hey wh1te, hope you had a great weekend. I think your trade was just right. So far the trades you have put on were pretty good. Don't try to fix something that isn't broken. I think you should keep doing what you are doing and the improvement will come on its own. I've found that whenever I try to force something I screw it up. On friday, there was a bounce off the upper bollinger for a short with the trend. I don't know if you took it. I saw it after the fact but it could be something you might me interested in putting into your setups (in case u don't have it already), since you are a bollinger fan. Good luck this week!
Started the week with -10. Took a short off the first pullback after the open. I should have suspected this wasn't such a good oppty but pulled the trigger despite. I need to be a little more choosey...
Hi Snow, I am trying a similar strategy in sim right now and like your journal. Just wondering, have you compared trading just the morning to trading the morning and afternoon? Also, are you not able to trade more than the first 2 hours, or is that a rule you have implemented? Thanks!
No trades for me today. I was too unsure of what the market was going to do as a result of the health care bill. I did see a nice wedge formation around 12:15EST that I would have normally played but was away from my computer until after it broke. We'll see what tomorrow brings.
Rock: Yes I can trade after the first 2 hrs however it has been difficult as it is evening for me here and I need some time to relax. I found that it put too much pressure on me and so I decided to limit myself to the first 2 hrs. Afternoon sessions do trade a bit differently. I like the first 2 hrs as you have more action due to the news coming in. Wh1te: Too bad, it looks like off the 5min there was a trade there for 10-15 pts. Heck, I'm even thinking of moving to the 5min chart My opening hr trading has been a little off and I think I need to filter a little better. If I don't have a positive week, I'm going to start simming to improve.
Its official. I'm trading scared. Got in long at a great location and took myself out when the trading didn't move immediately in my favour. So instead of a +10, its a -3. I need to shake the last week off and get back into my groove. Markets can sure mess with your head
Snowman, You should try trading off of the 5 min chart for a week or so. I've tried trading off of several other timeframes and didn't become consistently successful until I started using the 5 min. I agree with what you said about scared money. That's a dangerous area to be in mentally when trading. The key is to accept the risk and not let it get to you. I set my predetermined stop loss before I enter the trade and let it ride. If it hits my stop loss, so be it, no harm done because I've already mentally wrote off that money. If it goes my way, all the better. Good luck I just closed my first trade of the day. I shorted @ 10763 after seeing the 2 red candles off of the top bollinger with overbought conditions and covered @ 10735 after the bounce back up. +28 ticks, I pretty happy that trade worked out. I can relax a little for the rest of the day, LOL.
I just made another trade losing 10 ticks. (stop loss) Sold @10782 because of my bollinger trade that I usually take and was stopped out @ 10792.
wh1te, thanks for sticking around. I think i'll sim a bit to restore some confidence and try out some trading on a the 5min chart. I think the reason your 2nd trade didn't work was that you didn't have much of a confirmation for a reversal vs the 1st trade. Of course I'm assuming that on the 1st trade you got in short after the big red down bar. Or did you enter before that formed? The 2nd trade down bars just look more like a slow down rather than a reveral. Of course after the fact its easy to see So much hard during the trading day