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Today was a good day of learning. It is good you stayed out on the first 30 minutes! I couldn't stop clicking.
The key thing you missed today was the longer term direction. Easier said then done to identify, but if you look at your 987 and up, they were saying long today at least to me.
The challenge for me was the market wore me out by 10am... haha... I have been getting up earlier to trade and I am a bit tired and my conditioning is only good for about 30 minutes. I am going to BE+1 way too soon though, but it saved me several trades today.
I would say I didn't miss it. I was just wrong. That simple.
We turned to the upside from 62% and I saw all large MACDs saying up, but I was pretty sure that we are gonna go back to 76%, or at least retest 62%. That would give a nice bull flags with divergence on large MACDs giving a nice long setup.
I was wrong big time. Sometimes I feel that I would be more profitable if I take trades in opposite direction.
There is a theory about strategy developing. If you can make a strategy that is a very big loser you can just flip it over and it would make it profitable.
About moving stops to BE+1 too early. I don't move it to BE before I get pull back and then move in my direction. I don't want to scalp before I learn how to spot bigger runs. I might change it later, but I want to stick with this idea for now.
@cory. Thanks again for your help. I remember that I said the same thing to someone before. That you have keep your mind open for any direction and do not set yourself just for one side. Now I'm suffering with this problem myself.
It is interesting that you decided you knew what the market was going to do, but didn't have the patience to actually let it play out. Watching you, I see so many of my own bad habits. It is amazing what we do, day-in, day-out to create poor trades.
Thanks for sharing, and I agree, catching a longer term trend is the way to go!
I record them for myself and I didn't plan to post it, but I want to share my thoughts and it might be helpful for someone (if you can learn from mistakes).
I watched your video. I found it actually on youtube.com and not on here. Funny.
Anyways, your MACD's did look short to me where you were shorting. The reason is that your dots are too close together in my opinion with little spacing. To me that makes it hard to read and wasn't as clear on the bull flags.
Your new setup is very nice and I may change my screen a bit to do the same. I have never been one for graphical design or interface efficiency and I have to be shown that.
Today another loss of 7 ticks, but I feel much better about today's trading.
My second and third trades ran down for over 2 points, but I didn't take profit when I had to. They both went to the deep, but from the closer pivot.
My last trade was little early, but it went to my target and even further. I think I would close it earlier, but that's not a point.
Here are my trades and summary:
And here is a video. I wanna post the video because it might help someone, or someone can help me.
It's long and boring, but it has all my thoughts during the trading:
The videos are good to air out to the world. Someone can pick something up, but I use them as a quick reference to go back quickly to see it also.
Your timing is a bit off, but your direction was right on. You and I have differing issues, you hold too long, I hold too short. I would rather have your issue over mine. haha..
Good trading and happy you have found some stability and confidence in the trading. You are not OVERTRADING which is great!
About overtrading. Some days I feel like I could make money or get back to BE would I took a couple more trades. That's the main reason why I didn't like that rule. Now I'm looking at this little bit different way. Yes I could make some money today would I take another trade that I marked on the chart, but other day I could loose more. At the end I think that would even out. But I start taking more and more trades and don't know when to stop. That's leading to loosing a confidence in the trading. Now it makes more sense to me taking just 4 trades. I lost some today, Oh well, tomorrow another day. I think this way I'll come to the point when I'm done with one or two trades.
I see Horst taking a lot of trades some days, but he can control himself and I can't.