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I placed a Buy Stop @705.10 (2 ticks above the Upper IB and not 1 tick at 705.00) when everything still looked green. Unfortunately, it did not have the strength to rally too much. I tightened SL and got hit at 7 ticks (better than 12).
For the subsequent Short, I let it run a little esp when it broke 702.70 (Support on 8R). Well, it did not run as I expected (say 10 ticks more from 702.60). Luckily, I moved SL first at BE (when it broke the Lower Donchian) and 5 ticks (when it broke 8R Support). It's profitable and regained some of the IB ticks.
I'm officially done with my practice. Continue enjoying your day.
I did a breakout trade, ie placing a Sell Stop 1 tick below the Lower OR (happened to be the Support level on 8R). Order filled (1 tick in favor). It dropped 8 ticks and not enough to hit my 12 PT. I adjusted the initial 12 SL to 1 tick above the bar after entry (-2 ticks cushion) when the trade started working. Got hit and 2 ticks to my favor. Sooo, it's a BE trade!
I did think of adjusting SL to BE or 1 tick in favor and chose -2. Plus I have not thought of leaving the initial 12 SL unchanged. Why?
1. I respect my conservative trading preference, ie preserve precious capital is my No 1 goal whenever possible.
2. Choices of BE | +1 | -2 are in fact all acceptable. I'm glad that I ended up with -2 (while the market has been nice to me and gave me 2 ticks upon exit) as it meant I'm more willing to let a trade run and my heart is getting a little bigger .. haha ..
Post-Trade: You can tell from the enclosed that IF I did not adjust the initial SL, PT 12 would be reached. Well, no IF!!
I'm done for today .. early! Plan to clean up the office/bookcases etc. Have a Successful day.
Upon completion of the Initial Balance (700.30 - 694.20 ), I placed a Buy Stop 1 tick above the Upper IB as I was Long bias. A little surprise when I got an audio alert "Order filled" sooner than I expected. I moved SL twice, ie first -6 (1 tick below the bar after entry) and then +1. IB is 6 points and I planned to close with 9-10 ticks PT. I did!
Well, instead of letting the trade run itself, I did manually manage it since I was around. My bad habit oooo.
For the enclosed Long, I waited until the historgram bar was above the MACD avg line on 4R (highlighted on Panel 2 of both charts). While I've been using an ATM strategy with PT/SL @12, I also pay attention to the OH and OL red and blue DashDot lines generated by InsideBarv2. Do I let the trade run on its own?
Surprise surprise I did. Mainly because UKNOWHO called and checked on me LOL!
You can tell from the enclosed that the breakout trades based on OR (Open Range) and IB (709.50 - 702.80) were all profitable. Seemed to me that most signals have been trade-able this morning when I was on the phone most of the time!
Expect another LD call in the afternoon. Will try my luck tomorrow .. smile ..
While waiting for the LD call, I spotted a potential Short, ie breaking the Lower Donchian on 4R. Instead of placing a Sell Stop at 689.00 (1 tick below 689.10), I had one @688.90. It's filled at 689.10 (2 ticks in favor). When it seemed struggling a little around 688.40, I adjusted PT to 8 ticks and got filled. I adjusted the PT because the ADX thick green line has been above DM+ on both charts = may be End Trend.
Note: The red DownTriangle on 4R gave me more confidence that the breakdown may work though not sure how far it would go.
I placed a Sell Stop 1 tick below the Lower Donchian at 698.70. Order filled 1 tick in favor. Hey, seemed like my orders have been filled mostly in favor of me these days .. haha ..
Went as far as 7 ticks (not enough to reach PT 12). I adjust SL twice, ie 1 tick above my entry bar (-3 cushion) and then +1. Well, it's enough for the broker's commission.
Believe you have had a Relaxing weekend. Ditto here ..
Bearing the 10:00 am important news in mind, I only started looking for a high probability signal after 10:10 am. Since I was not around, believe it did cause a 4-point drop upon its release. I placed a Sell Stop 1 tick below the Lower Donchian to make sure the momentum would be stronger to my favor. PT was hit within a minute .. no sweat .. no heat .. haha ..
Note: The Long and Close pair was triggered by a strategy.
I really hope that I will soon be able to place a live trade. 1 Great trade a day is what I need. Continue building up my strength LOL!
I waited again for the release of the 10:00 am news. With a green UpTriangle on both charts, I placed a Buy Stop 1 tick above the Upper Donchian (also the Resistance level on 8R). Order filled and on its way to reach PT 12. I adjusted SL once to 2 ticks in favor.
All indicators continued aligning with the Long yet I did not feel comfortable when it had more selling pressure. Instead of adjusting SL, I moved PT to 8 and closed the trade. You can tell it did reach higher. For me, no regret as it's still a Green trade LOL!
When it's getting close to the Upper Donchian, I did switch to the live account. Unfortunately, I did not have enough confidence that a Long might work as it has been running for 6 points already.
Bearing the overnight Low @700.40 in mind, I placed a Sell when most indicators aligned with the breakdown. I did wait for the thick orange ADX line on 8R to hook up/turn green. PT got hit within a minute.