Looking at each of these long shadows on the 2 min chart, we can see the first two losers were very different from the third (winner). The trader could patiently wait for a higher low to form on the 2 minute. This higher low never formed on the first two losers. Your comments appreciated!!
I trade a similar idea on ES (using POP's rules of course). I enter off of 2 min candles, on occasion I'll look up to a 3 or 5 min candle chart to see how the wicks are there.
Speaking of POP, in order to be bigger when you are right, do you (1) enter full size and take off as things look negative or (2) enter smaller size and add as things look good? Presently, for my current method of intraday trading, I am favoring (1)-- entering full size from the gitgo.
I tend to enter with 1 or 2 contracts and add 1 (up to two times, biggest position I trade is 4 contracts) if I caught a trend, it has corrected, and it looks like it's resuming the trend. Entering with 1 (or 2), if the trade doesn't go my way within a minute and a half or so, I'll scratch.
Behavior modfication is a whole lot more difficult than it sounds. I jumped on a couple of entries this morning without patiently waiting for the formation of a higher low (for longs), even though that is what I set out to do this week. I haven't had a problem trailing that stop in the initial phase. So i'm halfway there to the 'new me'.
Sounds like you had a Long bias going into today. Is that how you normally trade or do you take both, longs and shorts throughout the day as they present themselves? -Fast
I used to bias but as of this week i'm just taking the signals. Or at least i'm trying to! OK lets do this next one together! Right now there is a morning star forming on the 11 min. I'll go long if a higher low forms on the 2 min.