HI, I find this mindset not very bad at all. If you take the trade and expect price to go up you will lose money if price goes down. But what happens before price goes down? It stops going up, and this is an early indication of price going down. At least you won't lose money and you will at least stay in those trades where the market does go up with some gusto. regards, Ivo
Edit: This was in reply to Tums Yup, I think I understand the philosophy behind it. Actually I don't react to PL or consciously feel any anxiety or fear (this is with live trades). However you get to a point where you can do the annotations subconsciously, just like riding a bike or driving a car. Its when I come to take action (manage positions) that 'another' subconscious is trying to do its own thing. The idea of building on success - its the way to go. When I try to talk about the issues I am facing (which are nothing to do with the method I hasten to add) I try to do so without introducing 'negative' thoughts into the thread. This makes it a bit tricky to describe sometimes! It's all about work - at least I believe I am working on the correct things now. (Consistant application rather than assessing or any of the other things that we pretend are work but are really 'looking busy while the boss is round') Cheers.
Our subconscious mind is very powerful. It has probably done a "backtest" of your "method", and found conflict in the the algorithm. Thus the "second guessing".
Whoa, I just noticed something. My volume bars from yesterday, which at one point showed increasing blk to blk, today show decreasing. The bars in question are 10:55/11:00 from 11/6. I distinctly remember them being increasing blk bars and today I look back and they are decreased. Anyone ever have this issue?
How does one buy the 12:50 FTT bar? PRV was increasing red higher than peak volumes on the last trip to new lows intrabar (12:50 bar) in the channel. Out of nowhere, price just shoots up. I cant see guessing if the FTT is true (IE actually getting long) because vol certainly was strong to the downside. Then, we get a double bottom put in but the only way you could have bought that DB (13:00 bar) and gotten a reasonable price is to have already had buy limits floating and then had them hit as price swept down so fast. Less than a second later, price was up 1+ pts. Spydertrader, did you trade these situations today? Would you mind sharing how you approached it? Thank you. Edit: I realize that these FTT's did not lead anywhere as far as the long side is concerned but we cannot know that beforehand. Also, those who are just watching and drawing channels and not looking at the DOM and placing orders, thats a whole nother beast altogether. The sheer speed of some of these sweeps is insane. You literally have less than a half sec to make a decision sometimes.
Yes I would like to know the same. FWIW, my view on the situation was that towards the end of that 12:50 bar price could not go lower, even with all that volume. I was thinking FTT at the close of that bar. Then the next 2 bars were a bit nerve racking as price drifted down BUT on lower volume. Then it made a run back up towards the RTL an failed. This (from my view not sure if I am on the righ track) was confirmed by the next bar as volume came in and it resumed it downward move. I am only 3 weeks into this so I am not, by any means, trying to give an answer...I am seking the same feedback from spyder and those with more experience.