Yeah, I don't see it either. If it breaks out of the channel by a full point to the upside, I'll look to cover some of my short position.
He's a swing trader who goes for a large profit. From what it looks like, 66 wasn't a big enough target for him so he decided to stay in because he expects a pop. idk his timeframe, idk if he has signals, idk his method, So I cant judge to say whether he's right or wrong about his own method. Another person like me could probably say to you "hey instead of 3 points, why not just take 1 like me??" but idk your plan or what you're looking at. The only reason I even log onto this site is to see if what other people do is effective or not. I'm looking at this journal to see what a swing trader has to go through
Good discipline and patience on this one and just had the small loss. That's the way you want it---Izzy
Holy Fish-head Batman, Every day I expect to get my goal in first 50 minutes, but when I don't, it is bad, how bad-baddddd, I kept trading the times I detest trading, lunch- but if you are scalper, you have to keep trading when in the hole, keep your discipline, remind yourself not good to throw things, way too many trips to ER, just keep focused, patience discipline and five hours later, I net my small goal. Did I learn anything? Hell no, what is there to learn when you are trading as close to my style as possible, but I will remember this day for sure, came back and kept going to cover fees and make my profit. Did I think about what the market is doing-hell no, I have a new system but old reliable ways to trading any system, don't think, just do the Trading Plan, if at end of the day system lost-it lost and not me, best way to not take it personal............I really believe the hardest part of having a Trading Plan is to follow it when you a young trader, as you age, much easier as you find out being dumb makes more than being smart when trading at least for me.
Well i hand that to you. You had the discipline to trade your rules. Well you did fudge a bit on the SL but that was understandable considering the situation. I wouldn't say you traded the markets but you certainley traded your rules. You must be trying to apply price rotation on intraday markets.
I would make haste and look for a reason to short not go long. At least not at this moment. Of course i can change my mind before you can say scat.
I understand buy1s2 is trying apply something old to him in a new environment so one cannot judge the effectiveness on 1 trade that loses 7 points but it is a crying shame his methodolgy won't allow him to grab some good profits when the markets gives them to him. Maybe he is fine tuning his system? Anyway...I have found in life I usually learn the best things from people that had concepts I opposed strongly at first. So, I do hope he irons this out but more than that i hope he might share a little deeper about his methodolgy.
Trying to go against short-term direction is always risky in trading business. Today is another example (see red circle) for traders who can't identify short-to-medium term direction. That said since ST direction is down, I'd look for opportunities to short instead of long during next few days/weeks.