Interesting, I'll keep that in mind. Sure I'm serious. I've been trading reversals at support and resistance: price action. But how do you know when it's going to go far beyond the normal range and not reverse at any of the normal spots? That's the hard part.
I'd be willing to bet, without even looking at any charts, that if you look at about a 30 or 60 minute chart and the trend of the same, you'd see that you were fighting a strong uptrend. That is the problem trading only on small minute timeframes - lots of headfakes. From your chart, it also looks like you had a pretty good chance to scratch or even reverse to long - so the question is: "Did you trade what you were thinking instead of what you were seeing?" (i.e. did you let predetermined bias about market direction blind you to what was happening?)
Yes that's the hard part. You need 2 things to help. Either a lot of key levels in your favor AND/OR you need to tighten your stops a TON more. EX of 1 way to do that: Switch to a lower TF and once you see a bearish candle pattern....then take the trade and that's going to be your risk. Your reward should be huge, but your key is reducing your risk to near nothing. Hence using many key areas in conjunction would also help....but there's more to that. Just eliminate as much slippage as possible.
That too. Figure out how to properly trade trend and how to properly fade trend. (they can go hand in hand)
Only one who is an individual amateur trader trying to use support and resistence. I do not use S&R. A lull in your regular work is a time to stay out of the markets since success requires full time dedication and devotion. Study the metrics of the market you want to play. To play that market, devise or adopt a reliable entry and exit (& re-enter) system. And demo test thoroughly whole day sessions before you go live.
Lets make a bet. You think that's the good stuff huh? Tell you what, if you're so thrilled with it, why not adopt it to the YM and go full tilt? That account's going to zero faster than a rocket sled on nitrous.
You can't lose any money on sim testing which is why I recommended that Lynx "demo test thoroughly whole day sessions". YM currently has lower volatility than previously which is why I refer constantly to NG (in various of my posts). For you, your learning is incomplete.
This whole Month of January has had me rewriting my rules... I shorted the rising market yesterday as well but I had my stops so loose.. I gave back a lot...