RN, What's wrong with the structure stop ? I believe it's a tick above the DT. You would use a TL break as a stop or ? thanks jas
qoute Thanks, Ammo. looking forward to the maybes becoming clearer./........ qoute Join Date: Aug 2007 Location: Texas Posts: 1,258 I saw early on today by huge bars on two minute, it wasn't going to be bar of choice, I dropped down to one minute and started to trade exactly as I always done. Same rules, stops, patterns, nothing ever changes if you trade long enough. When I am confused, I stop trading unless I can use Price Patterns to show me another reason to get in. If Volume not making sense, got to have congestion of support or resistance and then get in cheap(near S/R) and risk next to nothing. I lack patience in Price patterns, it either has to take off in my direction pretty quick or I am taking a tick of profit. I am watching the DOME to see which direction the price wants to go by looking at nearest volume on ask/bid, the one that gets down to zero first will either go up/down to next level. This isn't Rocket Science, but people think it got to be a lot harder than it is, too many years of society yelling you have to have good grades to get ahead, really who cares what grade you got for History4 in college to make some money looking at little lines on a screen. Am at Starbucks trading on 17 inch screen, hooked into PC at home, brought my Organic Half & half for coffee, life can't be much easier than this. My old man would be so angry at me cause I wasn't really working at a job that meant something like building houses. We all have our demons." 20 plus years ,doesnt trade the maybes ,disipline//every trade is a bet,high percentages only
Was traveling for 7 hours today so only marked 4 trades. Per a request I am marking my stop loss with a red dashed line and my target with a green dashed line.Also all of the trades are numbered. 1.Double bottom long 3521.50 stop 3518.25 target last swing high of 3533. trade 2 long at 3546.75 double bottom. stop 3544.25 target last swing high 3555.25 or breach of up move trend line.3.lower high short at 3576.50 stop 3579 and target of last swing low of 3560. 4.lower high short at 3547.50 stop of 3550 and target of 3532 from a swing high at 8:31 cst.
This is how you make money in markets, high percentage trades. Don't hurt yourself. I use the fill out by hand several journals I had going during my learning years, most of my learning was with graph paper and pencil even after home computers came out, I am really a dinosaur when it comes to technology. I was told long ago if I found people that were good at it, pay them well so they don't leave. In my journals I would record everything and anything I thought or saw that might be important. One journal became my "extra" trades, you know the ones, where you put on cause you can "feel" the market going to do something? After a few thousand of these trades recorded, I added them up and 95% were losers, hmmmmm, that number really did it for me on taking these extra trades, it told me I was horrible at doing non-system trades. It told me that inexperienced traders takes these trades and I could do the opposite if I had a signal and most likely be better than 50/50 at making a profit. It also told me to add more contracts when I get these extra trades going to other way with a good signal. Does anyone record these amounts?
slugar: If possible, please help to describe your thought process for the following (details are in the attached chart. ): (1) what make you not look for higher low long entry as shown in green arrow? (2) What make you not to short earlier at red arrow ? Thank you.
Handle123: may you please check whether notes on the chart is what you shared on weak hands signal? Thanks a lot.
Eyeballing it.., the HOD / DT appears to be @ 3560.25 (admittedly I could be wrong about that â but that is where I think / thought the HOD / DT was) That said â set stop @ 3560.50..., and reduce risk by 3/4 of a point â as ; This is one of those tradeâs that either worksâ¦, or doesn't â and when it doesn't - no need losing any more than necessary ==================== Could one use a break of the DMTL This early in the morning⦠knowing volatility is present â probably not the best choice But â I could be wrong here â this is where knowing the personality of what youâre trading comes into play ================================= No question.., I am anal about using small SLâs (and anal is a gross understatement) But there is also a point where you start choking tradesâ¦, by setting the SL too tight⦠Then youâre simply pissin money away.., getting needlessly stopped out â by priceâs normal gyrations (normal for the time day / part of the session) This particular trade â imo â falls into this category Make sense? RN
My initial thoughts The start of the TL.., for trade 2 - little sloppy Overall.., the TLs - are very clean Yesterday - you had 10 trades - and were all over the radar Today - 4 trades and captured a large portion of what the mkt offered - real nice job!!!! Back in a few RN
eta Notice how the yellow highlighted zones came into play early... then later in the day zones = S&R areas = reference areas sometime they can be large (wide) - other times not so =========================== Trade 1. Double bottom long 3521.50 stop 3518.25 target last swing high of 3533. Comments I like how you drew the 2 TLs Entry â Solid Stop â Solid Target â Canât see the last SH â but I believe you â Solid Trade 2 long at 3546.75 double bottom. stop 3544.25 target last swing high 3555.25 or breach of up move trend line. Comments Beginning of TL sloppy â see note NOTE; if you try and make a clean TL⦠but canât â that is price speaking to you - that its not clear on what it wants to do â just yet Entry â Solid Stop â Solid Target â Solid (see note) NOTE; We talked about fanning a TL â and how that reflects momentum is waning Same.., but the opposite - is true when price climbs steeperâ¦, and away from â the existing TL â momentum is increasing So.., for this trade â a target of the last SH is solid⦠but.., as price was heading to that SH â it was also gaining momentum (Newtonâs law a body in motion) so it would be reasonable to expect price to exceed the SH IMPORTANT NOTE â I just shared another layerâ¦. But I want to ease into these layers real slow â to give you a change to get comfortable.., to assimilate⦠so for now â just note momentum was building into the SH Trade 3. lower high short at 3576.50 stop 3579 and target of last swing low of 3560. Comments Entry â Solid Stop â eyeballing it â top appears to be 3580.. but I ainât complaining - Solid Target â Solid â again it had momentum..,. and it was respecting the DMTL (just observations to note at this point) Trade 4. lower high short at 3547.50 stop of 3550 and target of 3532 from a swing high at 8:31 cst. Comments Entry â appears the circle is 1 bar above the entry bar (see my red circle) - Solid Stop â Solid Target â Solid ================================================= Aside; Iâve been riding you hard these last few days â I get no enjoyment from that whatsoever Days you do work like this â makes my heart feel good Thank You ============== Please keep this up â the attention to detail⦠the clarity â both will serve you well trading RN
When I mention "Weak hands", these signals have to do with an extended move and confirmed by what I seek regarding volume. Heavier volume near lows and lighter volume near highs based on very short timeframe charts. It is not the same as much in larger timeframes. But I am a scalper when I trade on timeframes under 60 minutes, in/out give me hundred bucks, not all the time mind you but enough to keep it fun. And there are times I make more than hundred but those happen on averaging down fills.