No trades today. A real close call on one that lead to a big winner, but the risk was 1 penny outside of my comfort zone. I sat on the sidelines. Oh well. No money lost
WRR. RN, I notice that the ES and SPY sometimes vary using the same TA, trend lines, etc. For instance the SPY may break while the ES holds inside. I have mentioned this before, but how much can I use something like this in your opinion? I usually expect that the ES has it 'right' or they are arb'ing that difference. I got caught yesterday expecting a breakout from the daily trend line, but it never materialized and turned into a headfake. Chop still gets me. I have to be able to recognize when price isn't going anywhere...faster
So I managed to screw up on my plan by letting my brain get in the picture. It didn't cost me anything as far as a loss. It cost me an opportunity. I saw price making an up move and by the time my entry was allowed , I thought price was nearing the end. Yup, I THOUGHT, which means I was predicting. It would have been an awesome winner too. I'll jab myself with a cattle prod a few times to stop that from happening again. It was the stock DISH
Ok. After recovering from the electrotherapy I ended up in another trade which I added to. It was a nice winner. 3 trades today 1 loss, 2 wins and missed opportunity. It is probably good in the overall picture that even though I ended up, up on the day I am more mad at myself for that error. Have a nice weekend.
BD I am definitely not the one to ask about SPY/ ES behavior. I donât follow them throughout the dayâ¦., and only look to see if the broad mkts closed up or down at EOD â so I can compare that against how the stock I traded acted (tells me if mine is strong/ weak/ ambivalent) Maybe ask Ammo ====================== As for the chop â it can be bitch to trade⦠but take note of what happens after (more on this to follow) RN
Price does the thinking⦠and predicting⦠We only need to be flexible enough to believe what weâre seeing â and roll with it Beers on me RN
Things that make you go â Hmmmmm BD saw chop â and I would bet something changed XB didnât see chop â and obviously nothing changed Hmmmmmmmm RN