For the first time ever I stuck with the "one big red bar is usually followed by another big red bar" theory, and the big red bar was actually followed by another big red bar. I still can't believe I was in an actual trade and it actually happened. I keep expecting my alarm to go off and I wake up...
sim -.97 & stop to be target .20-ish, but I don't think we get there before numbers :01 stopped out at be
This is one of those head scratchers, for sure. Did not post any trades since I only had a fast scalp in crude... As NoD said, I was also0 surprised by that follow through, but unlike her, I had no position on.... Lackluster open, up 509.38 so far, gonna get some bkfast. Good luck everyone!!
how can I learn to "read the tape" if I could improve my entries by 5 or 10 cents every times it would be nuts. I thought when I saw .20 it seemed like it was barely getting there and then boom.
NoDoji, Do you move your stops to b/e after a designated amount of tick in your favor? For ex, once you're up by 10 ticks, then you move your stop to b/e... Thanks for being such an inspiration. thanks, Walter
To be fair, I had two really dumb trades leading into that one and was down $290. If I was giving trading lessons this morning, the lesson would've been called, "How To Make Assumptions And Do Exactly The Opposite Of What You're Supposed To Do". Then I put on another trade and instead of exiting b/e like I always do when there's lack of follow through on a move, I stayed in the trade, watched price come within 5 ticks of another 15-tick loss and came to the conclusion that I'd become defective overnight and possibly shouldn't be trading today. It got worse when I didn't lock in my 20 tick profit because I assumed that if price broke the previous pivot low it would head for the overnight low. So price started back up and I was sure I'd be stopped out b/e when I could've recovered a good part of my losses. But when price started back down off the 20 EMA and a lower high I realized that I was now in a very confirmed short trade and decided to play it as such. Then when the overnight low became resistance I moved my stop to lock in 40 ticks and trailed it all the way down. As Mark Douglas' said "Anything Can Happen" It's taken over 6 months for me to get a move like this.