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Not a nice day, weather lousy and Dax messing around just under the hwb for the day, needs to lose it soon or we are going to mess around playing silly triangle up here for quite a while.
Travel Well
Can you help answer these questions from other members on NexusFi?
Long cash Dax 8337 stop 8327, it can either prove its a triangle or take me down with it. Dodgy trade methinks.
Edit: Closed for -2, if I think its dodgy why put it on? It can work now of course....
Today felt like a complete beginner again, sit staring wondering how I can have learned so much but do so little right, watch the good setups, again don't take them, take two poor setups for -2 and +2, and play 2 complete gamble binary option boredom trades for -24 and -20.
Notice how easy it was to slip once more into the 'find the evidence to support the one idea I used to trigger this alleged triangle trade' mode, rather than 'can I take this trade because the whole context and reaction looks right?'
SO, beginners get to start again, we close down the binary option platform, it will not be re-opened, and we close down the US/ES workspace and stick to the Dax/Eurex focus and the main account that we had agreed with ourself, the agreement which lasted mere minutes. Oh fickle creature, what is thy mind made of - nought but fluff?
Spent the morning listening to Ben's excellent talk and clearing some chart space, found a trade, took it and voila!
This is purely for my own confidence record as I've had a tough time believing that I can actually do this (after a very long time...)
Remembered who I am, what my style is and took the time to find a setup, in this case the Dax reacting off the 127% reverse expansion of last Fri-Mon drop and appearing to form an s/t flag which I played as a leading wedge down/abc up instead.
Closed the trade as its back on support and I don't mind bounce or serious follow through at this point, I am beginning to find myself at last.
Stuck to my rules today: 1) It's Friday so trade less and trade half-size. 2) It's Opex so don't trade.
That of course is mildly frustrating but I know it's the right decision for now.
Also stuck to the R&D rules this morning - can only remove charts, remove stuff from charts or move charts to a more or less significant position on screen. In all cases only one criteria to apply - is this information useful? Fascinating when you do that in a ruthless manner, albeit I had a lot on-screen to start with.
I think I also had some insight (probably controversial) regarding volume profiles and footprints, etc - I don't think the methods are any less subjective than any other way of finding 'hotter probability spots' in a chart - it just might be rather that successful users have subconsciously taught themselves how to buy strength and sell weakness at the right times, whereas the majority of us will tend to do the opposite all too often. I think it's a definite maybe anyway, but then I'm probably an agnostic.
Looks like being choppy in front of Benny and the Inkjets. Move up or down out of this 26 point range should be strong either way. Have scalped 9, 5, 5 inside but am now flat.
Dax range has simply widened from 26 points to 46, typical on a Fed watch type of day when ES as usual is sat between 2 fibs setups, 'to squeeze or not to squeeze', always the question. No answer this early. Ta, da.
Haven't posted much for simple reason - not much worth saying, have lacked confidence for a few days, still talked myself out of too many good trades. Antidote - continue to simplify system, have now gone from a boatload of workspaces and charts to just 2 workspaces and a handful of charts.
Had an awful frazzled day stupidly messing around in the range yesterday. Antidote - got rid of huge splashes of red off the screen (a la DS psyche recommend), feels much calmer today. Result 3 winning scalps no losers. Loved @GFIs1 trade but closed early to fill hole in account I had made yesterday.
Also wanted to remind myself of some basics, decided best way to help myself was by helping a fellow traveller:
Some (non) random lines for you to ponder...... have a great weekend, get some health. :)
DH helped me to see a part of the jigsaw and no, it's not a Holy Grail, but there aren't many paths that help so much.
The last thing you need for forex …
I wish one and all a great weekend break. I will be digging, planting and fitting skirting boards. Oh and finding out where I can learn more plumbing. For the bit between the ears that is...
Just noticed on the auto-painting box ES and NQ both dumped onto support in the big sell-off, no surprise there, been running short setups but may well have put in at least 'B' wave lows for now (I'm always cautious of immediate downside once we start playing outside and above a down-sloping wedge or vice-versa. Dax in particular looked to do so this afternoon.
From an EW view dropping under the week's lows ought to get fairly traumatic for bulls, on the other hand ES above 47-48 ought to get a bit squeezy towards 60-65 again first.
Fyi APB is a work in progress. Ask me at Christmas. Wouldn't put my granny's white fivers on it yet.