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Floored. I did my homework. Had a good set up on 60min tape. Entered with large contracts @ 1936.25 and was targeting to exit @ 1938.75 and perhaps even push it to 1940.00 since that is where the large orders came from yesterday. The stop loss was @ 1935.25. Cardinal mistake of the day, was increasing the stop loss to 1933.50. Almost tripling the sting in order to grab the nugget. Otherwise it was a good set up. It just didn't work in my favor today. ($-137.50 plus the trade cost of $-4). Educational cost this week = $-500
It's funny hilarious HA HA to see the ES price going after 1938.75 and 1940.00 right now! Yes, if I funded the account properly it would have been a different friday. Perhaps or perhaps even worse. Here's to the market place. Thank you for this week's lesson. It was brutally honest. With a pinch of cinnamon toast crunch aftertaste.
And so the sellers are taking the price down to 1932.50. 1941.50 would have been my protective stop loss on this 1943.00 short. The original stop loss would have been 1945.00. Extra large buyers came in @ 1937.75 and that would have been it for the 1943 short signal.
Large sellers selling @ 1943.00 and 1944.75 target one would be @ 1937.75 where the earlier group of buyers came from. Target two would still be @ 1932.50. Entry on this would be @ 1943.00 stop loss @ 1945.00
Multicharts has an indicator called volume up\volume down. It reads the net buyers\sellers that helps to determine who's in charge. I'm off to the bank now to fund the week#2 of my futures dancing fund.
what type of homework you do? , do you have scenarios that you can trade of them?
i really like to understand your global view on the market before you take a trade
Absolutely! There is a nice group of local traders that I'm a part of and through our discussions we all agree that the market place is a total non random event. And as a trader I have to look for the tape scenario that has happened before in order to execute with the best chances to profit out of that non random event. The market place repeats itself every day. I look at the tape of the weekly candle coming into the new week with the daily tape to determine the strength of the following day. Exactly the same thing as on the 240 tape for the support\resistance levels of the day and the 60min trigger tape for entries\stop loss. A certain shape of the tape is what I'm looking for as an AAA+ signal.