In flavour of the following thread; http://www.elitetrader.com/et/index.php?threads/how-to-bud-fox-a-bsd-trader.267029/ I have decided to follow RM's advice and start a trading diary/journal and will be attempting to put together a few correct trading calls. This thread will mainly be dedicated to trading SPY and instruments correlated to it but I may look to branch out into other trades as the time arises. Timeframes for trades are generally a couple of hours to a few days however I do not make trades everyday. Non of the calls within this thread will be based on chart patterns so if my entries and exits look like strange places you now know why. I do not use rigid stops and targets but will try to give an idea of where I will get out should shit hit the proverbial fan. This is another trait taken from RM. This also means that I may add entries if price starts to go against my original position. Quote; The market does not know or care where you got in! 'Being up' or 'being down' on a position shouldn't ever change the way you trade it. The market has no idea where you got in. I will make the best possible effort to posts trades in realtime but the trade takes priority over writing the entry in this journal. All the trades on this journal will be traded with my own live account. Lets see how I get on starting from tomorrow.
Just wanted to add I am short term bearish on SPY but today I also noted some interesting divergence on higher timeframes that my be setting up for a bullish bias. Lets see what happens at the open.
Love it, RedBaron. Gekkoing changed my life in many ways. Brilliant post and link to RM's original idea. Hopefully this thread gains traction. Just watch out for the ne'erdowells and other assorted assclowns ( that cant wait to send u down the wrong path) who will fill the thread with parroted wisdom and generic platitudes. Keep forging your own way! peace, surf
I actually had a short setup yesterday from 206.76 on SPY but with the intent of this thread to be "real time" trade calls I never wanted to mention it. Based on this and the way the market is acting right now I still consider the current market bearish at least in the near term and will most likely not be initiating any new trades today but lets see what happens.
I am now out of the position from yesterday. We may make new lows with this negative sentiment but I doubt it and am calling this move as done. 204.63 exit price so $2.13 on that trade but this is not part of the journal trade as it was not logged in real time.