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thanks Vance.the trade at 9:10 i just missed it.I saw it afterwards, as i am still getting used to the 5 min.I agree, tho, it is obvious.The entry for me would be a tick above the doji hi.I am a little confused on some of als descriptions of good reversal candles.This week, im hoping some clarity will creep in, as the i min has been difficult to look at.When i had the 4 range,and the 1 min, the confusion caused hesitation.Now ,the 1min and the 5 min is kinda doing the same thing, and i find myself not trusting the 1 min like i did.Is it me, or did the cl change in the last month?Regardless, last week, and today, the 1 min has just been confusing.Maybe i need new glasses!lol............Also, that trade at 11:10 was a scalp attempt...I thought we would douub bot, but we got a HL...which made sense..2 reasons..1st, strong reversal bar..2nd, strong support level
2/7/2012
tuesday
5 trades
-13 ticks net.
today, the 5 min cash ch indicated that we would fill the gap.With that said, if im going to trade the grinding channels, i need to trade with the grind trend, which should be with the trend.I had 2 trades that i thought were decent, however, 4 out of 5 trades today were shorts...thats not good.Bar 12 and 14 were such big long candles, i should have stopped shorting...so, the 4th trade was a mistake.And watch for those ema crosses.The 4th trade bounced off the asc 21ma, even if i didnt take a long, a short wasnt smart,basically being a 2 leg pb.
i did my review, of my review, and decided another video would be necessary.The traps that i am mentioning, will probably be a 10 tick target, and they happen every day.The ema crosses seem to work nicely off a trap...we will keep watching.Imight just stick with shorts below 21 ma, longs above, unless a valid reason for a ct .
Thanks Vance, today was just another learning day....counter trades gone silly.I feel the trades were there(as usual),but i see them in recap..so, if i keep plugging away, and reviewing the videos, over and over...maybe,i will see it in real time!!
*************
upon further review of the 4th trade...The pb coiled off the asc 21 ma,if i would have observed the desc trendline of those tops, and traded with the trend, the entry was just above the desc trendline, or a tick above the prev freen candle(that coiled off the ma)I was thinking of that trendline, and they blew right through it.Either way, the counter trend trades today werent smart..Again...should we look for longs above ma/shorts below,Just to stay simple?
I have seen many trade that way above MA above long, below short. At least, they are aware of it in relation to the PA, and they dont take it unless there is a compelling reason(s).
Its become apparent, that, at times , im seeing the leaves, and less of the forest.I have no desire to be a countertrend treader, as it took alot of effort to kick that habit.If there is a compelling reason, thats ok.I think , in its basic form, looking at the ma in this fashion will save me 1 or 2 mistakes a day.Also, in the focus that ive had lately, the ma is almost invisible to me, because when i was still trading the 1 min, i started disregarding the mas(almost alltogether at times.So, i have a feeling this will help.The ma crossovers are of interest ,also.
Just curious....................I've noticed you use a 5min chart for your time frame. Have you ever tried a tick chart? Say a 500t or 1000t chart on the CL. I found tick charts help me define the price action. The candles seem easier to follow with less strain on the eyes.
Just my 2 cents worth,
Rick
"If you're going to panic during a trade............. panic early."