True trading

Nothing against joe. I failed several times over the course of my 1.5 year trading career. Learned from my mistakes, and decided not to play prophet anymore. I do not enter at exact tops or bottoms, but pretty close to them. Anything later than that is too late; gotta have that balance. But you're right, skin a cat the way it works for you.

I've only seen one cycle work 100% of the time, it's the cycle where newly-discovered cycles come and leave in cycles.

 

Define "cycle", as used in this context.

 

Without in any way taking credit, because I did cancel the trade, I would like everyone to notice how the 1163 level held, with a 1 point stop.

 

That's how you pick a top with a 1 point stop. What will happen next is any one's guess, but that fact is that a potential top is a good place to put on a trade with a very low risk to reward ratio. I did get this trade when it happened live.

 

Your pick for 1163 was good even though it did not happen yesterday. Do you forecast on the ES daily chart as well?

 

Can you explain why you didn't post the trade when it "happened live"

My guess the reason why you didn't post the trade live is because this journal called "true trading" is ONLY for trades called in advance...correct ???

However, if you're going to make a habit of mentioning trades that weren't called in advance...trades mentioned in hindsight...will you post broker statement verification of such trades being mentioned that were not called in advance. ???

Mark

 

I agree with you 100% on this. One of my favorite setups when I'm focused and watching the price action while it's happening is to counter-trend a trend exhaustion point with a tiny stop and a profit target better than 2:1. Yesterday I did this in CL with 5x size because the stop being so small, the risk was not much more than I have on a standard trade setup with 1 contract. The profit target was 4x the risk and was filled easily.

Picking these levels in advance, though, would be very difficult for me. It's an on-the-fly setup for me.

 

Joe,

1. How many trades per day do you make?

2. What's your win % ?

Thanks

 

No better market than CL for that type of strategy in my opinion.

 

I made the call yesterday. I just cancelled the trade because it didn't get filled. I just said I am in no way taking credit for the trade. I just wanted to point out that it did work, and that by the way the target also worked as well.