Registered: Oct 2011
04-13-12 08:05 AM
Quote from sfbayarea:
A lot of these trades, I try to get the second measured move. I usually go in when it breaks resistance or support. If there is something I'm doing wrong, let me know. It's hard to judge, some moves go without it being close to the EMA. Some need a pullback to the EMA before a move. This is what makes it tough. Perhaps, I need to finish reading the rest of Brook's books. Haven't gotten to Trading Ranges yet and those are the ones that usually get me.
It is not doing wrong or doing right. You have to repeat what works (i.e. puts money into your account) and stop doing what does not work. It is easy to say, I know, and I have my mistakes too daily.
If you go in when breaks support or resistance, and you are almost always stopped out, than may be you misjudge the S&R, or the breakout. I am not a breakout trader, but sometimes I trade it, but even then I wait a bit of pullback to the S&R and then enter. Also, I have a feeling that if you trade breakouts (all of them) you will have many small losses (since breakouts fail usually), and few big wins. But in your case you have only small wins (except the lucky one overnight yesterday) since you have problem letting the winners run. So may be your strategy, trading breakouts, is not for your psychological makeup at this point.
Yes, sometimes it comes back to the ema, sometimes it does not. You wan't to be consistent at this point and so I would suggest picking one type of entry and practice that.
just my 2 cents.