Journal XburbX - My Plan

Do you adjust lines like the 50% on the 15 minute to account for intraday open/close tails?

I noticed the two a.m. trendlines on the 1 minute that failed. The second trendline actually confirmed on the third touch, where the arrow was, before dropping below it. They could have also been measured moves if they were touching tracks.

On one minute the position of the entire cluster in relation to s/r when trades were taken - holding

I'll exam them some more tomorrow

 

You can if you want to depending on price and your interpretation. Rn might answer differently

 

BD

Like XB said

You can adjust as you see fit... AS LONG AS - it makes sense to YOU


Couple of more thoughts...

don't out (over) think it.. and trust what your eyes are telling you

first is easy to do... second is hard - neither should be


RN

 

You say they failed, and I couldn’t disagree with you – because fact is they did – after a bit

I would submit – they worked – until they stopped working – which also means they we’re tradable (at least for a period of time)



Think on this

Trading is not about absolutes (with the only exception being our losing trades)

Trading is all about relatives

Where price is now vs. where it was….

Where price is headed vs. where it is / and was

==========================

When whatever fails – something else is working – identify it – and trade it – until that stops working… then find the next

remember to look both diagonally AND horizontally to find what is working

=======================

and yes it could have very well been a measured move - if that makes sense to you


RN

 

Wrr

 

All Day - Every Day XB

win.., lose..., or draw


RN

============================


Note to me;

I hate losing - get over it

Small losers keep me safe..., profitable... and a winner

 

One more question on the chart, did you draw the long term support on the 15 minute chart because price gapped above the next day both times (and it worked)?

Back to focusing on losing....a perfect day would be a handful of very small losers

 

Here are some of the trades I saw today. Only took the 2nd and the 4th. Got baited into buying the triple top at 9:05am, because I saw the ES tick higher on the 2nd touch while the SPY was held down. Usually I assume the 'pros' get it right, and they did for a measly tick higher on the 3rd touch.

Just trying to get in the right mindset. It is mentally tough trading with a stop 2-4 tics past your entry. Today's exercise was placing the stop 1st, then entering my limit orders.

 

Done for day. No setups showing. 2 losers, 1BE and 1 small winner. Overall a losing day. No big deal. When things slowed down I went over some of my stock universe and noticed I missed a stock last night. Then I opened it up on my platform and it was too late, I missed an awesome trade. Oh well, I never know if it will be a loser or winner so it could have been a dud all the same. Plan was followed.

40 trades today. I will be using all trades up until Friday to get into studying my plan this weekend.

 

BD

I’ll answer your question on the gaps/ 15 min context later this evening

============================

In the meantime a question – and think through before answering

btw it does pertain this post somewhat

===========================

What are the two things we must always identify before entering a trade


We can use price, volume, lines, whatever – in any combination – to identify these – but they must be identified


You want the right mindset – here ya go


RN