Last hour

Last hour of the US session. I had the last ticks of the extreme sell off, then I felt that the market was going to correct a little before the bell. But anticipations are theory, I wait to see that on the chart.

Anatomy of a loss

Late session again, just before the Friday's close. First trade entered late and gave a predictable loss. Second one was even worse, a revenge trade. I had to close it at my max acceptable loss, -9 ticks and then price reversed (as always happens). The two winners who followed were correct. Total -2,5 ticks. I was tired and despite that I spent my time and some money in front of the monitors and missed also a night at the movies..

Bits

Not much on this late session (busy week for me) when market is calm, preparing for the last move before the bell. Not expect more this hour, although I could initiate the last trade much earlier.

Swing

Opus

  Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading)
"This is not a book one can read. It is for study. One who studies this book is immediately faced with a challenge, visualize every phrase with what you have seen on a chart".

I was reading this in my hotel nights. Not suitable for the newbie, not a easy piece of trading study but it is the best book on price action I have read so far. There are many faults and repetitions and the writing is dry at best. Al Brooks is a serious man and he makes your effort to grasp his opus as big as possible, in order to increase your own effort!.. He is clever but also scholastic. He lucks one quality only : intuition. Trading is also intuition.

Back to trading

Back to charts, after a week of business traveling. I missed all the sound and the fury of previous days but I kept my rule to not trade in hotel rooms.

So today I followed the ES decline and had some ticks of gain. On the same time I was examining the collapse of the euro on an other monitor. It was tempting to follow this, as the gains could be much higher there, but I feel more secure on ES future now. More "stable" market, no slippage or price hunting, as I wrote before. I may trade again the euro in the next days, when it calms down. No casino feelings for me anymore..