Maybe I should also point out for posterity that yesterday afternoon's trade was what it was largely because it had been preceded by a more-than-five-hour tight trading range, and there was nothing underneath it but air. In contrast, today's is an arc, coming up from the low of the open to the limit, then rounding (more or less) over. This puts support underneath the price, which means lots of zig-zagging and recoils and pokes and so on. Not that it isn't possible to play this, but the nature of it is too random for me.
Very good. I should try the NQ also since I have traded the QQQQ's. I mainly traded the options on the Q's. This is totally different type of trading for me. I like how you keep your charts clean and just trade the chart. I have my trading charts fairly clean because I don't like looking at a lot of stuff once the trade is on. I can alsways talk myself into or out of a trade if I have too much clutter. Better to go with my set ups and forget everything.
*** In hindsight I traded like a dipsh_t today. I need to calm down. *** Nah, your system is pretty complicated and requires multi-day analysis to determine multiple Buy/Sell levels. That's a lot of info to keep in your nogg'in ... and with distractions it's easy to see how you could choose "door #2". That's why I turn off the TV/News, Telephone, etc. ... and decided that mastering my method and trading it is more important than the win/loss ratio on a given day. Best, Jimmy
No need to, which is why I made the post. It's possible, of course, to have great afternoon action for all sorts of reasons, but there are also conditions which increase the probability of profitable afternoon trades, such as yesterday's long and tight range. If I try to trade the afternoons without considering the conditions leading up to the afternoon, I spend a lot of time doing nothing, get bored, get lazy, and when a great trade presents itself, I'm off making a sandwich or watering the plants. So if I don't see certain conditions in the morning, I'd rather just take off and do something else.
Boy, me to. There are a lot of things I could be doing other than just sitting and dreaming in front of my charts. Like chatting in here I guess
Staring at charts too much makes me logy. Which makes me stupid. If for some reason I want to know how the day unfolds, I'll replay it later at 5x or 10x, which enables me to review the day in less than an hour. I love replay.
Done for the day, got my -2 up to -1 when I re-shorted when the market broke through Support. Today's action points out something very important for traders who might be following this system. A. It's a great method of trading that has high positive expectancy. B. You have to work with it and learn how it works for yourself, and keep working with it. If you're taking live trades off of some else's signals, that's not trading ... it "parroting", and you won't have their "feel" for the system, its nuances and the optimal way to trade it. Just remember, ultimately, you are responsible for your trading. Best, Jimmy
Thanks Jimmy, I guess that is part of the reason I was mad at myself this morning. I would not like it if someone used my signals for trading and I made money because of a mistake and they lost money. That is not right in my book. I post my numbers because I don't mind people profiting off of them as well. I try to explain the best I can how I come up with these numbers so other people can do it for themselves. Maybe they modify the way I do it or maybe they come up with different numbers that is ok to. Lamont doesn't always agree with me but we both end up doing pretty well. You don't trade like me but we both end up pretty well also. To each his own. Some people don't have a clue and just want numbers or signals that is fine by me to. But like you said we are all responible for our own trade once you pull the trigger. I think tomorrow is pretty cut and dry it should not be too difficult to figure. GL Tomorrow, 4re