Matcha i follow your thread and had a question on how you identify the direction the wedge is going to break. i was tempted to get long there but not based on a wedge formation. thanks and keep up the work.
Matcha Face it My Dear, you are not a beginner. Bravo, well done, very very nice ..... You are indeed a unique person and a very good trader.
Thanks for following, CollegeTrader. There are many reasons to take the trade, not just on Wedge reversal pattern itself... Day session chart: 1. Wedge bottom from YTD, blue lines. 2. also can view this as triple bottom. 3. 7:00 market finished it's 3 pushes down then stalled here, acting as a Breakout pullback long (from wedge) setup, 4. waiting for a reversal bar. 7:05 bar. 5. look at the red box. we are still in a TR. buy here isn't too bad, because you are buying at the bottom of the range. --this is very important since you never want to buy on top of the trading range. this is the one of the major reasons I got in the trade. 6. 7:10 Bear trap bar Globex chart looks nicer in this situation: Up trend, deeper pullback to support level. You could buy at 7:05 if you are an aggresive trader, after the bar 7:05 is formed. you could either buy near low of the bar-11772(use limit order) or you can enter a buy stop above this reversal bar-11787.(but you would be buying on top of the Barb wire, but it's OK if you swing your position) either way your stop has to be 1 tick below 7:00 bar-11767. Now if you are a very conservative trader-we new traders should all be conservative, you wait for a 2nd entry(sometimes you don't get it, don't chase it), 7:20 signal bar. buy above it. stop 1 tick below it. it's also another break our pullback 2nd entry setup.
nay... too soon to tell.... But hopefully I am at least a breakeven trader now. How long does it take from breakeven to small profit trader? 1 year at least?
Hi Matcha, Awesome! Big win for your first LIVE trading of the year! I am so so so happy for YOU!!!!!! You know it was not beginner's luck. You have done your homework. You have a plan. And you followed your plan. This process is going to be repeatable. And you know the ODDS were on your side when you took the trades. The outcome reflected what you have expected. It's not something random. So it cannot be explained by luck! My trades today: - I didn't catch the setup at your trade #1. There were too many doji bars on the ES chart. So I keep watching. - Waited till after 8:30am p.t. when the market pulled back to near the 20EMA. Entered LONG a bit early. Decided to scratch the trade at b/e. - Then re-entered LONG again at a 2nd entry near your trade #2. +2.5 ES pts. The ES chart for this trade was not as good looking as on the YM chart. I took the LONG trade purely based on the uptrend with PB to the EMA. Not a clear cut H2 setup. Keep following your plan! Go Matcha Go! --po
Hi ~~~, Happy Lunar New Year to you too! Wishing you the very best of everything to your heart's delight! --po