This DNDN is hard to play the bounces - esp on a downtrend, only shorts make $ on it after the initital bounce. I was breakeven after the first bounce, then I gave up exactly what I made (I played with big size around $7). The bounces are so short lived, had to get out fast on a few pennies, if not fast enough, could lose a dime or a quarter easily. I should have stopped trading DNDN after breakeven, switch to play the uptrend stocks is the way to go.
Don't revenge trade. When you do, you start looking for trades that are not there and imagining set-ups. This is a pretty good journal.
Okay, scanned stocks possible get a nice green tomorrow and rest of the week. CCI gave one bar ahead of the price move, so I scan stocks broke the downtrend line on CCI, but it has not broken the downtrend line on the stock price, since CCI is one bar ahead, so expect the stock to break the downtrend line tomorrow (the next bar). Here are some, AMD, JDSU, HRP, I'll play these stocks tomorrow.
Hydroblunt, thanks. That's the lesson I paid dearly when I traded futures. If I holded some contracts overnight and futures gapped down, I did revenge trading, trade it and get even regardless of charts or setup, it hurts. Just move on to the next one, that's what I like about trading different stocks. I've been thinking to trade QQQQ (QLD) or QID only. Always buy long and trade uptrend. Market goes down, trade QID, market goes up, trade QQQQ. Thanks,
QLD vs QID, quite a mirror image,, both on the signals on the chart and the TA indicators, I like it. I could combine both charts into one on the TA indicators (Bull/Bear), in fact.
Really interesting stuff when combined both TA indicators into one on the Bull/Bear, winners are on top. The battle ground is in the middle, whomever crossed the middle to the top, who win the battle. Trending happens when either side is hooked to the top/bottom.
NOT a minute by minute trade, but a "whole day trade unless i get stopped out". in RIMM short, stop about 154ish, in at 152.9. we'll see if it drops a lot.
it's funny, too - i see the charts you've posted for your examples, and i say "of course!" in that timeframe, and it's all pretty clear... but i know that many of those trades aren't my discipline. some people have said variants of "i could give my system to 10 traders, and some wouldn't be able to do it because of their discipline." and the turtle system is sort of confirmation of that, as well - same system given to ppl, and wildly different results. it's great that you can do it, of course, and know what your limitations are.
Not exactly, I wish I could follow the charts on all my trades. For very fast moving stocks, very often, I just read the tape and watch level 2 for enter/exit trades, bad habit. For much slower moving stock, I am more likely to follow the charts, it give me the time to look at the level 2 and the charts. For example, this is a trade on AMZN a few minutes ago: I saw 61.75 support and the volume change indicator, I went long at 61.87, 2 minutes later, I wanted to sell at 61.97, but changed to sell at 61.94 since this is a counter-trend trade, have to get out fast. After I sold, I knew it would go to the resistence (the red line) over $62s. So I patiently waited for a short entry at 62.10. I waited and waited, about 5 minutes later, it is at 62.10, I went short at 62.09 at that MA line, target price 61.73, it is right over there.