when we use a low percentage system we get hammered............the true professionals can trade it okay.......of course, they don't use low %..........the reason they can trade it okay is they can trade anything okay because they have conquered the emotional aspect of trading, especially intraday.........the real problem down every road for us is the emotional effect of being forced to accept what we can't emotionally continue to accept.......the losses....so to avoid the pain of loss we look for excuses not to pull the trigger..lead paws syndrome..........the losses eventually get us to the point of discretionary trading which is even worse, as we override the proven system which is low % but on paper it is beautiful........all i have to do is minimize the losses and extend the winners......old school stuff.......but won't work for those not extremely experienced.........so what is the solution........either find a great high % system or get the emotional stuff under control high % .......that is all about where porgie has been.......lots of pain and finally now more pleasure than pain........you can't get to the high % in a short while.......there is no magic formula for getting there....it is all hard work but it can be a lot of fun if you enjoy it as i do...........best wishes to all who are there to learn from each other....... never take advice off these forums until u have proven it demo trading realtime and until you have huge confidence in it's reliability............
I would take the profits now in my humble opinion. All the steam got sucked out of the market after popping 1321. A 3 point gain is something to smile about. But the market and indicators seem to be melting slowly and going into lunch it could hover there for some time. I could be wrong, but if I am it is still 3 points!
I would have done so @ Yesterday's high, but this is more a test now, explain later, thanks for advice OC
I do agree here OC--Daily doesn't show an imminent down, but intraday looks that way to me. Of course, daily is a laggard --The close today could change the short term direction , I always put much more emphasis on the EOD closing price. Do you as well? Seems we might need to hover or bounce to get a nice double top in RSI intraday.
I use the previous day OHLC as potential price targets or support resistance when first touched. I went long ES at the opening at 1313 and closed out at 1314.25. LIttle later we got ths nice spike and run to 1321 but hindsight is 20/20 lol. It looks like we are pushing higher now and romik you might see 1321 again afterall.... Pullback appears to be a 50% retracement and it is breaking out now. Potential scalp now going long at 1318.50with a stop at 1317.50 [edit] market moved before i finished typing lol- if it pushes below 17.50 we could be moving even lower...]
You could be right, you could be wrong, this is what this boils down to, like yourself I had a good entry and still holding, stop at entry now, explain later
I think there is plenty of potential for downside into the close based upon hourly charts. There is an obvious RSI bearish divergence abd double failure swing on hourlies. MACD Histogram has not confirmed yet, but could in the next hour or two.
b1...........if u r thinking 2 hours ahead could you explain tha tplease as daytriaders don't know what the next be bar brings.........just curious not being ugly porgie