No Trades Today – The True Cost of a BLT Sandwich
March 2nd, 2007I didn’t take any trades today. I only saw one setup that I liked, but I didn’t see it in time. When we gapped down at the open, I thought it was going to be another morning of wading through my ridiculously long list of shorts. There turned out to be only 78 from my scan and I quickly filtered that down to a surprisingly small list of only 5 longs and 5 shorts. I’ve also come up with a way to filter even more out of my initial Trade-Ideas scan, so hopefully I’ll get a chance to test that out this weekend.
I start off each day looking solely at 15 minute charts and then sometime during the day I start looking at 30 minute charts as well. I need to work out a better system for doing this. For example, the 15 minute chart of FDG was right in front of my face all day. By the time I switched over to the 30 minute chart and saw a really nice setup after 12:30PM, it was at least an hour too late. Trading both timeframes is not easy, but I certainly think it’s doable. I just need to come up with a routine for doing it more efficiently.
Also, it turns out that that wasn’t the real reason I missed that trade. My wife brought home a tasty BLT sandwich for lunch, so I took lunch a little early and fed my face. That BLT turned out to be a pretty expensive sandwich, but I think it was worth it! Here’s a chart of FDG:
Incoming search terms:
- true cost of a sandwich
Related posts:
Zoomie Said,
March 2, 2007 @ 4:38 pm
Dave, I saw FDG setup on the 30 min chart and passed. The only reason being was I was in 2 already that were sub-par. I was lucky enough to join a bit of the downdraft in the Q’s and SIRI later on. I find it hard to scan both 15 and 30 minute too. I am trying to stick to 30 minute charts for now, with a peek at the 15 minute charts once in a while.
Dave Said,
March 5, 2007 @ 5:49 am
@Zoomie:
I find myself gravitating towards the 15 minute charts now. I go back and forth – next week I might take more 30 minute setups – who knows.