I'm copying this here to emphasize it. It's just the sort of thing that many who have been here for a while would endorse.
I didn't take it. Of course it looks good now but at the time I thought, 4:55am outside bar, 5:00am seemed to pull back a bit too much into the ema so as of 5:00am I made the call to walk away and fix some coffee. Goes to figure it probably broke out within 2 minutues after I walked downstairs. I did see the setup coming just found away to talk myself out of it since I already had a loser for the am figured I'd leave it at one trade for the period and try again when US markets open.
I can't see what example you are talking about. Can you provide details i.e. date, symbol, time of bar, price etc. ....
"Many who have been here for a while" ...oh my God. I must be waxxing philosophical like the bullshit Elite members. Somebody shoot me! The day I get the stamp of approval from those tossers (db excluded) is a sad day indeed
Not really. But there are at least a few people here who have recovered from the dreaded trading-for-the-sake-of-trading sickness. They know when to trade and when not to trade. They've also learned to ignore the kiddies who claim to be able to make money out of anything. I wake up each morning just as enthusiastic as anybody. And I admit to being disappointed if nothing comes up by quitting time. But I don't feel better by taking anything that looks anywhere near decent and throwing away $X. I've believed for a long time that if traders kept stacks of hundred-dollar bills by their computers and set fire to one or several with each bad trade that they'd soon learn patience and discipline.
tuesday 6/17 late afternoon 3pm-4pm ES hits 102.10, backs off, reaches a marginal new high over 102.10, and backs off more significantly. Also, I was just commenting that usually, significant corrections come right after indices make marginal new highs. I'm not a "time bar" trader, but I was just asking if my belief that corrections come after marginal new highs throws a monkey (good word for ET groupies) wrench into day-trading breakouts. Or is it a discretionary decision?
We're REALLY getting into nitpicky stuff, but when I say I don't like outside bars, I mean I don't like upwards outside bars when going long. But a downwards outside bar doesn't bother me. When looking for a short, I don't like to see an outside downwards bar, but upwards is OK. There's just no way I can write down all these nuances into some set of rules because it starts to get convoluted. The core guidelines are the most important - anything else comes from experience. Study 20 of these setups in real-time and you'll start to get a feel for them.
I don't know. Look at the date on the first post and look at the charts since then. When in doubt, plow through all the subsequent posts for examples.
Jim, I don't know what 102.10 is (even assuming a typo). The ES trades over one thousand. But maybe my answer to your question is my post on Page 47?