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The Wonderful World of “What If?”

July 18, 2012

The market rallied straight off the open today, and once again it became a game of patience as I waited for an opportunity to get long.

Without a support line (the one you see was drawn in after the pullback, remember), I was looking to buy at the EMA, but the pullbacks were just a bit too shallow. There is nothing special about the average I’m using, and it’s easy to start wondering “what if I were to try a faster average” on days you don’t get filled, or “what if I were to try a slower average” those times when your stop just got hit. In my experience this is a fruitless exercise. Choose a few tools that are suited to the analysis tasks you need to perform to implement your strategy, learn to use them, and then stick with them.

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Daytrading Chart 18th July

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I’ve added a 23 period EMA, and highlighted an entry from this in grey. That’s great, but what would have happened on all of the other charts I posted? I don’t know, and while ever my account shows a profit I’m not too interested in finding out . . .

Today left me with a 1.50 point loss, and a 3.75 point profit, so net $112.50 per contract.

View the Complete Chart for Today

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