I think I'm suffering from the frozen fingers syndrome. I was not able to pull the trigger on initiate any trades last night. Even though I have prepared well in advance during the day. I identified a few stocks which I think will have good potential for the move up if they should rebound from the Mon sell-off. Among them on the list are GS, MA, RIMM, CAL, NVDA, etc. These are stocks which had a massive slide on Monday and are located at some support level and if this support level can hold, they have high probability for good rebound. I have also drawn the relevant support and resistance levels on these charts.
But come around 10.00-10.15am ET when the market improved and these stocks on my watchlist started to rebound off their support level, there I was watching these stocks, but yet not able to do anything about it. I think I somehow lack the confidence to execute such fade the gaps or rebound trades. I don't know why. Maybe it's because I don't trade such setup often and hence the lack of confidence resulting in "frozen fingers". It sure sucks when you watch the stocks fly a few points without you.
So instead of letting this episode repeat itself and going through the agony again, I'm taking Trader Mike's advise to get started reading Mastering the Trade by John Carter soon...not soon, but NOW. Actually I've got my hand on this book a few days back. I'm should also spend some time studying how some master traders in the blogosphere execute such setup.