Here's today's trades.. Terrible day in the Emini.. Luckily I was able to make a good trade in the Euro and made $300... to make up for these.. Emini trades. 4 trades 2 losers. $175.00 $225.00 2 winners.. $37.50 $25.00 Net -$337.50 The second trade was a terrible one.. an example of getting caught emotionally after an early loss..
Here's the trade in the Euro.. this is a 10 minute chart.. I use 10 minutes w/ currencies I love these setups on the currencies.. on Emini too.. but I"ve had better luck with them in currencies
Jeff, Yes...but not at the low of the candlestick lower shadow where you normally place your stops... at the stop that I annotated as a stop to minimize loss for that particular type of White Hammer. Note: I do place stops at the lows of some white hammers...just not that one...the one you traded...too wide of a stop for me on White Hammers with long lower candlestick shadows. When you said... I try to buy within the body of the hammer.. usually at least 2 ticks below the top of the body of the hammer That's a very good strategy for a better entry and minimizing your loss even more if wrong... Yet...you'll miss some White Hammers that take off to the upside immediately after the signal and prior to you getting on board... still a good plan. Just be careful about the stuff I annotated on that chart. Also...you may want to review the thread called tradin' hammers by peterfigliozzi... http://www.elitetrader.com/vb/showthread.php?s=&threadid=18381 Many traders offered some good tips in that thread...lots of good pieces... worth sitting down to put together the puzzle together about White Hammers especially if your going to continue trading them. Further...I can't remember if it was in that tradin' hammers or another candlestick thread... someone saids they like to Short failed White Hammers... it's obviously something worthwhile to explore when you review your past charts. Take care and have a good weekend. NihabaAshi
Good Trade! Entered a nice, apparently basing (consolidating) retracement and bounce off your moving average in an obviously strong uptrend. ~Scientist
Brother Flashboy, Sorry to say this - But this kind of trading (first 2 trades) is terribly dangerous! I tell you - I would not and could not take such trades. You were looking at anticipating reversals in an obviously strong downtrend I tell you - You can't do it. If you were in a smaller timeframe and scalping - Yes. Otherwise - No. Don't even try. It's pure madness and a sure way to blow your account. There was far too much bearish momentum for you to go long. You would have been better off going short on the up-spikes here! The second spike (where you went long) would have been a great long for a scalper, to ride with the smartie-pants who want to anticipate a reversal. Once it was back to 984, we were back to reality, and a new, great short opportunity into the downtrend offered itself! -Don't go against momentum. Go with the flow. -Don't try to anticipate reversals. That's a pro play, try again in a few years, or learn how and why reversals work (Like the retest-failure off the daily low on that chart!) -Go with the trend. Your chances are much, much higher. Best is to enter retacements. The most foolproof retracements are fibonacci confluences. -Don't play on "candles" with such large "shadows"!!! If the shadow was so long, there's a reason for it. -Always look at the bigger picture, bro. I tell you that, sincerely, you should trade a simulator for a few months, until you get these basic concepts. Don't listen to bullshit. If you go on like this, you'll really blow out very soon. Take my word for it. Sorry I got to tell you that - But trust me. You are in fact still doing the opposite trades to what the pro's do. And as long as you do, you shouldn't trade. You're literally playing into good trader's hands. Don't ever say I didn't warn you when you're sweeping the floor at McDonalds. I know it sounds mean, but seeing reality is better than blowing out. To get your capital back once it's gone will be a lot harder than just grasping this, sitting back, playing the simulator and listening! All The Best and good luck with your study, brother Flashboy ~The Scientist
Natalie, you use eSignal? I LOVE looking at charts. It makes me feel warm around my heart. We should be posting a lot more charts on here. I thought I add my version of the chart, the way I saw it at the time I entered those ES trades, particularly that awesome long, with a few comments on what actually happened there... I tried to keep it as simple as possible and cut out keltner bands, superfluous retracements etc, so that everybody and not just me understands I hope this helps a bit to understand what's going on - Particularly Flashboy! This Chart is for Flashboy All the Best, ~The Scientist P.S: Make sure you click "maximize" in the explorer window. And sorry about the crosshairs...
You're approach was a bit more complicated than mine. I took a short at the high (1003) with a very tight stop in case it continued up, taking 1 + 2 on a 2 contact setup, then waited to see if it would break down which it did, and re-entered short after the test of 1000 failed. Took the first target as per the chart I posted 997.5, but the second one exited at 998 since I wasn't happy about it following through much more. The double bottom on the 3 min at just below 996 followed by another at about 996.5 ish got me long at 997.25 for another 1+2 target setup because I wasn't sure whether it would be a failed retest of 1000 or a break back above, and then switched sides again for the down move when it confirmed taking the first target and re-setting the second lower than expected because of the strength of the move. All in all there were a lot of point in that play. The lines I drew were for illustration only and I usually have nothing but candles on the chart. I hate the clutter of even lines now and avoid them if I can... Oh the other thing was I had a very close eye on the index itself at around the 1000 level. Not the chart, just the prices. Best Natalie Added: I've posted what I did and my thought process for Flashboy to read and digest...
Down $252.50 for the day so far.. I keep taking trades that are not in my system.. keep going against the trend.. But WHY????? I keep saboting myself over and over again.. I've read self improvement books... everything I can think of.. but still nothing seems work... I've been at trading for over 4 years off and on now.. I'm not exactly a newbie.. Do I feel I'm destined to be a loser.. to never truly succeed in anything I do... In Market Wizards.. Ed Seykota says "Everyone gets what they want out of the market" In my case this may be true.. I may enjoy struggling to get by.. to never obtain a good deal of money.. to always struggle.. to feel that anxiety as your account dwindles.. My problem with the markets lies within myself.. not my methods.. and I have to figure out how to overcome these demons or give it up.. The one positive out of all of this is that I do know where the problem lies and I"m not blaming the market or anyone else.. I stare at my enemy every morning as I shave and brush my teeth.. If only I can figure a way to get rid of that guy.. or should I say.. change his mentality.. Hope everyone's trading is going well.. and thanks again for all the help..