No it's ok-- I just wanted you to understand that I am making adjustments and as anything else, a person (trader) needs to find their own way to be really successful. This is why Gurus are a joke--people listen to them but fail to realize that when it comes to execution , then the Guru is not there to make the decision (this didn't refer to you, I was just off topic a bit). Your comments however are welcome and I do learn things from them . Please keep them coming if you would be so kind. Perhaps it will turn out that my journal shows short termers how not to trade--it certainly is not the way to trade undercapitalized--I'll grant you that.
Don't get me wrong, I love shorting, but why would you want to trade form the short side today when everyone who wanted to sell already did on that 13 point waterfall from yesterday ?
I will maintain this short overnight. I like the double top RSI with the lower second peak on the 60 minute chart. This is also a double failure swing. Also MACD is already above zero line and will more likely to reverse. In addition, the final RTH bar should end on a downer inside the BB.
March 29,2006 results 2 trades 0 winners, 2 losers loss of 5.5 pts = $275 commission = $12.54 Total loss = $ 287.54
Journal to date results 46 trades 20 winners 26 losers 43.47% total profit including commission $1116.91
Buy1Sell2, I see a simple flaw in your ST effort... a 3 min chart is roughly useful for say what will happen in the next 7-10 min and a 60 min chart is for say the next 5-8 hrs .. approx... no wonder you are getting caught on the wrong foot sometimes .. the reason is because there are several waves on the basis of 3 min and in relation to a 60 min chart .. This, of course, assuming you are indicators .. (Say MACD, RSI, and so on) The waves within larger waves are getting you .. there is a simple way to avoid this .. and that is by keeping your stops smartly ... a 3 min chart is a 3 min chart ... try relating it to a chart at the next time frame .. say a 5 min or a 10 min chart .. it will work just fine .. let me knw if you need any more info. thanks mishwar
======================= Interesting post; Spike500 /Buy1sell 2 English is my first language 50 plus years , and never would have guessed it wasnt your first language. Helpful points Mishwar; however like to include 60 minute charts[intraday], and larger timeframe more than 60 minutes for 20 days intraday candlecharts . Not saying 60 minutes is king, nor saying it should be main chart.