nice job, I thought today may a little doldum, left early. I am bearish, very bearish. but yesteday's rally fooled me, thought no good trade afternoon. congratulation, after this sweet trade, you psychology will change greatly, keep working on it. only do it can give the confidence! paper trading iis totally non-sense, just for amusement.
I learned hard lesson from this. Even I am bearish, I will not short it right on my idea. that is why discipline/patience is the key. normally I will not short the first leg down, lots of time I will be trapped by the strong bounce. even second time leg down is not safe. so most time I will short the third time leg down. and I will buy the first leg down and enjoy the bounce. that is why I bought NQ dec in the first time leg down (I was very bearish), it bounced very hard.
Sim traded CL in pre-market and after the open for +$1782. After a while I was feeling very confident in my ability to read the S/R entry zones using a .20 stop (my max) and went to place an order to the short side and the price simply dropped over .20 cents from under my order. With a max SL of .20 I did not feel comfortable at all chasing the trade.
When that happens, you can wait for price to settle down and watch for a retrace to enter in the previous direction as long as you observe no high % reversal signals. When entering on a retrace for a continuation of the previous upmove, you place the STOP near the retraced lower end. Think like that and you can visualize your worst loss and feel comfy taking the trade knowing you did not blindly just chase it. In real time what you do is enter the trade and have a mental vision of the retraces low and if price starts to sniff at it again you know you are ready to lunch the trade. Think like a professional baseball pitcher and only throw your high percentage winner pitches to the best hitters and you will increase your odds to get them out. They save the BEST pitches for the BEST hitters. As a trader you must work your high percentage signals for the BEST situations. Trading retraces as a way to recatch a trend is quite easy once you get the hang of them. The STOP loss points are small and clear where and when to lunch the trade if necessary. Nod, I played "THEIR" game this morning on the ISM report. Originally took the -6 and was 3 handles ahead and price took some back so i yanked it at 2 handles ahead. Then as they got close to the report i went long at 1041.25 for a 5 handle beauty. That was fun, i do ohh so much enjoy beating the Harvard nerds at their own game. PS: There is a NEW 19 inch standard aspect lcd out. I still like these better over widescreens. http://hothardware.com/News/NECs-19-MultiSync-EA190M-LCD-Provides-Rare-StandardAspect-Ratio/ The other NEC one is still around also: http://www.necdisplay.com/Products/Product/?product=0e1e0499-8a49-4743-856a-abbcd4ea3db4 "Be there or be square" Square is not finished yet PSS: PC connection has the ea190-bk for $253 and free shipping. Let it be known these screens are hard to find........never will see them in retail stores again.
With the CL missed trade, there was a small internal double top after a 2nd attempt to reach the now-falling moving average. That top gave me a safe stop zone and I was looking for a test of previous support. The quick drop took price right through previous support and so I watched for the action at the next support zone. Support left a higher low and at that point the R:R no longer left me comfortable with a trade either direction: Yes, price left a higher low, but the EMA was sharply declining, so I didn't like the long picture. Then price never made it back to the the falling EMA, and became very whipsawy, meaning indecision and I no longer liked it for a short.
now you are making me curious ND ... gives us a chart. Maybe Timber Hill gave away their money-making ATM by accident. Finially the mystery is about to be unsolved ...
another mystery that needs to be solved is why in the past year or so, many well educated, well heeled normal men have seen fit to destroy their dress code by wearing "GREEN" ties. To make matters worse and take the situation down to the lowest level these same "FADDISH" monkey see monkey do men wear these horrible GREEN ties with BLUE shirts. The final last step down in the dress code for men would be to wear GREEN shirts (no sane person buys green dress shirts)..with a BLUE tie This fad is worse than polyester zoot suits and or naru jackets worn with the collar of the shirt on the outside for men. Green ties are a sign of throwing in the towel and just follow along the fad crowd. Some men still wear white t-shirts under regular casual shirts with the top button open. White t-shirts went out a decade + ago. Ok, lets trade in style. http://www.oztion.com.au/vshops/item.aspx?itemid=6698751&tid= http://www.frankbeecostume.com/newsection7.html
EMA just helps you identify trend (filter out some unwanted noises, make the trend look neater..), not suitable for intra-day trading. actually in the past in a period I traded without a chart, just the quote. those things will tie you up mentally, while the market actually has no respect about those things.