Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
it kept banging 3 times would that not be considered bearsih? that is interesting can you point out more to read up on it? so when does double top or 3 triple top becomes a short?
it was a short for a few handles
so do you start of testing with 1 contract than add the 2nd and then the third? or when you decide that you want to get it u get with 3 lots, and when do you add?
If thats my area of interest, then yes it will be in stages.... will put 1 lot on with 2pt stop..... see how price reacts....happy to average down as my RR is even better...as my puke point stays the same and i may get the other 2 on at 1pt better...ie only 1pt away from stop loss now...so total risk is 1.33pts (×3). The stop stays at same price level. If price moves quickly into the money and i have only 1 on then may just pay market price to get others on...it rarely does though....you have plenty of opportunity to put remainder size on as it normally retests the area soon....or even extends range slightly.
I will add only when reasons for entering are supported.....its bounced nicely away from entry.... and then pulled back as the shorter time frame traders take profits....so i will add as others are closing out. But will be doing this at defined levels (eg break through of day vwap and retest) and using internals tick div etc.
say when you long 1 with stop 2 handles. do you put another trade on at the 2nd handle or get stopped out. Or add the second based on internals? also if you dont mind, you say you work, what is it you do, and can you with your work do daytrading?
I would get stopped out.....this is a clearly defined area that i am wrong....no argument. If its not clear then i either dont trade it or trade smaller size...it could be that its a wide area of interest eg the levels could be 30-36s....which is wide enough that makes it difficult to manage risk....but the internals should help.
Due to it being a clearly defined 'puke point'...i am happy to add up to the 2 handles. I wont add 1 or 2 ticks close to this puke point as its likely i will get stopped if i get filled....the puke point has some breathe space in case of random push through these levels.
Re these puke points...they are much tighter than say @Inletcap et al....and hes a much better trader with much more experience. So take mine with a pinch of salt.
I am a business consultant.....specialising in small company growth through aquisition/mergers/JVs/seed funding. Its manageable outside of US RTH at the moment. My focus does wander though, and i have taken a lot on at the moment, so there may be a downside. Time will tell. And on reflection you raise a prescient point....i was in meetings prior to the open today, i got back 10 mins into the open and had little time to prepare....this is the first time since journalling. My confidence in the lod level was low.....based on v little evidence it seems.
Thks for your questions btw, they make me think and analyse more. I didnt realise this would be a by-product of the journal, but its very welcome.
All depends on what happens as day unfolds ....sometimes its obvious theres exhaustion in market so exiting All is wise, and if its low volume day then a range day is to be expected so i would aim for obvious retail targets to close out....but ideally, and smthg i need to work on is, i would have scalped up to this point that leaving a runner is inconsequential, my day targets are hit plus some+++....and this is a bonus. And i hopefully would only exit this positon when an obvious setup occurs in the opposite direction, or a return to value/vwap is more likely ie end of day.
Thats the aim anyway, whether i achieve it i dont know.
u say u start with 1 how quickly do you and another. i understand u don't add near your puke place. but how quickly do you add the second do you wait for time or ticks? i end up adding after a few ticks. would you rather me email this separately as a private message?
Thanks