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)
It isn't so much that I had a winning trade that mattered to me.
I have crossed over something unsourmountable.
It was painful. It was hard.
Yet I persisted. From one tick winners I graduated to six ticks - today I took all ten.
I wanted to move my stop to 8 ticks once so much in the green.
But I DIDN'T. The action (inaction) mattered.
I did it. I got my ticks.
i am stopping for the day - it has been a stressful ride.
I know I am in the flow. I want to take more ticks out.
Stopping at a point where my energy is blooming, my systems are alert seems like a stupid thing to do.
I am not in euphoria. Simply that I have confidence that I can do this business alone. Almost bored by it but happy to not be over excited or atleast not AS excited as I used to get like a bundle of nerves.
Just make font size smaller and then make a dom narrower - everything will be there except PnL. Still you need to check it before every trade from the accounts window - otherwise you can hit DLL. Just treat whole PnL concept as points, no need to replace it with ticks, since as position size may wary tick count becomes obsolete.
However the stop location is the worst part about this trade.
It is called an awkward stop.
An awkward stop is a stop which is technically bad - where can we imagine buyers to come into the market? Most probably (with a imaginative bent of mind, we don't really turn soothsayers) they will come in at the clustering price action where my current stop is!
However now that I've taken the trade I've no option but to wait out till the trade plays itself out.
Moving my stop under a pin extreme sounds like a good idea when untested. However I will need to do all the hard work to actually find out
However I suspect the market fakes out a lot of early entrants and then fakes out all the reversal aficionados.
And both contribute to the trend, first party because they have bailed out scared, second one because they tried to fight the trend and can only exit by firing a with-trend order!
Pinbars can be a good tipping point technique.
However when pinbars form a trendline has been rarely broken hence the probability of trend continuation is high.
Not always can pinbars be treated as warning signs.
It makes sense to use them as tipping points ONLY if a major trendline has been broken by a countertrend move.
Remembering: Trends continue much farther than anyone can ever imagine!
Edit: Though I wanted to point out the hindsight observation that: "Look! The stop would have been correct, look how the trend reversed!" However I need to remind myself that trading is about probabilities and not outcomes.
The WISEST thing would have been to skip the block break since a reversal was probable!
When I sense a pattern failure and when in the real world I would have scratched the trade in the real world with no questions asked I actually HESISTATE to cut a losing trade short in a combine because I worry about... you guessed it .... STATISTSICS!
In the previous short trade I had traded the block break to the short side and then the double bottom formed.
I was tempted to CUT my postion immediately but didn't.
Then, though I was allowing the postion to continue I still had a tight lease there on it because of the breakout test that occurred soon after and then the bull flag, i.e. a three push bull flag.
Reading the markets has never been a problem lately... just ACTING on the read.