Assuming that you were entering off the 1m, do you see that 37.5 was far too late, and that that was the reason you were SO and not because the long was no good? Your judgement that 34 was going to hold turned out to be true. Granted your confidence isn't what it should be and will become, but you were right from the beginning. Focus on that and don't let what happened afterward distract you. Also note that your stop was hit by a tick. Consider using Double Last for your exit triggers. This often helps.
If you transmit your stops instead of keeping them in your head, you have a choice of how and when they're triggered: bid, ask, last, double last, etc. Or at least you should. This helps to avoid being SO by "glitch ticks", or tick burps. As to my question about the entry being too late, that was a real question. Do you understand why I asked it?
You certainly had the right idea in going long as the 1, 5 and 15 all agreed on upside. You were about 6 minutes early as the base and fresh upside momentum had not occurred yet. So, your long trade was in anticipation of the area holding and the noise at that level then confirmed it. If you want to trade in anticipation, a larger stop than 3 pts would be needed since you don't know yet how far away from the level the market will go. Once the actual base was put in, today's noise would have you placing initial stop at 4429 then trailing it at 4437, then 4443 , then 4448 then being stopped out at 4453.75 for your gain of around 18 pts more or less as you would be entering and exiting on market orders. In addition, the sell signal at 12:13 would have you out at around 4456. Great catch on the long idea on the time frame you trade! May just need some work on your stop placement. --Enjoying your postings--Izzy
Ever give a party and the last guest just will not leave and you wanna go to bed and he stands at the door droning on and on and on about crap you care nothing about?
I see that it was too late now, but at the time, it felt relatively close to the S level. But likely 36 would have been better (+/- 2points from the area). Is that what you mean?
Yes and no. The later you are, the more likely you are to get stopped out unless you use the "danger point" stop, which is likely too wide for you. In fact, it's too wide for most people. But it's worth keeping in mind even if you don't use it. But what I meant in this example was that it was later than it needed to be. This is similar to what 40D was talking about with regard to his triggers. Instead of thinking about and concentrating on "bars", focus on price. Look at what price did when it penetrated "support". Where does it end up in that interval? Where does it end up in the following interval? What do these movements tell you?
Have I done something to upset you? lol It feels like it, but I can't think what. (ps - Of course I have a 'plan')
No, you haven't upset me. But you assume that if you make money, you win and that if you lose money, you lose. This is incorrect. You win if you follow your plan. You lose if you don't. The money is irrelevant. If you have a plan, what is it?