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Live trading is nothing but grey. There is no right or wrong. Better to start small and scale into a good trade then jump full force into every signal.
I agree. You should also have a target and loss limit set before you enter the trade. (Again those limits should be set on the market and not what you want for p&l). I like the steak metaphor.
Not much time nor are my wrists feeling real great....
TWIT (Thoughts while in trade)
I traded without a target today on the first trade....couldn't really handle that very well....but I did it and I will do it again tomorrow.
I then compromised by using a 100 tick target. That worked better. Closed at +51 and netted 43 after the foolishness in the compression zone.
I ran out of time to hold the final short any longer.
NQ got me for a small loss but I re-sold it and rode it for 15-16 handles....cant really remember right now and I need to leave so thats close enough for now....It went further, even to my 60M chart target but not until after a number of bars had went by....I'm ok with the trade for now, I held it almost to the 10 ADR....
Til tomorrow....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Maybe, but I doubt most of the buyers in the November range (and for that matter, any holding positions initiated in Q1 and Q2 of 2013) have felt pain yet. Let it get below 90, and I'll bet you see some pain.
I got my win today on the 5M chart since I didnt like the way the 800tick chart looked. I got my order in, it filled and it took off. I was using a 100 tick target and it started stalling out in the 45 tick area, I ended up trailing out at +40. It went 50 ticks and reversed. By the time it started stalling, I knew I would be looking for 50 ticks and I moved my target up to the 50 tick location. And still it refused to fill me on the first impulse move down.
I skipped the NQ trade this morning as I was mostly done already before the NQ open and I didnt really feel like working any more. However, the NQ morning break out trade worked today like its worked nearly every day the last 2.5 months. A couple more weeks and I will put live money on it. I keep waiting for it to have an open and then stall inside the range like CL does....so far I think its done it once or twice since I've been watching it....crazy.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I agree with you on breakouts. The way I see it is EVERY breakout fails. You have the breakout then you have some type of pullback. That pullback can happen within a 5 min candle or over the next few bars. From that pullback the market either decides to continue the breakout or reverse (reverse can be opposite direction or sideways).
Usually I wait for this pullback to determine whether to trade the breakout or look for a reversal signal.
So example: This morning's NQ breakout. Market opened up, first bar started down. This is the pullback. Bar finished doji. At this point I am looking to see if breakout will continue. Entered on second strong bar at 3540. And I was taken out at 3545 with the doji while trailing my stop.
Another example of the opposite side is yesterday: @ 10:15 we had been in a trading range for over an hour. We have a spike down through the floor. Instead of following it in I waited for the next bar. With the next bar being a doji I was looking for an entry in either direction. The following bar was a large bull closing high on it's tick, took the trade around 3512. I got out early later as I had to go and couldn't wait any longer. This setup would have yield 16 points if held all day. And quite possibly the best trade of the day.
Anyways thank you very much, I have enjoyed reading your journal over the last week or so.
Glad you are enjoying the thread...so many people visit and either don't thank or don't post...its nice when someone does...
I have tried and tried to find 3540 and 3512 on my charts....I am trading NQ which at least on my charts moves in .25 increments....3500,3500.25. 3500.50. 3500.75, 3600...etc....are you watching something different?
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris