Lack of preparation and focus was my downfall this week. Once you miss the early morning entry, that's it. You're left with either chasing the market on shallow pullbacks, or scalping low probability setups for pennies. Focusing on the larger time frames (60 min charts) and setups was the key to making large profits this week, but I was still stuck in the intraday trading mode. That doesn't mean that price will necessarily do the same thing next week, it just means I need to prepare myself better and be more flexible with my trading. My losses this week is small, but the opportunity loss is BIG. Lesson learned and I'm hoping this long holiday weekend will cure that. No trades for me today, have a great 4th of July. Summary for the week:
+8 for week. Pretty poor trading. This was a train week. You needed to get your ticket early, because it did not make too many stops after it left the station most days.
The trend is your friend. Need to identify days like today and yesterday, stop fading them jump on board.
Many times during the day the high to low were excessive for a day trader on the 5min chart with low Volume illust: 15:06.....High-2360 15:30......Low-2354......-6.25pts 9:30......High-2324.50 9:35......Low- 2316.75.....-7.75 these are not for easy trading In addition throughout the day 3 to 4 pts losses, caused some heat. Check it out The chart looks nice EOD but baby steps (candles) today looked easier than trading them for me cheers john:
i know what you are saying but those huge 5 min bars to @10:10am was very telling. Don't trade NQ myself i like 6E and ES but the big picture cuts across many markets. what did you think was happening? ask yourself,at the time were you thinking about fading them or jumping on board? what's your answer?
Long bars on price charts or fast bars on volume charts do not tell you anything by themselves. You have to see reactions at some levels. Today I waited after the long bars and went long on pullback, just got stopped out before the run up, dang it!