Price made itâs 3 push move premarket. No trade around the news so I waited. First trade was pullback long at Pivot point at 7:16. Then price stalled, started to form a lower high. I quit the trade before it hit my stop. Then the sell-off began. TRADE A: 8:01. Short. 10733, Breakdown, support became resistance. Took profit at YTD low. 20Pts. Did want to wait price to test 9.30 pivot low then came back run my stop. But the selling pressure was too strong. So I once again missed the whole move. TRADE B: 10:56 short 10666. -7Pts. This is a perfect example of a bad entry. 10664 would be the entry.(one tick below 10:55 Doji bar). Instead I entered right away at market without thinking. So price made another push up before it came down. I was stopped out. If I had left the entry at 10664. Order would never have been filled. I would have taken the trade off and looked for the next signal bar to enter. So I wasted 7Pts. TRADE C: 11:05. 10666 short. 12Pts. Now itâs a D/T, EMA short, no brainer entry. Took profit when I saw buying pressure came in after it tried to test LOD. Only 12 Pts, but I canât ask for more⦠Todayâs PnL: +$108, 5 trades, 60%winrate
Small price for a good lesson. Doji bar is indecision. Think of the doji as a self-contained range. You want to trade the break out of the range, preferably in the direction of the trend (in this case, down). However, there were already 4 good legs down off the early high, so the pullback will likely have 2 legs and may even reverse fully. In this case, you could've played the break of the doji to the long side, but if price didn't quickly run to next resistance, consider getting out and looking for a with-trend short entry when the upside break failed. It was also a time of day where the big clean moves rarely occur, so you'd likely be scalping smaller profit targets or getting a lot of b/e stop outs.
If SIFU can teach me to be CP and making 100Pt/day, I will think of getting the indicator from BCM LLC! But I will need a 60 day free trial and a F&F discount! Learned bargain from you and ~~~
I started to hit the gym more often. But I can only spend 15 mins there. I felt so bored in the gym...
It's been the problems I have lately. Try to ride swing(2 leg) after the "move of the day". But there is none swing to ride, all scalpers heaven! So now I got to learn to have a scapler's mind after Big move... Especially mid-day....
That's a hard bargain! 100 Dow point a day huh? With 1 contract! That's equivalent to 10 ES points a day... I would love to have that myself! But my indicators will always be free for life for starving students.
oh. nono. 100Pts for 3 contracts! Not sure when. Still having hard time playing one contract to get 20Pts a day now...