if i am going to scalp a small portion of the position when the trading vehicle moves to predefined pivots and moving averages (for both exits and entries), or if i am going to use an AON (all or none) tactic with a hard stop and a hard target...i need to think more about this...

* i tend to place an entry and an exit order in the overnight session that is somewhat far away from the closing price, but within 1 ATR of the that closing price...i don't expect the order to be filled, but i want to take advantage of the possibility of a volatile overnight session and have an order sitting there just in case we have a big move in either/both direction(s)....the more heavily i am currently positioned the more inclined i am to exit than enter, and the more lightly i am positioned, the more inclined i am to enter than exit...

Disclosure: Long NQU09.


***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...***