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The run from that ABC was very weak. The first target was at 12234 but it never broke the high (12182). The next setup short could be very nice. I got short before that but it took me out.
Yes YM had different pattern compare to TF. I Had 753.1 as possible reversal area it stopped shy of it by 2 ticks anyway I was eating downstairs and then went outside to get food for diner. I knew TF would have to go down as it was way too OB based per my indicators but when I am not in front of PC I don't really care what market does.
Keep on studying the patterns on your charts as I am less familiar with YM, I know how TF behaves and the tools I used have been tested and fine tuned exclusively for TF. That is the only way to be succesfull in this game you need to be good with only 1 market.
In my opinion all part of the journey and you never stop learning as a trader. I have been doing Real Estate developments and investments for 12 years now. I learn every single day. I think I tend to shift a hell of a lot less (like lately SOLAR is the new IT!!!)
I really don't have any interest in Solar, it is boring to me... So I will not be developing it. I started to a few years ago, but I was before the time I think...
The first one was from the resistance level on 1M. I got pull back to MAs and it took me out. The second one was from the setup at 3M chart. It was way OB on 3M and 1M. Seems like a nice trade. Then I got that spike that took me out and straight to the target. I don't understand what was the reason for that quick spike. There was no news (at least in US), market was pretty slow. No idea what happened. I could finally get a nice trade, but it didn't happen.
Couldn't sleep last night till 5 am. Opened up my charts and tried to trade ES with different indicators (just experimenting). Then some how I came up with another method.
I didn't have enough time to get all rules done. So it was just a raw idea (close to PW style).
This morning I started tuning some rules and take prob trades on TF (233T). First three trades where horrible. I didn't really know what I was doing. Then I noticed one setup that works pretty well. I took one trade from that setup (#5), but I didn't have clear target and closed my position on a pull back.
On my last trade I already had a clear target (fib based) and I knew what's gonna happen to warn me if it's not gonna get to the target. I was 55 mins in that trade but I was pretty sure that it's gonna get there. I didn't even worry about trailing my stop. It got to the target and after pull back went higher.
I'm not gonna say anything about the method because I'm not sure if it's gonna work in every day market.
Every time I think that I know a lot about trading market proves me the opposite on a very next day. So I wanna try it for a couple weeks before I explain anything.
First thing in the morning before I even got up I told myself to be patient and wait for valid setup that I fine tuned yesterday.
Guess what happened? I took 5 trades without valid setups. Haha..
This is a new method for me and I didn't see it in every market conditions yet. This morning was something I haven't seen yet and I started with experiments.
Then I realized that I'm just killing myself with all those experiments and I was seating on my hands until I got valid setup. Got in with one contract then added one more on a pull back. I still took my profit too early. I don't trust to my indicators for 100% yet. I saw that I'm getting out early and I could get another 2.3 points per contract holding for my next target. I just had a lot of "what if's" in my head.
I don't really want to share it right now. Not because I want to keep it in secret. I want to see if it works first. What's the point to share something that doesn't work. The biggest challenge for me is to wait for setup to complete. There is one certain setup that can form quiet a few time some days (like yesterday) or much fewer other days (only 2 today). But it has high winning %.
Now I understand why people become profitable when they create their own methods. Because you know what's the reason for everything on your chart. It's much harder to understand logic behind someone's method.
This is all I have on my chart and this is the only chart I use. That dash red line is not important for my entries. It just gives me an idea of LT trend so I can see if I get in corrective or impulsive wave. I choose my target according to that.