The best way to approach your trading day is with a fresh outlook. The best way is to clear the presumptions and judgments away from yesterday. The best way is to look at the charts with renewed wonder and anticipation of possibilities.
Yesterday while discussing a trade with some members, who were wondering when it was the best time to trade, I realized just how important it is to remind ourselves to continually look forward to the next trade and not backwards at what was. Some set ups continue to work throughout the day, others don't but we never know ahead of time. It is the reason we have to be open with anticipation rather than closed with finality of trades being done at a certain time frame.
Looking at one of yesterdays' PlayList picks, NFLX, and retraced the day for some setups on based on a strict parameter of my entry and targets posted in the morning, provided a viable trade was unfolding per indicators. The Long entry was $110 with possible targets of $111, $112.50 & $115. The short entry of $109.50 with targets of $108.90 & $107.50. That is what I saw in the charts and this is how the trades unfolded with those entries and targets.
9:33 AM L NFLX 110.00 110.42 0.42
9:34 AM S NFLX 109.50 107.35 2.15
9:54 AM L NFLX 110.00 111.66 1.66
10:33 AM S NFLX 109.50 107.25 2.25
1:17 PM L NFLX 110.00 113.00 3.00
2:35 PM S NFLX 109.50 108.60 0.90
Total 10.38 possible points.
All in all 3 short and 2 long targets were hit off of those entries, total possible points of 10.38. Not bad for a day's work on just one call.
Of course this is hypothetical, and especially on the first morning trigger, the trade may have been too fast to manage, before being taken for short, but the rest of the day worked with relative ease provided the trader stayed open to the possibilities rather than shut off by preconceptions.
It is what I teach traders, not to look too far and too wide but to look at what is in front of them available for picking. Casting your net too far you may gather much junk with a few large fish. Learn to fish with a spear instead, studying habits, searching the waters, knowing the possibilities you can anticipate the catch using your most accurate aim and suddenly it's not just another day.
Happy Trading, Living and Dancing
Anni
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