Follow a game plan!

During the post Chronicles of a learning trader, I discussed how important is for a new trader to have a game plan. So last night I showed a chart of XLF. I noted that 8.50ish could be a key resistance, but if you look closely at the chart that line drawn is 8.66. My game plan yesterday, was to watch and add to my SSO if we hit resistance. But I was also watching XLF and had the idea to buy a SKF call, since it has been beaten down so badly lately and fin's were up huge last week.
Here is the daily 5 min XLF chart:

XLF gaped up today, and rose to the 8.66 level and moved back down. The candle highlighted is the 1:40-1:45 candle, turns out this would be the high of the day. I went and bought SKF Calls at 1:41. Pretty much nailing the top of the market today! Got to give the guys over at Slope a shout out too for talking about this trade for the past couple of days and today!!!


This is why having a game plan is so important.

I also had the game plan of shorting more SSO. This morning, I took off my TNA hedge and Shorted more SSO. I did not nail the top on that trade, I was early shorting around 11:40.

I also went short BBBB in the AM. Which is working out nicely today too.

I am not getting overly excited about this move, this could be a healthy pull back for the bulls. So keep your stops tight and your eyes open.