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)
No trades today. Prices as was all over the place in a tight range. I could not get a good feel for the market. Traded some in SIM which ended with a couple of winners and losers. These were really test trades trying to figure out how to trade these type of days.
Robert
nosce te ipsum
You make your own opportunities in life.
Can you help answer these questions from other members on NexusFi?
Stats for this week and a excerpt from my personal journal. This was a sobering journal entry and week for me. Reality about trading for a living has finally set in.
For context, I dont expect to have results like this every week. I expect that if I follow my plan and trade consistently so that over time I will come out on the positive side of the ledger.
Price had a failed breakout attempt of the trend line on the 15 min chart. New upper trend line formed off the high bar mid way through the previous downtrend. Looks like it might retest the lows of the night.
Price made a new low over night on the 15 minute chart then took off to the upside when the Asian session opened. On the hourly chart price is in wedge. The weekly chart price is above the support/resistance area. To the upside there is resistance @89.38ish and 90.00. Could be another sideways day today.
Entry type: Sell stop below Fridays support area and below the opening 30 min range.
This trade was a tough trade because I had to put my entry way below where I wanted to get in. The reason for this is because there was a lot a support from last Friday which causing chop. I have seen price in these support areas reverse on a dime. There is also support on the lower trend line @8838. On the whole, my entry was solid and price went quickly toward my target. I ended up taking a profit before the home sales report came out @ 10 am. Missed my adjusted target by 1 tick. Ended up +9.
Using a longer term chart to show this entry and exit. There is support about 5 ticks below where I placed my exit. I think price might break that level, however, I wanted to lock in profits. Took 4 ticks of heat on the trade.
Robert
Edit: I thought about taking multiple contracts on this trade. There are certain trades where I believe it makes sense to have multiple contracts. The simple reason for this is they are very high probability. This is one of those trades. I need to work multiple contracts into my trading plan.