Focusing On Trades In The Here And Now
As traders, all that you can do
ahead of time is anticipate what you believe to be a high-probability trade.
Sometimes in our anticipation of an impending
price move, we either get it completely wrong, or maybe we’re just a little bit
early in our market prediction. One thing’s for sure, though–keep the loss to
the confines of your ego, and don’t force a trade that really isn’t there.
11:04:31
Intraday Setup Alert
Magal Security (MAGS)
has formed an inside day thus far, within a three week basing pattern–up .30 at
14.20. Intraday, however, the stock has formed an ascending consolidation on
the 5-minute chart, with a high-volume false breakout pivot. A move through this
pivot of 14.42 might be considered for long entries within the basing pattern.
I was off the mark on this one particular
trade–and it’s something that happens all the time, to be completely honest.
Trading however, isn’t about being proved right. Part of our long term success
in this game comes with being able accept ‘mental losses’ gracefully, and
keeping focused on other opportunities that still exist in the here and now.
Chris Tyler