Mar 082010

We called the brick of resistance at the 40 handle pretty accurately, but alas despite my accuracy my own words came to bite me today. Thankfully, one of the partners had it right though so the two accounts are a wash today. We will post just the loser here though. As expected there was a little fight around Friday’s high at 38.75. The buy prints started failing so I shorted early at 39.00. I was right about the rejection but I stuck to stop rules on that trade and stopped out for 6 ticks at 40.50. My partner waited for the faliure at the overnight high and sold 39.50 into 38 for the opposite 6 tick win. Study today as it shows that even when you are right you can still lose. I count today as a mistake as I should know better. Even with all my experience I took what I knew to be a lower probability trade when of course I should have known a market is more likely to test its edges when in balance than any other state. Every professional still makes mistakes no matter how accomplished, but hopefully they continue to recognize them and the difference between being wrong and just missing something obvious.

 Posted by at 2:15 pm

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