I don't trade after 3:30 pm. So another -2 pt day. Good luck guys. P.S. I cheated a little at the end. That's OK right? There is half a setup but is all poked thru near the relative high.
Half of my stuff (support/resistance) does not work. Nothing is really forming when the market moves lower and I start imagining things. This is what happen when you started using market geometry. Your eyes started making things happen. The other half of my technicals works like a charm but I am no spike or you.
You don't have to be a spike or me, you just have to not fight the rushing water. The point is for YOU to make money, not make more or less than someone else. If something aint working then work on it until it starts to work for ya. best of luck.
Actually the problem is I broke my plan. In my first post, I said I will let go of all profit and then some on my trade until it hit my target. I did not do it this morning because I don't want to look stupid. Otherwise it would be an even day.
ALWAYS follow your tradeplan, even if it looks stupid to others. Otherwise you don't have a tradeplan, but you trade impulsive. I added a sheet to show that the average potential profit per trade in trendfollowing was between 30 and 50% bigger for the last 2 days. On top of that the risk is much smaller. The moves with the trend are always bigger and faster than the moves against the trend, that's why it is the trend. If you trade against the trend you have to react much faster because the mzrktyes reverse faster and heftier in general. So there are no good arguments at all to trade against the trend.
Thanks. Food for thought. That would boil down to one trade for me today which I stopped myself out...
I am gonna do another two days' of grinding hell. I will still try to take as many trades as I can. IN THEORY, there were a lot of opportunities on the first day. The big swing in the second day, threw me off a bit but actually there are clear way to catch them if I apply my works on the bigger swing and not the small swing pullback (I found smaller swings more relevant and accurate in real time). Yesterday there is one morning reversal and when I looked again there is another short trade at the time I was getting lunch which would be at least a scratch day despite all the trades I imagined. During all these time there are two trades that I would usually scratch with a small loss, but I got into the wait-and-see mode instead of the usual. Maybe my skill level is not quite enough for this plan. I am still new to this. It has worked for me but I was not trading all day. This is why I want to see what will happen if I sit here all day. I might need to improve my physical condition a bit to keep the focus. I also think of "giving up" the first morning reversal as a ORB type of profit taking but 60% of the time the market will reverse back to its original direction so I cannot just cherry-pick these few days and retool it. I am gonna stick with my original plan even "more" for now. I will also scratch my trade with a loss when the premise broke. This stuff is supposed to work to the tick more or less when it works, although sometimes with the leveraged market, the price can poke through my premise a little but usually it means danger especially when it pierces right thru. That is why I have to have a tight stop.
It's alright. I don't really have a trade but I just know this market is a little oversold (volatility revert to the mean) so there is likely a reaction. I got two sets of technical work going... It's up. It's down...