I'm doing great Awash. I hope all of this comes together nicely for you. Oh yeah, if you can what thread gave you the great insight? Either way, I'm glad you made some points yesterday. Have a great day tommorow and hope you rack up some more points.
I'm also curious about that thread.. Not using indicators can only help you, I'm glad you did that choice. zel
Just wanted to get started on the right foot today but couldn't seem to manage any of my trades properly. 1. I missed my initial long entry at S and was determined to enter on the retest. However, volume slowly declined on the advance. I should have taken what the market gave me instead of waiting; poor trade management. Long 1108.75 @ 11:04 EST Stop 1108.75 @ 11:27 EST Stop: 1107.50 Target: 1111.25 P/L: + 0 2. Price traded nicely off the PDL, I chased and decided to exit after we traded sideways. I was comfortable with the trade even though I chased but I guess I didn't accept the risk on this one (stop was 1 point). Overall bad trade but next time I'll watch the 10 minute chart as a filter when price is trading sideways. Long 1110.50 @ 12:01 EST Exit 1110.50 @ 12:26 EST Stop: 1109.50 Target: 1113.50 P/L: + 0 Stopped early today!!!
Zel, What's up? Hope your trading is well! It's not just about needless indicators it's just the fact this thread covered so much useful material that I was truly ignorant of. When I graduated, I really thought all I needed was the TIMES method. MACD & Stochastic! I can remember someone saying "this is all you'll need .....the techs don't lie." Boy, was I a fool. Consequently, I focused solely on their method without exploring other alternatives, wasting valuable time and energy trying to make it work. Anyways, I can go on and on and on but I'll spare you a boring read. You may already have a handle on some of the principles and concepts covered in the thread but I didn't and that's precisely why it's helped me. Browse at your convenience http://www.elitetrader.com/vb/showthread.php?s=&threadid=29005
Just wanted to follow the plan today. Was slightly hesitant today but things worked out. 1. Entered after the break of the opening low, price bounced at my pivot on low vol but I was determined to properly manage this trade. Short 1108.50 @ 10:09 EST Cover 1105.75 @ 10:37 EST Stop: 1109.75 Target: 1105.75 P/L: + 2.75 2. Super late entry after price brokeout of the range, but I managed it properly. Decided to exit before my target near the PDC. Short/b] 1104.50 @ 14:27 EST Cover 1102.50 @ 14:36 EST Stop: 1105.75 Target: 1102.00 P/L: + 2
sunnyskies, Well, that's not what I want to convey! For me, in the beginning I lacked a lot of things, no mentorship, proper trade critiquing, general & basic trading knowledge, EXPERIENCE, and sometimes the prowess to fully understand. Not to mention I was lazy and failed to do my homework. My short comings lead me to be unsuccessful with everything. I still have a beginners background but ............ I currently have a new attitude about trading and I plan to stay focused and diligent to make it work for me. All ideas and comments are welcomed.
Thanks for the link Awash. You are very hard working and determined, there's no doubt you'll succeed with your objectives. zel
Didnât get started on the right foot early on and I hesitated a bit on a couple signals. Missed long signal at retest of the opening low around 10:30 EST & missed short signal around retest of opening high around 10:54 EST. 1. No signal! Awful trade! We broke out of the early trading range on nice volume and I get LONG! What the F$&%? After my quick loss I started to focus. Thank goodness. Long 1099.75 @ 11:32 EST Stop 1098.50 @ 11:40 EST Stop: 1098.50 Target: unknown P/L: - 1.25 2. Quickly reversed after trade#1 getting short but this was another sticky situation considering S1 was nearby. I adjusted my target and stop per entry and took what I could get to regroup. Short 1098.50 @ 11:40 EST Cover 1097.00 @ 12:04 EST Stop: 1100.50 Target: 1096.50 P/L: + 1.50 3. Wasnât going to miss another retest of a support level (LOD). Waited for the retest and entered accordingly. Iâm happy with this trade even though we changed trends (double bottom pattern) and I didnât capture more points. Long 1096.75 @ 13:53 EST Exit 1099.00 @ 14:06 EST Stop: 1094.75 Target: 1099.00 P/L: + 2.25 Stopped trading early!