More often than not, the price reaction to the 10am econ reports is a fade, and does not agree with the true underlying trend of the day. Today, however, the news and the underlying trend fed on each other, and we made a mistake when attempting to fade it too soon. There was also a subsequent trigger that would have tripped us into the trend for as least the last leg of the morning session, but following on a loss, we erred on the side of caution and let it go by. One of the most important qualities for a trader to exhibit is the ability to recover from a bad trade when the next valid trade signal appears. Study your mistakes in the market, and try to recall the mental state you were in when you made them. Mistakes can be the most valuable lessons of your trading education....
Trade Summary
20120402
Short 1 NQ 2752.25, +2.5
Short 1 TF 825.9, +1.0
Short 2 TF 823.4, +0,4, -0.4
Short 1 TF 827.2, -1.0
Short 2 TF 828.9, 829.5, +0.3, -0.0
Short 2 TF 831.8, 831.6, +0.5, -0.1
Long 2 TF 830.3, 830.4, -0.6, -0.7,
Short 2 TF 829.6, -0.0, -0.0
Total NQ +2.5
Total TF -0.6
