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By the time i got to deak this morning , CL was lready around 92.30 area. Can't go long at highs regardless how bullish something is looking within a macro down trend. Short 92.60 area.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Nothing but shorts in NQ. Cover some around 4020. Not interested in ticks but points. No longs as there are no buyers.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Rubber band stretched ? Both positions were in the money but it's not worth trading these for ticks. In fact nothing is worth trading for ticks.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
" Would be good to read some pre analysis. (just joe - hint hint)".
Good thing about looking at weekly/monthly support/resistance, balance area etc. is that nothing major changes from day to day. Cl will keep testing low end of balance area till it breaks. Thus initiating new shorts around 91 to 90 area is not a good strategy. How about longs? i have not taken longs but they have been there.
Once price get rejected from one end , it goes to the other end. What is the other end? 92, 92.50, 94 etc. I used to worry about picking out the exact edge of the other end. My idea was ( and lot of retail traders spend majority of their time on this useless effort) that if i can pick up exact location of the edge, i can go long or short with a tight stop loss. It was 50-50 at best. I do not worry about exact location anymore so that i can pick a sweet spot for stop loss.
All i know, i do not want to be long around 92.50 and up if CL is coming up from low end of balance area ( 90.40, 90.60 etc). I am looking for shorts. When, where and how to short depends upon each trader skill set.
My short from 92.63 this morning may look like that i have some magic that i picked up the spot right on the money but it is not. I am mentally prepared for CL to go higher. I will add to my short provided there is no massive buying at highs etc. If there is buying at highs , i get out and see how high CL bounces 92.90, 93.50 etc. Price by itself has no VALUE.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
NQ will do this and will do that and on top of that i want a minimum of 1:3 risk reward trade with 2 points stop loss? Emphasis on MINIMUM. Really?
I am not aware of such trades, set ups and neither have interest in them.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Reshort NQ 4029 area. There is nothing like shorting dead cat bounces.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
One stats which matters to me the most. Relationship between numbers of contracts traded and gains. For me it's a clear sign as to how well i am reading Context and Price Action. Today stats were HORRIBLE. I do not know what to make of traders joining /clearing TST combine with stas like total contarcts traded 30, Net Gains $400 and so on. Well at least they have 70% win ratio. Some even have 90%.
Long 92.70 , 2 hours ago you were short from 92.63? There was quite a bit of buying 2nd time around is all i can say
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I can speak from experience, that when I was trading multiple contracts for very small gains (ie $100 for the day) each trading day will end up in a mess. Not only do the commissions add up, but I acquired this bad habit of relying on stacking contracts for very small gains.
In the end I wiped my account out.
EG: I start the day trading 4 contracts on entries. Looking to get QUICK profits to close my platform down.
After two losing trades I am down 50 ticks. CYA LATER.
Impossible to recover. Then the stress and emotion become paramount!
Being lucky is okay now and again. I Embrace it. Im trying not to rely on it!