Registered: Feb 2010
11-28-11 05:46 PM
Thanks Instynct. Very good point.
Quote from Instynct:
After reading your notes on your chart, I think you are making a very big mistake to ignore the larger trend at work. Just because you are an intraday trader, that does not mean you can ignore them. I can tell you right now that the big money (or professional money as I like to call them) put their emphasis on the larger trends at work, not on the intraday action.
So first you need to understand market bias from the perspective of the larger trends. The 60 min and daily chart being the focus here. In the 60 min chart I hope it is quite clear to you that the trend, bias, whatever you want to call it, is down. If it's not clear to you, let me know and I can explain in more detail.
So in your long trade, you were playing against the trend, which is ok if you understand the need to get in early. But you got in after price had already ran up 40 handles and approaching resistance. Look at wednesdays action and tell me you don't see sellers stepping in at the 2183-2185 area. Then think about why your long trade is a losing proposition.
Now to those people that only trade the 60 min or longer time frames, thats great, I'm happy you guys are making money. But Jas has decided he wants to trade intraday, so if you don't have anything to say that will be helpful to his trading, why bother... I mean why try to force your own trading style onto someone else?