Well... not a bad day all around so far, but certainly I didn't take advantage of most of the opportunity. My first long got stopped out, and fear kept me from taking the next best opportunity as outlined on my chart. I did eventually get into a great trade, but took tiny profits just to cover the first loss. If I have $200 losing days, I absolutely need $200 winning days, and today should have been an easy one, but I was scared. Scared to pull the trigger earlier, and scared to hold the great long I was finally in. Still... I'm up so far, and don't plan to trade anymore as I have too much on my mind. Here is the attached chart which you may need to open up in another window as its quite large, but this is how I save them for my personal files. Perhaps this chart will also show why I'm using the 5 sec chart, although I am always looking at the 1 min to see what that looks like
I realize I'm talking to myself here, but for the benefit of everyone else, since your'e not talking to me, why don't you tell them where you went long. You said yesterday you're looking for longs above 4350... did you go long right after the open? This morning you showed a chart with a range from 52 to 57. Did you go long when it broke out from the range? Did you get scared when it dropped back into the range? Did you go long when it hit the median of the range as you so nicely outlined way after the fact? Do you often go long at a bounce from a median even though its in the middle and hence tricky? Or do you just say you went long an hour after price has gone over 40 points in your favor to claim a 40 point trade? And since you say its 40 points now, having hit 96, does this mean you exited already? You say that so far you have 40 points, so you're clearly still in. If you didn't exit, you don't have 40 points. And where we sit now, its way less than 40 points. So are you saying we will absolutely hit 96 again? Or will you tell us an hour later that you actually got out at 96 when/if it doesn't get there again?
K P..... sorry, but DB never said that he took the trade... he just said that from the mid point of the area he outlined to the high of today so far was 40 points.
More specifically, the market made 40+pts available. So far. If one wasn't available to take them, that's not the market's problem. I notice a dearth -- save one -- of trading posts today. Wonder why?
That's true, you're absolutely right. But when he says not bad, usually this means that a person is happy to have seen their trade go up a few dozen points. Now if he just says not bad from the point of a view of an observer, then this certainly plays well to the fact that all he does it watch and analyze. Personally, I consider this useless though. Its like a sport caster announcing the play by play. If I have eyes and a tv screen, I can see what happened. Db should do daily news recaps on the markets at the end of the day.
K P.... looks like you are getting better... your outcome for the day would have been much better if you had entered your profitable trade a little earlier and moved your stop up while price was moving up strongly... then exited the trade when price stalled.
I believe his point is that he predicted where price would go.... but we all know that if one could predict where price will go, then that person would be richer than anyone in the world.
Yes, for sure. A long at 67 should have for sure been entered, but perhaps at the time I was just trying to focus on an important level, so I can let this one go. On the one hand, I'm trying to just focus on the levels, on the other hand, the price action at the time to me indicated a reason to go long, but fear prevented me from taking it. And when I finally did get long, there was no reason not to keep holding it, other than the fact that I would have had to slide my profit target up, along with my stop. After the first loss, instead of choosing my preset that has +10 profit and -2 stop, I downgraded to +5 and -2. So I would have actively had to move up the sliders on the DOM, which is easy to do, but I just left it alone.