When entering long @ a lower price.., lower than that of the previous tradeâs entry price where you also went long â price is / has been moving down So unless one is anticipating a reversal â it reasonable to think the target for this second long would be lower than the target for the previous long Same for entering short @ one price⦠then entering short again on the very next trade but at a higher a price â the target should be higher for the second trade â because price has / is moving up Please realize â I said this in the context of Slugarâs trades Yes I could cite examples where..., what I said would not necessarily apply â but Iâm only focused on his trades RN
Order types / what to use (the 64 thousand dollar question) How will one manage trades â actively / passively How liquid / illiquid the instrument How volatile How much size is one trading How is one trading Entries â Mkt / Limit / Buy Stop Stops â mental / entered and resting / possibly trailing If mental â will it be honored 100% If resting â does it rest out on the exchange.., on oneâs computerâ¦, at the broker If trailing â need to account for volatility/ momentum fluctuations Targets â enter a resting order @ target..., use a trail stop..., use a mental target & actively managed These are but some of the considerations⦠all of which are very personal and need to be customized to the trader/ environment & instrument being traded No one size fits all My only feedback â strive to simplify everything you can with regard to trading (what I deem simple - you may not..., and visa verse) RN
First; Slugar never realized that yellow zone existed Second.., and more importantly â there are 6 bars hitting the top of that yellow range â how many does it take before exiting⦠taking profit.., looking for the next entry Price could have gone either way - we simply never know Canât argue with this Sir⦠But again - we never know - and if price had closed in that zone..., then I would have waited to see which way out of that zone it was headed..., or how it was setting up inside that zone RN
Made perfect sense Sir I never thought you did... I was simply explaining where I was coming from Please share your thoughts - it is important - and.., that's what we're doing - sharing RN
Tis in fact the world in which we play Best to always have a plan - otherwise chaos could easily consume us.., and our actions RN
trades for today 1. long on a double bottom 3574.50 stop 3570.25 target 3585 last swing high. 2. long on a higher low 3577.5 stop 3572 target last swing high 3587. 3. higher low long at 3592.50 stop 3590.50 target? 4. double top short at 3605.50 stop 3605.75 target 3591 swing high. last trade lower high short at 3590 stop 3594. target 3575 923 double bottom
General comments; Like your range â whenever price in its vicinity â use it by extending it across (see 12:55 PM to end of chart) There is a narrower zone above it⦠and a small zone (aka range / aka hinge) at the bottom Like your lines â but â 2nd UMTL should be tighter (see my attempt to draw it)..., then fanned once price breaches it..., then resumes the move (assuming it does resume the move) Your UMTL is a perfect fan..., and where it touches â the 2 bars â are HLs (I drew a blue circle around them) - Potential trade plan based on these HLs HL, long Stop - breach of TL Target - breach of TL Your DMTLs; The red one I drew â is the initial Next one you drew â would be the first fan Last one you drew â would be the next (and final as it turned out) fan price is saying; I've stopped trying to go back up - I'm heading down Note; Needing to fan lines - price is saying its momentum is waning (true on either an up moveâ¦, or down) ======================== Trades for today Trade 1. long on a double bottom / 3574.50 stop 3570.25 target last swing high / 3585 Comments I donât see the DB Why not a stop of 2570.75 (manage risk first) I donât see the last swing high UMTL is just a little loose (me being picky) Trade 2. long on a higher low 3577.5 stop 3572 target last swing high 3587. Comments Stop is a little too liberal â other than that â solid trade (notice the horizontal cyan line I drew for the target ) Good job - remember to always manage risk first Trade 3. higher low long at 3592.50 stop 3590.50 target? Comments Target? = (1st target is the cyan TL I drew ( the potential DT â which is also a break of a tighter UMTL â yours would be the 1st fan) If you exit there @ the DT â you could then reenter on the DT breakout and use your UMTL to manage the trade (stop = breach of it / target = breach of it) Or short..., if the DT held Trade 4. double top short at 3605.50 stop 3605.75 target 3591 swing high. Comments I like it â and because PA up â your target took that into consideration (not expecting the reversal.., or as deep a PB) Very nice last trade lower high short at 3590 stop 3594. target 3575 923 double bottom Comments Given the range â you drew.., and I extended out â I think the target too optimistic Takes real effort for price to break a large zone â granted it tried â initially â then retested the top of the range â and finally got to the bottom of the zone â but no further Trade is solid RN
thanks RN I will keep plugging along I really appreciate the time you have put into helping me. Says a lot about someone helping a complete stranger
Just two traders doin what we do You are Very Welcome btw - strangers - in not ever meeting - yup.... kindred in the crap we must go through & endure to get this.... that no one else on earth would (or even could) understand - it... or us Yeah baby RN
RN: Thanks a lot for your prompt detailed response which is very helpful. Currently i learn to trade NQ and NQ only, a beginner. I will respond later after i have finished reading Slugar's journal and very likely will need to ask you more questions. I appreciate your kindness very much.