Many times in the past I previously like to try to pick bottoms and or fight trends, which caused losses. Today, I went with trend as market was making new lows, hopefully learning from my previous mistakes. My only issue was not going for more profit on this trade. I think one has to examine each week how far when entering a trade correctly on a setup for example not chasing too much a trade can go more than one thinks possible in the winning direction. I notice now with this trade and previous trades I could have had my target set farther out since when I am right, the market is moving more. My stop I can still leave as standard or based on chart where it outside of a zone.
Thank you for the info I am still trying to catch up. I am only on page 20 of this thread. I have read your post on page 20 about ten times. It was very helpful to me. I work full time driving a truck do my time is limited. Shots Fired.
Must say that since I trade NQ, use trendlines much less than before with Euro. Probably is related to the fact that NQ has sharper distinction between ETH and RTH with different players involved, while Euro trades 24/5 and mostly smartest of the smart money there which never sleeps (global banks and transnational corps). NQ is a much simpler trader, can even say basic compared to FX.
cant daytrade profitably,requires more skills than i have,you need to be quick at pullling the trigger and changing your mind,or able to disconnect the thought process quickly, early on in trading i was able,saw only a small part of the big picture,today it's larger and the small picture smaller, a younger mans game imho
Yea, day trading sure is very demanding compared to swing trading. If I was born rich, would never day trade, rather position trade intermediate/long-term having a few trades per year. But...
Regarding trend lines, I have been going through the charts every night on Sierra Chart, and I haven't been able to draw any good trend lines. It seemed really odd . Then I realized it was just because my chart was small where I had two different time frames stacked on top of each other....once I maximized it, it was a whole different world haha
From Mrs. NoDoji Are you insinuating that you're a truck driver? http://www.elitetrader.com/vb/showthread.php?s=&threadid=243742
Ammo, I think you have a lot of good information to offer. However, your writing, imo, is often so confusing that I spent far too much time trying to make sense of it, and usually give up. By the way, what the hell is L and C? I do not see an L or a C on the chart?