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A Morning Miss and A Battle of Frustration

The market opened up near the close of yesterday's price action. Yesterday's reaction zone around 582.50 and the previous day's close around 582.80 were key areas to watch. In addition, the hourly 585.00 reaction zone was a key zone to watch for an intra-day reaction.

I was ready for the break of 585.00, but my order never filled at 2.60 (red circle). I remained patient and waited for the opportunity for the re-test/pullback. More candles went by, and nothing but more strength. 

I felt the urge to chase, but left it alone and dissipated the urge. 

I focused on price action and waited for any opportunity on a pullback. I marked the high, and we started to come down. I added the 20 EMA on my chart and waited for an entry. Ideally, I would have liked a re-test of 585, but price action was not volatile enough today. I waited for green to take out red near the 20 EMA, my entry signal (green circle). I was able to modify my trailing stop, but we already started to come down, so I only locked in a small percent profit.

The Setup: Trend20CC

The Result: Win +2% profit

My time window expired, and the price continued to follow the 20 EMA. Later in the day, we may get the 588 retested for the reaction zone.

It is frustrating to have been ready and missed THE opportunity today. Yes, chasing today would have produced results, but chasing is inconsistent. 

This is a reminder that remaining calm and collected, no matter what happens, strengthens your consistency over time. I missed a perfect breakout today with hardly any downside. I need to get these. I didn't this time. Stay in the game to have another chance next time!


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