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Considering the kind of day it was the fact that I was profitable was pretty good and yet it was completely disappointing to me as I missed "playing the range" as I like to call it.
I missed 4 trades... one by one tick!!!
As Im mostly an Always-In trader those ranges can up to as much or more that a big range day.
So instead of catching the ups and downs (which I tried with limit orders) I just held through it all and got out when profitable.
So yesterday I was upset because I was trying to catch reversals and the market just kept missing my limit orders by a tick or two here and there. Over and over.
Well today I'm on my 7th profitable reversal. Averaging around 12 ticks each. Not bad.
In the last chart I posted you can see where my orders were. It was a failed breakdown which I've been playing all day (both failed breakouts and breakdowns)... Yet I went short!?!!
Realizing afterwards that was not the smartest trade I placed another order at the top of the range thinking about the possibility of it reaching the outer bounds, coming back through one more time taking me to profits at the bottom of the range... and maybe beyond?
I sold at the bottom sold more at the top of the range as it broke out and never came back.
From there I basically followed the rules and waited for a pullback before exiting.
And because I had such a good morning Im still in the green today... barely.
Really I could have cut as soon as it broke higher but I was waiting for a pullback which never came. Over time this is the right way to trade it for me.
Maybe I could have limit ordered out below as it was running away but I didn't even get enough of a pullback for that. Except for one small exception at the beginning of the move.
The truth of the matter is I never should have taken that short in the first place.
Everything after that I think was OK.
No two trades are identical so we'll have to wait and see. Study and learn.
I trade basically from U.S. time 8am EST till around 11pm EST.
Not all the time but thats my window.
My stats seem to be off the RTH/ETH maybe? Not sure. Will have to watch as confused by this a little as from yesterday morning till the evening I was a little above breakeven for the day.
I know the stats are correct. Just not sure when they reset. Will look into.
With the way I trade patience is a double edged sword... And you have to dance on the tip of it.
I find myself holding BOTH winners and losers too long.
The result is better than jumping in and out but my biggest problem right now I think is not cutting soon enough.
And the reason for that is if I'm in a long trade and the markets going short and not coming back to let me go short I'm...
1) In a losing trade and...
2) and MORE IMPORTANTLY im ALSO losing out on the profits the other way! DOUBLE EDGED again.
As I become more proficient at knowing what a large loss is in comparison to a large win ON AVERAGE is for me and this system I believe I will get better and better.
Lastly I notice I trade ranges mostly and breakouts are my kryptonite IF I'M ON THE WRONG SIDE (they are my big money makers otherwise).
But as an "Always-In" trader I have to take some heat sometimes. Back to the double edge sword analogy.