For me, the "obvious" patterns are critical now. Seems like I can only rely on certain patterns to pull the triggers... Plus I am still reading Al's book, studying 5 min chart helps me learn his price action analysis. But the minute chart does have lots of drawbacks. ... I am still testing and exploring. Finally, I can find a "great" chart for me to trade. I really hope I am not going to "blow up" my account, then go broke. I hope that's not going to happen. Lately I have been thinking about that a lot. In theory, with daily loss limit-2% of total account, trade small, manageble size of contracts, leave buffer in your account, only invest 25% of saving in trading, only focus on one market,etc. It takes quite a while to blow up an account. In my senario, for my account, it takes 2.5 month to blow.(continue losing, no winning days). But when the "fear/greed" me comes in breaking the discipline, it only takes a week to blow. I hope that's not going to happen to me!!
I am so sorry to hear that... Now you have ET friends here like us!! Thanks for great suggestions. I kept picturing those restaurants! I love seafood! Not huge fan of meat, but I do like the taste of "HK style BBQ goose, duck, pig. Shiu Luk). I love "little Saigon" for live seafood too! I hang out more around Kowloon side. And I am a digger for street food! I love to go shopping in CauswayBay,TST, I love local street fashion. I also like people watching all suity guys and girls in Central... Ha! So much to do in HK! I use this website, searching food. In chinese http://www.openrice.com/restaurant/index.htm
HIHI, Thank you for enjoying this thread. Bolimomo taught me the trick."Mirrored trick"! See chart I attatched. You can do the orange line type of measured move. The range on the consolidation pattern will be mirrored to the down move. Or use the blue line as measured move on the leggs. But make sure the extended move landed on significant S/R level. This method gives you an idea where to take your profits. Here is the reference link to study: http://stockcharts.com/help/doku.ph..._analysis:chart_patterns:measured_move_-_bear Let me know if you have any questions.
My mind was so off today. I wasnât focus enough the whole day. I had lots of thoughts on my mind besides trading. I made all the amateurâs mistakes. In early session I turned a few profits to loss. I was -$80 from morning sessions. The last 2 hour session. I went âfunkyâ, set big loss, over trade. Then I chased the market on fake a breakout trade, when market turned direction, I moved stop to a magnificent wide levelâ¦Needless to say, my magnificent stop got hit. One trade I lost -$180. 36 Pts. Now I am having a bit headache and starting to second guessing myself.-a big âNONOâ to a trader. I am going to take a nap now and read âTrading in the zoneâ tonight. -$138 today, 14 Trades, 50%winrate Bad trades(in circle) were marked on the chart for me to remember today. No Al today, need some encourage. Take nap first to get rid of this headache.
Matcha: a few points: 1. Don't give up too easily. Trading is never easy. 2. Get used to losing days. They happen to even the most experienced traders. Channel the frustration in learning something about the losing trades. See if you can spot a behaviorial pattern. You need to correct the behavior that causes similar losing trades. 3. Be prepared for blow outs. It is a real possibility, especially with small accounts and beginners. Many successful traders blew out their accounts multiple times early on. I never "blew out" my account. But it is only a technicality. I lost lots of money early on just the same. Multiple gyrations of credit card advances to replenish the account and repaying the debts for years. Make your level of wisdom proportional to the accumulative dollars that you have "lost". 4. You have chosen day trading to start. I wouldn't recommend it. Day trading is the hardest style of trading IMO. It takes years of experience (observations, theorization, action plans, practices, and feedbacks) to master the intraday market movements. And you need to be quick in recognizing market changes. Because things change on a dime. Not restricting yourself to intraday movements, and try to capture some multiple swing moves may be easier. As for the futures movement today, 6/8/10... it was really challenging. And so was yesterday. And so was last Friday... and last Thursday... and... It was unusual. Overnight it went up. Then it went down. After US markets opened, it went up. Then went down. Then finally went up one more time and didn't look back. It's an N plus another N. Or maybe a M plus a V. It will be interesting to see how it holds up tomorrow. My guess is tonight Hang Seng will go up like gangbusters. And Europe probably too. I think you need to pay more attention to intraday swings. Don't try to scalp. It is very hard to scalp for beginners.
Remember what I said upthread... I see price moves in waves. Typically three waves. It will need to have some rests before resuming. That's why it is beneficial to look at price movements in different time-frames. Lower time-frames give better granularities. You will get a better picture of the move. Kind of like a HiDef TV. I overlaid a 400-tick chart on ES over your 5-min chart. What I see is a move that started at about 11 am PDT. It was a reversal from the earlier down move. Basically reversing the entire down move that went from 10:00 am to 11:00 am. This up move has 3 major waves (or I call it "3 + 1" because of the double top). The #1: Impulse. The #2: Continuation. The #3: Maturity. You were trying to long, at about 11:45, thinking that it was a "break out". But it wasn't. (or "Not Yet") Look to the left... Dow had reached 9884 or so twice earlier. If you long there, you are buying into supply. The best is to short on overhead supply with a tight stop (for a real breakout). Or wait for a pull back instead of chasing. Do a Fib on this entire move. A good long chase would be about 50% retracement. Don't chase the 61.8% (or higher) retracement because then the move would be iffy. Definitely not 78.4%. Either 38.2% or 50% would be good for a long. Stop maybe half way down to the beginning of the up move. Remember: Count your waves on a move. Look at RSI or MACD as aids if you are not sure.
Thank you again. I will keep all these comments in mind. Please help me build up some market commonsense. Market prep, feed backs, "anticipation" for tomorrow etc.
Everything looks so clear now. It was a clearly strong R level... I was so persistant to short there... I got that FIB retrace theory. Thank you. About the scalp and intra day swing set up. Do you mind to pull an example on intra-day swing trade? Example on chart will be great! For a beginer to trade pullback, where should I be in and where to take profits. Just want to get your view on it. Like I said, I thought all my trades were intraday swing. long/short on pullbacks. Somehow, most of turn to look like scalp. Probably trading one contract is the reason to look like scalp too.
I have some questions to ask. From your past day trading experience. Is this the most volatile market to intrad day trade? Does that mean if I can survive in this market, I can trade any market condition? About swing stock trade, I am always very afraid of the opening gap under this market condition. (I dont have any swing trade position now). Do you think it's the major risk for swing stock trading?