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Market open looked bearish so I looked for a good entry point.
This was a good entry point. Behind the 50 area to set a good stop, aligned with my scenarios / setups / plan, observed signs of entry, etc.
The market kept flip flopping and I saw some aggressive buying near the ~43 area, so it became a key area to watch.
I think my mistake here is leaving the decision to exit the trade preemptively to my judgment.
I should've lowered my stop so that if the market bounced up strongly again, I wouldn't have to make that decision.
This trade I suffered from enough hopium that I didn't make a speedy decision, despite laying out the things that would lead me to exit the market.
Overall though, it was a good trade to take so I should be happy. I had the potential to make this an 'excellent' trade had I listened to my analysis, but hey that's going to happen right? Learn and move on.
Trade grade - Good
It was in the plan
Observed signs of entry
Good target and stop
Second trade - Short @ ~60 area
I observed some resistance and it didn't appear that the market had the momentum to break through the 60 area
Trade grade - Good
It was in the plan
Observed signs of entry
Good target and stop
Overall we had a ~20 point range so there weren't many good opportunities. About broke even on profit, but took 2 good trades so I'm happy.
See you tomorrow!
Yesterday's excellence is today's standard and tomorrow's mediocrity
I think I'm looking for a solution that is easy to put together but that still displays the thoughts in my head. I also want it to be flexible enough to let me take trades based around my scenarios and not my setups.
The scenarios are the foundation of my trading plan so it needs to be effective. Efficiency would be nice but not a priority at the moment.
Cheers.
Yesterday's excellence is today's standard and tomorrow's mediocrity
I set a sell order last night just above the record highs,
The trade looks ok but I wish the entry was ~ the 72 area instead of the ~69 area as I would prefer a stop behind 75. However, my trade management won't let me change it right now
Scenarios
Setups I'll take today
~5200
LF Short, reversal trade
Stop behind 5201 is a must
Be careful if the market is strongly bullish about taking this
~5200
~5170
LF Long, Break out
You are looking for strength in the move
You want to see that the move will continue for at least 20 points and close to the 5200 area
Stop behind 68 is ideal
~5170
LF Short
Stop behind 75 is ideal
You are looking for signs that we won't have a bull trend day or strong bull morning move
Apart from the overnight trade which was stopped out as soon as the market opened, I didn't take any trades.
I thought about taking a long at the ~5175 area as the market looked strong but honestly I wasn't sure that we could make it high enough for it to be worth it so I passed. In retrospect that wasn't the right call.
One thing that I'm struggling with during this market as a new trader is being comfortable buying at record highs. My instinct is to want to sell when we hit record highs, specially when I feel that the market's price is too high and we are due for a correction.
This is something I need to work on because we are over 2 months into this "record breaking on a weekly basis rally" and we could be in it for months to come.
One trade taken today, and I was short 3 ticks of profiting from it. The trade was good and I was patient, but my stop was not big enough for the initial pullback.
Here's the trade
Immediately I wanted to get back into the trade, but I stopped myself. Not because the setup wasn't good because honestly I still felt that it was good, but because it would've been a revenge trade. The longer you go without getting a win, the more upset you get from each loss.
It's something I'll have to get used to though, because that's the trader life.