Wait a minute. You got out 20 minutes later? You got lucky man. That thing was weak, and it could have taken your head off. BTW, there are no red arrows on the charts. Or am I missing something?
I like a couple of his extra-simple setups. T-Line trade - "If you see a candlestick buy signal (hammer, engulfing) and a close above the t-line, you can pretty much stay in that trend until you see a candlestick sell signal and a close below the t-line." It's a setup, a trigger and an exit all rolled into one, lol. ymmv, maybe do some stats on a dozen samples and if it resonates then maybe 88 more. Bigalow best friend trade too - https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-21#post-5368378
Regarding the first one. I see you went into a position at a time market consolidated (tight range). Which means a hefty breakout is to follow. My style is following breakouts not predicting them, it is just what jumped into my eye. Assuming you were long you also did not close position as breakout happened against your direction. I feel also that your stop could be tighter. No offense just what I saw there. Maybe give my hints a go. Second trade - well done. Disclaimer: I am not yet an elite daytrader. I am just done with simtrading and jumped in yesterday (profitable so far).
You have a higher probability of a countertrend trade working out if you wait until the test of the extreme after a strong break of the trendline.
Yeah NVDA trade, I realized I screwed up, and was just glad to get out even, see it's retesting that same 220 level now when I was expecting bearish morning lol, my head is still spinning in general, I'm always one beat off.
Forgive me, I know this is extra basic, but thanks for the reminder that entry is a 2-step process, setup and trigger. Think it's because this is all still too fast for me, so I end up too focused on one or the other. Ignoring the trigger candle is prolly why I got faked out on these two pseudo-supports.
I too like 1m charts during some times of the session, but for others, I wonder if a 3 or 5minute chart might not work fine using your current system? and free up time to go look for more trades too? What does that NVDA look like on a 3 or a 5m or even a 10m, etc?
1m is too noisy of course, 5m a little slow for the moving avg crossover I like to use, I'll give 3m a try, never looked at it before.