volpri, Thank you for the feedback, I like the dynamic changes or trade management discussions. Certainly better than hoping PT get hits, rather than adjusting SL and PT with the market conditions and my risks and profit targets. My loss on that trade was small, but I should have left initial SL in place, and continued to monitor price action waiting for the bulls to make an attempt buy some more and exit at that minor resistance.
I would done else, huge range bars are like exhaustion, PS would follow lows of each bar. if you used volume, you would see lack of interest as price moved the smaller bars and end up with a profit.
yes, I entered at the blue light arrow and exited at the black support lines I drew. I trade 1 contract, so a bit challenging and a struggle to let one contract to ride. i always look for a support or resistance to exit. I am always exiting at a near support or resistance. Today would be an AWESOME day to let one contract ride. Man o man.
Do you trade 1 or 2 contracts? I trade 1 til my account balance is big. I have noticed that trading 2 contracts is much better because I can take one contract off at first target and let other contract ride.
Often I will start at 1 contract in the emini Es, NQ, and YM and depending how how PA unfolds I will add maybe up to 10 and occasionally more. If the context is right I like adding to a loser and averaging down. However the context has to be right to do that. Rarely will I add to a winning trade. Why? Because I am paying more. I had rather average down and get in cheaper. But to do that one has to have confidence in ones ability to read price action. Why don’t you go to the micro ES. You could easily trade up to 10 contracts. I tested it out today for scalping in a small range environment. It tracks emini Es and by averaging in ended up I think over 169.00 after comm. basically 17 rt trades. I posted results on another thread but forgot which one. Just search.
As far as staying with the ride down when you got a tight STEEP channel down like that just assume it will have tiny pb’s and stay with it or even add more on pb’s. On a higher TF chart that baby is consecutive big bear bars, BO south with consecutive gaps between low of a bar and the low and or close of the previous bar and/or previous 2 or 3 bars. All that screams urgency. When that happens resistance/support levels will fall like dominos as prices slices through hot butter NOT-TRADING ADVICE JUST MY OPINION!
Yes, big days like this are good. Yes, we are just sharing trading opinions here as fellow traders. Thanks for the input.
Yes, that is right. I have to keep trading size small for now til I get better in my reading price action ability. In due time it will come. It really take constant practice and discussion like this reviewing charts.
Thanks volpri, So what has been happening is I exit at the nearest next level from entry for smaller profit and then just continue to re-enter through out a leg up or down. But I want to start doing is enter on a higher time frame, 3min and then use the 1 min effective managed the trade once price gets to a key level I have drawn. This way I get more big winners and managed the trade effectively. Just takes some practice.