Slugar Just opened up todayâs chart attachmentâ¦, havenât even looked at your trade plans yetâ¦, And no matter what I say while reviewing your trade plans (good / bad / or indifferent).... I want you to hear this first; The context on todayâs chart is beautiful The context you drew â covering the price it covers â reflects what price is saying.., in those areas - to a T Those are linesâ¦, youâ¦, and for that matter Iâ¦, can trust / can absolutely trade That zone â what a wonderful surpriseâ¦, it reflects what price said in that area â and it is absolutely tradable Job Well Done deciphering what price was saying⦠then drawing accurate context â both diagonally and horizontally â which reflects that Be back in a bit with your trades RN
Todays trades. Trade 1. Long on a double bottom support 3550.75 stop 3548 target 3561 last swing high. Comment Entry â good Stop â appears 3548 is the DB.., so go just a little lower than the signal â but not too much Target â Canât see the last swing high (no comment) Trade 2. Higher low long at 3559.50 stop 3557.25 up move trend line target break of trend line. Comment Entry â good Stop âjust a little too tight â breach âappearsâ to be at 3557 even - make stop 3556.50 / .75 Target â cool Trade 3. long on another higher low at 3571 stop umtl and target premarket swing high of 3584. Comment Entry â Good Stop â Breach of UMTL (I assume??) â Good Target â Good Trade 4. last trade is a long at bottom of range 3582.75 stop 3580.50 umtl and target top of range 3592. Comment Entry â is in the middle of your range â danger - see note below ... btw I think the circle is off (at an area to short??) Stop â should be the breach of the bottom of the range (3579 and change) Target â I donât see that range â I see a range from 3580 to 3584 â wtf - target 3584 Note; When trading a range...,the other side of the range should be the target... and a breach of the range side your entering near - the stop eg. Enter @ bottom of range, long Target - top of range (or near it) Stop - breach of range bottom Enter @ top of range, short Target - bottom of range (or near it) Stop - breach of top of range IMPORTANT; Never enter..., a range trade.., when price is near / in the middle - of the range - because you will get screwed no matter which way you enter - I know this Have the patience to wait till price reaches one side of the range.., or the other - makes for a proper.., low risk - set up/ signal / edge RN
RNï¼Learned from you again: trade what i see but not what i think. At red arrow I was thinking of a possible range from 80 to 92 but there should not be for no similar top around 92 yet. At black arrow, could we say a possible range from 80 to 92 ? Thank you.
Thanks for the kind words RN looking to be more disciplined in my lines and my discription of my trades, combine this with confidence to follow my plan to a t and we will be on to something here
Ranges are just that â areas where price ranges (consolidates) 3584 to 3580 â price is ranging on this chart (TF) (and which Sluggar correctly identified) Likely 3580 to 3592 is also a range â or at least âpotentiallyâ the beginning of a range â on a larger TF =========================== Thing isâ¦. this is Slugarâs TTF â so he needs to stick with it / trade on it What youâre picking up on⦠is how smaller TFs â build bigger TFs (albeit bars or charts)⦠And youâre seeing how one can use a smaller TF to see/ pick up on â the inner workings of larger TFs ============================= On this chart - what you noted (3580 to 3592) 3580 - 3584 is a range / 3584 to 3592 is trade-able moves On Slugar's TTF On a bigger TF chart - yup - 3580 to 3592 - is likely is a range forming =================================== Very easy to confuse MTFs (a lower TF blending into / creating a higher TF) â if one doesnât keep their head clear And why it is important to pick a TTF and stick to it come hell or highwater... but... and while - also knowing the bigger picture forming RN
Both are vitally important (1) Doing so accurately - accurately describes price's actions (and we are PA traders - no) (2) Doing so accurately - accurately describes our actions - in relation to - price's actions Details & accuracy matter in this business RN
Trades for Tuesday. short on a double top at 3589.50 stop 3592 target 3580 bottom yesterdays range.2.short on a lower high 87.25 stop 91 and target last swing low 3579.3.long on a higher low at 83 stop 80 target last swing high 91.4. short at resistance 3590 stop 93.25 target range at 80. 5.short on lower high 3479 stop 3481.75 target dmtl break. 6. long at support 3553.75 stop 3551.75 blow signal bar target 60 last swing high. 7. short on a lower high 3558 target last swing 51 stop 61 or breach of dmtl
Honestly - half way through reviewing your trade plans - I was getting pissed - read on to find out why please General comments Appears the range from 3580 â 3592 (yesterday's range) was in play this morning - go figure TLs â look good (I did add another (in red) as something to be aware of Ranges; One from 3580 â 2592 â you noted..., Also never be hesitant to extend a range out (horizontally across the chart) â it came back into play mid to late morning One from 3564 - ~3552 â miss it?? The one noted ~3552 â 3551 â Personally I would not call that a range â rather a PB (a piss poor one at that) â thatâs exhibiting weakness (see what I highlighted) Trades for Tuesday. Trade 1 short on a double top at 3589.50 stop 3592 target 3580 bottom yesterdays range. Comment Entry; Good Stop; Make it a breach â not just arriving at the top Target; good However price never hit the target â instead it moved downâ¦, then started back up â so what did you doâ¦, how did you manage this one Having target is fineâ¦, as long as price plays along â when it doesnât (and many times it wonât)â¦, we still need (a way) to manage each trade Same as having a plan âAâ and a plan âBâ Trade 1 ½ What the hell happened to the long near the bottom of the range?????? - You have it marked but no trade plan Trade 2. short on a lower high 87.25 stop 91 and target last swing low 3579. Comment This trade is not marked???? Entry; 3587.25 (I assume) â okay (damn I hate guessing trade plans) Stop; This stop is incorrect â it should be breach of DMTL⦠or breach of the top of the range (if youâre feeling generous with your capital) Target; Trade 3. long on a higher low at 83 stop 80 target last swing high 91. Comment Near as I can tell â this trade is not marked Entry; 3583 ??? (why the partial price) Stop; 3580??? (again why the partial price) Target; Again â you appear to be ignoring that big fat range.., price is in (for the entry / stop/ and target) Trade 4. short at resistance 3590 stop 93.25 target range at 80. Comment This trade ainât marked â no comment because I ainât guessing Entry; Stop; Target; Trade 5. short on lower high 3479 stop 3481.75 target dmtl break. Comment Entry; Good Stop; Good Target; Good Trade 6. long at support 3553.75 stop 3551.75 blow signal bar target 60 last swing high. Comment Entry; Good Stop; Good Target; Good Trade 7. short on a lower high 3558 stop 61 or breach of dmtl target last swing 51 Comment Entry; Good Stop; Good Target; Good I'm not insinuating you are - but please don't get lackadaisical on me - this stuff matters greatly RN
If you havenât figured it out yet â building a traderâ¦. and/ or building an approach/ methodology Is one big ass - extensiveâ¦, and ceaseless exercise in layering No matter the trader â or the approach / methodology First we remove the useless.., even detrimental layers Then we begin adding layer â upon layer - to build a traderâ¦, and/or to build our approach / methodology There are countless layers we could add â some enhance the existing layers â while adding others would only serve to detract... or even negate - the layers we already have Individual layers â are not complicated â and most..., easily understood Yet when melded together â can become complicated⦠can be hell to understand⦠let alone â assimilated in such a manner..., that we can successfully and effortlessly utilize them together to trade Context â proper context â context that accurately reflects price â is priceâs voice speaking to us Context â is the very foundation upon which weâ¦, as PA tradersâ¦, build our entire methodology / approach Build our trades Manage our trades Get paid Or lose money It is the very foundation upon which we build the trust â in priceâ¦, and in our trading It is the very foundation upon which we build our resolute to act unwavering-ly and repeatedly â¦, and/ or the patience to stand pat as long as is necessary We build each tradeâs plan on the context foundation we create Our plan must be thorough â it must be what we do â no matter how much hell (volatility) is going on in front of us And I could go onâ¦, and on..., and on... but to suffice to say Proper context..., and a complete plan for each trade - is so damn important - it ain't even the least little bit funny RN