Yes, I believe that somewhere out there someone smarter than me looks at the offers, and can determine where the weaker hands are. He calls his friends over to his screen, and they laugh as the poor retail fool is taken out. You were in short at 59, that's good. My short was a million miles away around 54. It does get you in early, and trading at the extremes, and holding onto the good ones is the key.
54 still isn't bad. Did you catch it as it was dropping, or did you get in and then have to see it climb up to 56 before it dropped again?
Hello kp, you had two chances to take a long position. One at 8:32 just after the retracement then the second at 8:39 after that retracement. I took profits at 4460, sometimes I dont wait to be stopped out. This is on a 1 min chart, I think that 5 sec chart is really creating problems for you way to much bouncing around. You have to have faith in the trades you place. Calm down the butterflies in your stomach.
Lucky today, caught it just as it made a nice fall, and hit my 5 point target in two bars. I'm fine with trades like that, its the slower ones that I need to learn how to manage properly.
Nice trade weasel, and thanks so much for your chart complete with trades and even P/L! In a way, you're right that the 5 sec is creating problems given the bouncing around. My heavy bias towards a short kept me locked into this viewpoint, and what I needed to see to take the shorts I saw, and hence took them. Perhaps trying 4 times to get into a short was excessive, but I didn't think so at the time. I do see a lovely RET that would fill during the 0938 bar, but I'm not really looking for RET on 1 min charts. And even if I took it, when price comes down to 43 at 0945, I'm sure I would have gotten out BE and not caught the up move. May I ask... how consistent is your trading? Is today typical for you?
Yup.. so as we bonce off 76.50 twice now, which was already on my chart going into today... I'm left wondering if short there would have made me at 10 least points to make this a much better day. Anybody short from up here?
Well a range formed... tried to break out the top... came back inside... tried to break out the bottom, looks like its coming back inside as well. Not that I'm trading this, but just watching and analyzing. Either way, taking a short at 76 or a long at 72 would both work as REV trades it seems where a tight stop so far wouldn't be triggered. And, I should also highlight that wedge at the bottom. This is the problem with these things because they can keep extending to the right.
i don't understand why you keep messing with stops and chasing breakouts when you know it just hurts you. It's total loss aversion and your entire mission should be to eliminate it first and foremost. You could have made 200$ today on a lucky trade but if you violate the plan its just corrupting discipline. Put a post it note or something on your monitor that says: Do not mess with trade. Do not chase breakouts. If something doesn't work 2-3 times in a row its not time yet, reevaluate. We could talk about entries, 2 point stops, and support and resistance all day but they aren't even the problem. First mission. Do not mess with the trade. If you violate that even once right now you're losing. When you actually understand how all this stuff works and discipline is in order THEN you can alter stops and targets but you cannot even get to that point without developing discipline. This isn't you vs the market here. It's you vs you. Make a change.
You're assuming that my plan actually has an edge, and to be honest, I'm not sure that it does as I haven't really backtested it. All I'm simply doing is trying to take either a REV trade at support or resistance, or then taking the breakout if that should happen on hopefully a tiny little RET or at least at the bottom of a selling wave or something like this. My first long that I eventually took was only 3 points above the ONH level, so not exactly chasing, but its true that a 2 point stop wouldn't have allowed for a test of this level as support now. 4 failed shorts should have been a sign, but to be honest, 2 were iffy, so it made sense at the time to try again. To be honest, you keep saying that I don't know how this works, and although I somewhat appreciate your input, did you trade the NQ today? Do you have a chart to show with your entries? Perhaps you can also tell me how the market works since you know that I don't know how it works. I'm honestly not trying to be mean here, but its just that its easy for you to say everything I'm doing wrong when I show my trades that didn't work out and hence I put it out there that it didn't work out, but hardly anyone shows me what they are doing right. Weasel showed a lovely chart with a great entry. Gears showed a chart with a long and short to end at BE for the day, but that's it. I can clearly see now that it was just an up day from the open, but I'm already a good hindsight trader, so if anyone wants to offer advise, perhaps I should be asking them first to show me their charts, because I can give myself advise at the end of the day too when I see what happened. Was I the only idiot who tried to short the NQ in the first few minutes after the open????
Bro, what levels are you looking at? Where are you getting these levels from? Bro, you are counter trend trading and that's no good.. Those levels you have are making you a counter trend trader.. Trade the levels with the trend not against it.. You are not experienced enough to trade counter trend.. I don't want to tell you how to trade but there are a lot of obvious reason why you had loses.. This is why I recommend you put a 20 ema on your chart and follow the main price..