Hahah, ok, that's like a kippa, right? Thank goodness, I thought you were writing cilice in Cyrillic! I have enough with the mental torment.
Dude, you're hurting me here. I still think you are thinking too much--that's getting you into trouble. Here I am over in TF (ER2) right now. Actually, as I am typing here, my stop just got hit now, but I digress. Take a look, same setup (other way) as before. See that 703.6? Tested 3 times then fails. This is a classic thing, I know you know this. Stop into trade at .5, initial stop on, then just follow the bars down for some cash. Easy-peasy! You'll be on the yellow brick road in no time!
:11 stopped out be - thank goodness it's Friday. Great day today with great opportunities (yeah, and some chop too). Incredible how I managed to lose (a little) money Thank you, Gov, I hear you, next week I'm going to stop thinking and simply put on the damn trades... Pinky swear Have a good weekend everyone.
Yes, correct. You know, I think I'd pay money to see you in hairshirt! Crazy, hey have a nice weekend and thanks again for the timely news and witty conversation...passes the time through this boring job. See you next week. All the best!
Did everyone take this trade?? I was long the R break @ 81.34 looking for a break of 81.38 to carry through to the next resistance. I was full of hope for .84 but out @ .67.
Dear Grizzled Old Veteran: How is it that I can have periods of trading in which I do not think at all, followed by longer periods of trading where thoughts are literally crawling through my brain in droves telling me why certain trade setups are somehow better than others? Sincerely, Light, Sweet, and (sometimes) Crude Gal
Dear Light, Sweet, and (sometimes) Crude Gal, May I first say that the generous greeting puts you squarely in the sweet category, at least for now... You are not alone. I used to refer to this as "the voices," and I used to think that maybe it was some manefestation of a self-destructive tendency. I think now that maybe it is simply discordance brought on by the incessant operation of us mere humans in a completely uncertain realm. We are just playing a game here, but sometimes we let that game become reality, by making the outcomes important. That tends to get us thinking, and next thing you know we are lost in a cascade of thoughts, none of which is helpful to the task at hand. I think you show great promise and are well on your way; I am glad to meet a kindred spirit. There really are few of us, after all, sadly. This is proven mathematically, of course. We cannot all make money.* I think the conversion happens when you truly believe the future is not knowable. We have such a problem with that as a concept, as though we hate it with all our being. Start thinking you know the outcome, and you have already slipped. That belief in chaos set me free. Without having to think I can act simply and quickly on probabilities, without all the drama. I was just back in for lunch, and now back out until Monday am, so have a wonderful weekend and ttyl. gov *Oh, except, of course, in that trade we all entered.
I use buy/sell stops as you described. I place them far in advance to avoid major slippage. By placing them far in advance even the most powerful breakout results in little or no slippage. I made the mistake of placing a sell stop at the last minute once because I wasn't focused on my trading and saw price coming in just before it hit the level and got 8 ticks slippage on 1 lot. My stop is 10 ticks, moved to b/e rather quickly and I rarely have a hard target because sometimes price can just keep running. ND, On the breakout to a new low on Friday at 81.31, where it broke out to 80.55, did you have a sell stop at 81.30, and when did you put that order in to avoid slippage as that thing was moving in 12 point stomps down at times in the decline/ You said you place these stops ahead of time? by how much usually a couple hours? Or do you only play major breakouts of support resistance? On that one the trader probably had at least an hour notice that that was the next critical breaking point, if it broke their on friday lookout below, and would have been a nice trade, i.e., very little if any retracement, and an easy 20 points for even the most conservative trader. Do you use button trader ib, or nt for your sell stops? thanks