You’ve created your plan, you’ve done all the preparation work, and your mentally prepared, ready for another perfect day.
The day begins and the price is closing in on one of your pre planned setups, everything seems perfect.
This time, I’ll use a limit order, fading it, for an even better price, and I’ll put my stop just above my strong resistance level.
A few ticks risk to a highly probable trade.
The price turns one tick below your limit sell order, and you see the bars turns red and becomes longer with time, the Time & Sales is also mostly red. Problem is that it’s too late now for hitting the bid, because then it wouldn’t be that perfect low risk trade, damn!!
You take a deep breath and praise yourself for being so immensely patient and disciplined.
What a perfect day you think, because this is what it’s all about, isn’t it, being disciplined, patient and focused.
Tomorrow is another perfect day with loads of opportunities, and maybe then, my limit order’s getting hit.
Tonight, I’ll watch the recorded session and see if I’ve missed something obvious on the tape, maybe there was a big seller just below my entry that I didn’t spot. Maybe this setup isn’t right for limit orders, maybe you´ve just have to go market. We’ll see.
Anyway, once again the setup has proven itself to be a very high probability setup, my absolute favorite.
* At 9:34 am (ET) it occured. The second push to 12423 resistance level occured during big news, that´s a reason I´m not interested in it, plus it´s not the initial one, although it looks pretty good with a TICK extreme to it.