maybe a stop of 3 points and a target of 3+ points is better? often i see that th bar closes up too 2 points above a level, only to reverse several points. A stop of 5 ticks is maybe too small. also, could you maybe list some good set-ups for near these levels?
For how I personally trade 1.25 stop is fine. When the market is at its most volatile I have used a 2 point stop, but rarely I use a 1 min chart to fine tune my entries The levels have worked very nicely today. 96.50 worked nicely in the premarket but not so well in market 1200.50 was a star 1180.75 worked very nicely also.
I used the level 80.75, i used it as a selling opportunity, not buying (my indicators were bearish soo..)... the 20 EMA was aligning with 80.75 just now, but trailed my stop too close and got stopped out at 1 point profit.. nice lvel though is using the 20 MA as extra a good set-up? and i'm using the 1 min chart am I using the pivots correctly?
Good for you mate : ) Previous Support becomes new Resistance. I did the same worked very nicely 1176.00 got killed on the way down. I took a loss on the long there, had a nice set up and everything. Looking for it to play as resistance now....if we have a set up. ANd we do! EDIT: 76 worked very nicely on the short side. Just a note...if you are trading the levels...and your level gets destroyed, its highly likely that the level will reverse its role from S to R and vice versa. Offering you a 2nd opportunity for the play.
Hi, I have been a lurker. However, I want to know what this is(Traders Anonymous)? Is it a room or what. You are absolutely right about ambracing your losses and learn from them. However, the emotions, egos, revenge and other issues come into it and people do not consider the loss as a learning tool. That is where the problem lies. Also, when a loss occurs, one should use that time to walk away from the market (i.e. spend time in investigating the loss). That way, when ready for next trade, you are looking at it from a fresh point of view. my 2c worth. Regards.
Oh and 20 MA on the 1 min chart is good, I use that as my "dynamic" S/R in strong trends. I used it exactly like you did for the 80.75 short. WELL DONE!
Couldnt agree more and exactly what I do. Your losses are your friend. They are the only thing in trading that will tell you what you are doing wrong. Failure is what makes a successful trader. If you are losing, LEARN from your losses, because if you dont adapt and evolve based upon what you are doing wrong. You will never be able to get it right. 76.00 may work here as support please be wary as it has been used a couple of times now. Odds are lower.
thanks.. i see 80.75 worked again.. didn't participate though because of the move so fast, and no 20MA
Get some Bollinger bands up on your 1 min. Using 2 Standard deviations and the 20MA. Tell me what you see at that 80.75 trade you just mentioned
a 1 min candle closed above the bollinger band? are price movements outside bollinger band also act as resistance?