Didnt trade til the after noon. Got into ES @ 1.50PM when it made a 2nd higher swing above the EMA, I figured the selling has been exhausted and looking at my trading range lines we looked like we were rising from Support. My stop loss was 1 tick below the EMA = so total risk was around 50$ i think. I setup my target profit, and went to sleep....have a tendency to be impatient..woke up after 1h:10 minutes...target filled perfectly almost....I like when trades like this work. Good day.
Well done, NeveralOne http://4.bp.blogspot.com/_nAmQLWq7QRI/SgkACId0qhI/AAAAAAAADRM/bMyBvsIppsA/s400/sleepy03.gif
N1 An observationâ¦.. Have you ever notice when the mkt hands you a loss Your psyche is challenged You have trouble letting go It lingers and affects your next trade(s) ====================================================================================== The reason I inquire is this You had the need to respond to Jinxu three times in successionâ¦.. Granted his post was a little challenging to your trading prowess â but You responded..., then it appears his post kept nagging at you â hence you responded twice more⦠When you should have been focused on the job of tradingâ¦. Could I be wrong in this assessment â absolutely â only you know for sure⦠But if I am correct â then here is some food for thought... Learn to let goâ¦. learn it doesnât matter⦠No where more than in the market, or with another's opinion (mine included) Not meaning to offend â just calling it as I see it⦠same I do with me - constantly RN
Ok will do RN ... handle it like a loosing trade, dont let it affect me, and move on to the next big winner
Just got out of my CL break out trade. What I saw was a trading range develop between 10:45 and 12PM. The trading range was between the EMA and the Resistance I had drawn, however I saw most candles close above the EMA...so I thought this was a sign of bullish, we did have a triple top form and it kept getting tested, what I was looking for was the break of 81.17 ON volume, I had a buy stop placed there, although a little too early since I took some heat (being down about 200$ ) temporarily before things got better for me. I should have waited for that pullback which occured at 12.05 and then placing a buystop 1 tick above the high of the triple top to guarantee myself an entry with tight slippage.on the first pullback i moved my stop to b/e then I kept increasing it by 5 ticks, for every 10it went up... until it rearched my profit target reistance @ 81.70 i wanted to make sure i book as much $ as I could so i moved my stop towards the top of the red candle forming...before gettin taken out for +46 ticks total on 1 contract.
N1 We can go back and what if our actions to death (hindsight is such a wonderful luxury) Whether or not you should have waited for the pullback â donât know I wasnât there⦠We must always trade what we see and continually adjust⦠That you sat through $200.00 of heat â is the real question you should analyze (too much, just right, not even close) Please donât answer â that is a rhetorical question best left for you to decide â your money/ your tolerance On the up side â you identified a range, waited it out, then exploited it â Great job RN
N1, great trade. You had the correct read on the market at that point and you had a protective stop in place. Taking the heat on a trade can jolt us us out of equilibrium. When price came back to your entry, that was added proof that you read the market well (add to the winner next time). To hold on to the winner like you did demonstrated advanced trading ability and mastery of the mental game that many will never attain.