Right Idea, Wrong Implementation

Just playing in the pre-markets

I have struggled more trying to trade in the "after hours" market price action. This morning when I warmed up the charts I saw what looked like the 1509 area in the ES could be wanting to hold as the low of the pre-marjet trading. So I decided to Sim a trade to see what I might have done with this trade.

I did a few things wrong.

1. I quickly took the trade when I first sat down to the charts and did not evaluate price action first.
2. I took an entry at 1509.75 as it looked like price was "walking away from my desired entry.
3. I placed my stop "tight" and at an obvious spot, 1 time below the low.
4. I also started reviewing blogs and not closely monitoring my trade.

What should I have done.

1. Taken my time to better evaluate price action and how price was moving.
2. Waited for a preferred entry or let the trade go.
3. Allowed more room and not placed my stop so close. I actually like to give several ticks of room for "stop runs"
4. Maintained focus on the trade.

I almost jumped back in after my stop got hit as it felt like a probable stop run. Well the trade is now doing good enough that I can say it would be a small winner at worst case.

Trade Wise, Trade Well

John