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The idea is really simple and I like it. I trade pullbacks too. The trick is to recognize when it's a pullback and not a real reversal. But as long as the stop is tight it doesn't really matter if one gets stopped out on the reversals, just wait for a pullback in the new direction.
This works particularly well lately due to the strong trend moves. A few months ago it wasn't as easy.
Hey !!!! well done !!!!!I hope it will be useful :-)
You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
To be honest so far it's not. As I originally thought, I find exhaustion to be the main cause of the reversals. Knowing whether it is buying or selling doesn't really make that much of a difference.
I'll be releasing this to the elite section very soon.
Hey guys I just wanted to share with you one of my best days today. This doesn't include a swing trade I did (short from 84.00) that is doing well.
I'll post my journal at the end of the week which will be the end of the month. I'm taking some trades with real money and I think in June I'll be doing mostly real money. Finally turning the corner in my day trading.
Well I did it. My first month of real money daytrading in 2010.
A brief recap: I did real money daytrading last year but stopped because I need to be more consistent. Then I got into learning new tools including Market Profile & Order Flow and one thing led to another and I was on sim for the first four months. In May I went back to ES, the market I'm the most familiar with and took some real money day trades. A few days later the market crashed!!! All bets were off, I went back to sim since I didn't have experience daytrading the extremely high volatility of the crash. So the week after the crash was on sim.
After that I was being extremely selective. I took the great setups with real money and if I had doubts I took it on sim. As I build more confidence I'll take more with real money and less with sim. My goal is just a couple points/day so once I hit my goal I go back to sim.
The swing trades have been real money for a long time now and it went pretty well too. It wasn't exactly swing trading, I think I only held one trade overnight. Wednesday's trade was up 20 pts but gapped up the next day and stopped me out breakeven. So I almost had another $1k. 20 pts is 20 pts and I guess I shouldn't be too greedy, even with the volatility.
I'm very happy to report that I had 100% winners trading real money this month!
Averages counting days I traded real money (I didn't trade real every day due to the crash):
day trading: 7 days 2.28/day (my goal was 2 pts so I go to sim once I get them)
swing trading: 6 days 7.23/day
total: 10 days 5.39/day
Now I will continue trading the same method. I plan to trade FESX with real money very soon, maybe next week.
I've been posting a daily analysis of ES along with some live trades and trade reviews on my blog so if you're interested in that have a look. I talk about any bigger setups that I'm watching for and if I take them I show the results of my trade.
I wish you success with your trading & a great holiday weekend.