there is enough clutter as it is and I do not want this to be about me: but just to show one way of approaching the market. That would be more helpful to traders who are trying to understand what the market does rather than just showing where i entered and exited: no one will have a clue why i entered and exited
i am back on ET thanks. That was a sweet comment -not many comments of that nature on ET. really really got me right there in the heart i never was away from trading but was terribly busy learning a lot of things. I am sure this is the most horribly difficult profession and as humbling as any professionally played sport. a major challenge is that, like in individual sports like tennis, golf....is that you get paid only if you perform. But if do perform then you get paid fairly paid. Sometimes more than fairly. it is also the most difficult thing to teach and that is why trading is so challenging: it has to be learnt! and that is by sheer perseverance only. Not intelligence not study not technique but only perseverance. like the Wall street guys say "there are old traders and there are bold traders but there are no old bold traders.
looks like an up trend day from now on. the elephant in the room is momentum and you have to gauge momentum if you want to enter at right places. both up and down momentum can be seen from market structure. And along with price action you can enter like a pro. but these trading range days with big swings can be a dangerous day because if you read it wrong you will lose many times and that can be a killer if risk management is your weak point.
i am also learning to read the bigger picture and since i have learnt the smaller picture for 20 years i can now hold through the smaller fluctuations: these have the horrible tendency of confusing me into small trades which then reverse rapidly when the bigger picture kicks in, leading in big losses since i never concentrated on risk management. So i had to be perfect with my read of the market which i have learnt at a great cost. That is my story. if you do not want to go on that road, then concentrate on risk management FIRST. And avoid blowing accounts. but learning risk management is not easy without knowing how to read the market. because to calculate risk and probability you need to understand thoroughly price action and market structure. You also need to measure momentum to boot. Using indicators to do this is not very good because they are very limited in scope. using price action along with market structure is much more powerful
my exit was good in my first trade but i did not see the big picture because i was concentrating on trade management. also i was sure that there will be a test of the low. this was a mistake in this case. if i had been aware of that i would have looked for an opportunity to enter. I was expecting a small test down before moving up which was just plain wrong. there was too much momentum in the 'corrective' move up. And i missed seeing the small wedge flag, which failed and so was a failed flag entry. the yellow line shows the bear correction or wedge flag and the market should have gone down but instead the corrective move failed, market moved up instead and it was a buy at the blue line
You have learned nothing. You certainly have not learned how to lie better, and you will NEVER learn how to love the bomb. You're hopeless. You yammer on about how you did this and that, with entries and exits, but do not show them. Well GUESS WHAT, PADU! I BOUGHT 10,000 SHARES OF BRK.A WHEN IT WAS $10 PER SHARE. YOU ARE REQUIRED TO BELIEVE ME, BECAUSE I JUST POSTED IT HERE FOR YOU ALL TO SEE.