@J_Smith posted a pic in my psychological journal, along with some questions on it. The purpose of starting this thread is to allow that discussion to continue, but in a forum about trade setups. I'll let him post the pic... unless I somehow managed to sneak it in here.
Yes, the picture is already in. If you want to mark in on the chart the 2 trades as per your journal, we can then discuss same, and also look at the psychological relationship at the times in question.
Here it is... the blue arrow is almost exactly where I bought, and the red is the exit. 5min chart. Yellow line is settlement I will be signing off until Sunday morning, as per my commitment to @monoid but will get back in touch then.
Thank you Yukoner. Apologies, but I am currently unaware of your setup/s, but I will ask you some questions about the chart, if you do not want to answer then that is fine, as some traders like to keep their ways to themselves, which is quite understandable. I just want to say beforehand that i am not looking for any persons setups, I have my own way of doing things, but I do like asking and answering questions, as I believe it helps you keep an active mind. J_S
@J_Smith Certainly happy to discuss. I don't have any "magic sauce" so to speak. I agree with you that healthy discussion only makes us sharper and better as traders. There are many profitable ways to trade, like I said before, it comes down to the trader executing them on whether or not they will be consistently profitable.
J_S, I would have reduced my risk to below the balance area I was focusing on at the time for my entry. That was based on a 1min chart. If value didn't continue to move higher, then my working assumption would have been incorrect, and price action would exit my position. Looking back at my journal, I exited with a 4 tick loss.
Looking at the 5 min chart 4 ticks is not much leeway to give. Did you have a stop identified when you entered, and a target for exit? Was this a simulated trade?
Yes, I had a stop 10 ticks lower than my entry. My target zone was above the 51.80 level. This was a simulated Mo Tick trade.
I personally see a few things wrong here that would lead me to write the following points. 1. Simulated trades are not real trades and never will be. 2. Each trade is unique, even though it may look very similar to an historical trade. 3. Every market has traders that trade different time frames; it may be wise to try and understand the different time frames and how to differentiate between the traders. H123 made a very important point in your psychology thread, which I do not want to interrupt with my way of thinking, and that is that one needs to be very careful who one listens to on public forums. It is very easy for some people to be led astray, and if someone does not have much experience then they are very vulnerable and can go completely up the wrong track, leading to endless waste of time and money. Do not get me wrong, I am not saying that you (you means in general) are not getting some good advice from certain people, what I am saying is that you need to look at exactly what you are doing, if you are wasting time or not (results), and how quickly you are beginning to see what is called "the big picture", for it is always there, it is just that sometimes you see it and sometimes you don't, and when you don't it is usually down to a psychological event, in other words, you have become distracted from what you need to look at, for whatever reason. Yukoner, do not get me wrong, for I do not even know you, but I am a firm believer in helping yourself, and if that involves helping others, then so be it. J_S