Protractors and tracing paper. This is getting good. I see that if i want to take these trades there are earlier entry clues: ? 1st trade the MA acts as resistance as well as price moving to a prior s/r area. price shows rejection and LH and LL 2nd trade also a few LH bars and price rejection ( close well off the high of the bar) AND at a resistance area. 3rd - same resistance area around 2295. strong thrust bar down through MA I'm I seeing what you're seeing ? It's all about context. What did price do at this area before ? Is price showing signs of rejection, LH, LL ? That's how i usually try to see it. I'm also trying (not today but working on) to get in trades sooner so that if the move stalls i have a better chance of getting out w/ small loss. Part of this is accepting the uncertaintity of entry and to avoid waiting for too much confirmation. Whataya think ? And lastly i think my edge is my patience and focus. i did not have that today. Thanks !
thanks again. I still doubt my trading abilities on days like today. I really appreciate your thoughts and encouragement .
Very embarrassed to say that my trading continues to implode. And to be perfectly honest i feel i'm disappointing those who have been trying to help me. (JP and a couple people who have PM'd me.) 6 trades -8.75 Was trying to not hesitate today. The bigger issues were not taking good set ups. The market was volatile and choppy and i should have been more patient. By the tine the nice uptrend started i was done. I'm also still trading "hope" . I was short going into the LOD which was strong support. It held and reversed and my MFE of 7 turned into a 1 pt profit. I kept giving it more time figuring if it reversed through LOD it would be a great trade. I'm determined to get this right and be very profitable. I must get back to patience, focus and acting quickly when the set up is there. I think i should write down reminders of what clear exit signals are. ie The LOD was a bullish reversal bar on the 5 minute chart. That's a pretty solid reversal signal i saw develop and ignored.
OMG. I just had the same feeling , same day as you had too.. Hate to disappoint the traders who have been so supportive and giving me best advice and want me to succeed(not many people will do that). Today's volatility made me sick on my stomach too.. the volatility also created the larger risks. and I over traded too. I think we should forget about all the feelings now. Foucs focus on the setups, focus on analyzing the trades after market. Focus on "think probablities". Never give up!
Matcha, thanks for the reply and sorry you had a rough day too. Somewhere in our traders mind i'm sure we learned something. You got it - giving up is not an option. focus and a positive attitude always. GL tomorrow. Let's both trade well !
I recommend, find some time and read this quick read...!! "reminiscence of a stock operator" A biography of the greatest wall streets best. Back in the Days. His theory's still work 100 yrs later.. and its inspirational. Trust me...I have blown up a/cs after a/c to get where i am . I wish I hadn't. I had some one to guide me instead of market FISTING me for years to teach me how to dance. There is a quote from the book: - " I can't help making money" Sweet. Something that helped me in Day trading was that I started trading on a 5 min chart as if it was a DAILY CHART. I created an illusion and soon it became a reality. Jas - gave you the link to the thread before. I know it will take time for this concept to sink in...or might not even work for you. But I believe in sharing and teaching makes my Game better. So I have all the selfish interest in this. So should you do. Look at the same chart from today - remove the time and price axis from it. and think WOULD you have traded it differently if each candle took a DAY ?? Have a good weekend,
We all travel the same road don't we. I've read Livermore and at least 100+ books over the past many years. I too have blown up stock accts by being incredibly overleveraged on margin. Not proud of it still have a few scars, but that's for talk over beers or some good wine sometime. I've checked out the other thread you mentioned and a few others in the psych area here. I do like your idea to look at the 5 as if it were a daily and i'll pull out the Livermore book again. Despite my set backs i feel more prepared and confident than ever before. i have a pretty good idea of what i NEED to do and part of that includes just focused screen time. Thanks JP, You have a great one too !
2nd trade . not a great entry but made up for it with a good exit. only made 1 point but traded what i saw and avoided hoping for more. The 2B sell off the highs would have been a good entry. I need to study these more.