After lurking around for a few years I have decided to start a journal. My main reason for starting this journal is really selfish - in some strange way I feel publishing this journal will help me stop the impulsive trades. Anyway, the title. I love trading virgin approaches to established (by me) support and resistance levels. I define virgin as a level that has not been revisited since it was created and do not count levels created in the current session. I also do not use virgins that have been violated in the overnight sessions. My vehicle of choice is the 10 year (ZN) although I have been known to occasionally trade other markets if a pretty virgin entices me. That's all for now.
Today's trades: ZNZ9 Buy virgin approach of 116'235 Sell virgin approach of 117'155 note: by virgin I mean first time approach only.
Today's trades ZNZ9 Declining POC's indicate downward pressure so our initial bias will be to go short. SELL virgin @ 117'04 then 117'155 Cautiously BUY virgin @ 116'235
I'll try. Initial target is usually 4 or 5 ticks. If your not greedy and patient, you can almost always get a 4 tick bounce of s&r levels - even if it is clear that level will be violated. As far as stops, keep it simple - never risk more than you plan to make.
well i have multiple personalities - one a bricklayer who comes to work and takes the same low risk trades day in and day out, and a second who gets emotional and takes any sudden movement as an indicator that its time to trade. when i say "we" or "our" it means the bricklayer has the impulsive trader under control and both are in agreement.