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Yeah I know what you mean. To me the important distinction is between range-bound action and trending action. I think there is a big difference between trying to catch a reversal in a trend, and just fading higher highs in a trend. In your chart today, price was making lower lows and lower highs by the time you were looking short, and to me that's a perfect new downtrend to short on a trendy morning. That's all I'm really getting at.
Got to post the bad with the good... Just one of those days I guess. I did manage to salvage some of the loss with some YM gains later in the day, but this morning session "is what it is" as they say.
Now I guess this is where I am suppose to say all the things I learned from this experience....... hmm, not feeling it right now.. Maybe later.
One and done.. It's nice when it works out that way. Sure is a lot less stressful then fighting your way out of a hole from the start. For some reason I work up just prior to the London open and decided to have a look. After the action yesterday I thought there might be some continuation. The 6E had just made new lows prior to the bell so I was looking for a quick retracement up and then continuation down. Good for me we were both singing from the same song sheet. Very little heat on this one as it just made new lows prior to bouncing back up.
NOTE: I have added a Time and Sales form to my screen and set it to show only block trades greater than 5 and to warn on blocks 10 or bigger. I think this is a must going forward and quite frankly I am ashamed for not using it before now.
One other note. In addressing the point that Jeff Castille made regarding trading around NEWs and the negative impact that can have I recently added the [B]Economic News Indicator[/B] by [COLOR=#0066cc]j0hnth0m[/COLOR]. What a gem this one is, "Just set it and forget it". It does all the work of gathering NEWs items each and everyday. It is very configurable and can be placed in any pane. I put mine down in the 3 minute stochastic window where the space is not really being used anyway. Thank you so much John!!!!!
Hi HJay and congrats for your trading.
I have a question if you wanna help me, I saw on your graph that you've the 5 range no gap set up, how you did that?
Not as easy as yesteday morning, partly because of my own fault. I set my target below a bounce point mssed my target by 1 tick. I did add a second contract at the next turn down where yet another higher/high failed.
Completely overslept for the early morning session. Checked in on the market during a break in the day and was fortunate to find it in the midst of the sell off. I looked to enter on the retracement back. This moved very fast and really flew by my daily target before I could even exit the play. Would'nt it be nice to be able to dial that up every day ...