done with trading for today but...looking at the YM...I am so wanting to go short at the noted level...man, looks like the YM is gonna go down at least another 50-100 points?...we'll see...
hello...you wre correct...here was my answer to NoDoji... "it was still blue when I entered...why enter then?...have seen that during ec news releases, the abnormal spikes usually have not much validity, so, wanted to ride it down...it went down alright, just not as fast as I thought and I bailed because then I thought was gonna move up..."
done with trading today and this week... **hey, to finish in the $ blue is great...even if small $ blue **3rd straight day finishing in the $ blue...yee haw!! **been focusing on SF & CAD (a little bit on the YM, more as seeing what US market is doing) **really trying to focus on price action and noting 20EMA **still using 5 minute chart Thanks for all the insight shared...greatly appreciated!!
Yes, if thats the case I agree with you. The way his charting package plots executions its kind of hard to see exactly what hes doing when he has two trades so close together. When it looked like the candle was going to close with that big upper wick I would consider that my attention bar, and started looking to get short, my protective buy stop would have been a tick above the big upper wick, if that high was taken out the short would be invalid. The very next candle probably wouldnt have triggered a trade from me yet, I like to wait for confirmation and the next candle had such a small range, showing me indecision. I dont like to enter on indecion, probably the second red candle I would have entered with a market order on its close.
Incy, I think a one minute chart is difficult to trade on, but thats just me. Maybe put a one minute and a five minute next to each other and just watch the market for a couple hours and see what you think. I think the one min is just too noisy, but by all means trade with whatever is easiest on your eyes. Like I mentioned before, my style is to keep it simple. I use a five min and a daily and thats about it. When we get into periods of chop sometimes I will glance a t a 15min and a 30min real quick just to see if that gives any clues about further direction.
to anyone...who finds any value in trading on a Friday afternoon?...pretty useless or again, "if there are set-up's, trade on a Friday afternoon?"... ...also...sure there are many that got 'caught' somehow and went long/short over the weekend when they did not want to :eek:
why not a few ticks above, in order to avoid being shaken out? wouldn't a lot of others place a stop one tick above, and wouldn't it perhaps get hunted down?
word of advice, stop thinking so much. You're a classic 'overthinker'. Place your trade, put your stop in or whatever you do and let the trade play out. You're trying to be a perfectionist in an imperfect business. The only thing you can control is your method, you're never ever ever going to 'know' how fast price is 'supposed' to rise or fall in a move. The way you are trading, you are allowing emotion to come sprinting through the door. Its so easy to be jumpy when you try and 'control' the mkt by watching every teeny tiny detail. Control what you can and live with the results. If you don't like the results look to improve the method.