Week of July 15 2012

After lengthy study last week and weekend I believe the problem with my trading lately lies in that I am not really trading how I think, or claim to trade.  My entire trading plan involves waiting for when price gets to a specific support or resistance level and looking for a reaction and then using tools to confirm price action.

Instead I was waking up and looking at smaller time frames (15 minutes) and trying to fit price action in to a trending template without really using the levels I was drawing on the higher time frame charts.

That being said here are the levels I will watch this week.

One thing that I knew but has been cemented in my brain the last four weeks is that Monday's are a good day to sit on the sidelines and just watch price action.