Journal - 11/10/04

Trade 1

02:41 - L HSI 13617 stp 13610 - trend, fib 38% pb
02:45 - Exit 13622 +5 - chickened out, scalp target was 13629 which was reached since charts were looking good at time of exit.

Trade 2

03:41 - L ESTX50 2 @ 2886 stp 2883 - 30m trend, 5m pb10ema
03:56 - All out @ 2884 -4 - nft, but should have exited at breakeven or 2885 instead

Trade 3

04:01 - L ESTX50 2 @ 2885 stp 2883 - 30m trend, 5m bline os
04:13 - Out 1 @ 2886 +1 - nft
04:13 - Out rem 1 @ 2885 b/e - mistake, was trying to exit at 2886 also but didn't notice sell limit order was set at 2884

Trade 4

06:46 - L ESTX50 2 @ 2881 stp 2876 - neutral to slightly bullish bias, 5m pb to 50ema support
06:58 - Out 1 @ 2883 +2 - scale out, near top of bb in sideways looking market
07:00 - Out rem 1 @ 2884 +3 - out at top of bb, nft

Note: Good hold! ES was very positive so was not expecting ESTX50 to fall. However, Euro strength was putting pressure on ESTX50.

Change in Trading Plan

Starting Nov. 8, 2004, I will be changing my trading time as follows:

Asian Session - 20:45 to 22:45, 01:30 to 03:30
Europe Session - 02:00 to 04:50
US Session - 07:00 to 09:00

Also, my trading will now be limited to the HSI, EUR, GBL, ESTX50, and ZN.

After analyzing my trading results, I have come to the conclusion that my current long exhaustive trading hours may be contributing to my unfavorable results because I feel tired and sleepy already during the US market session. Considering my time zone, the US market opens very late already.