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See the chart. test with both 5 and 15 minutes bars. 5 minutes seems to be good enough for this one set up.
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.
How can a trader timing be off, trade location be off and he still has a chance to make it?
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.
Stop loss is always a disaster stop loss which amounts to 1 time or 2 times of ATR depending upon position size of the trade, what other trades i have on, how they are working. In summary, it's not just one individual trade risk. It has to be looked at within portfolio risk.
PL has pulled back to 1264 from 1282. Obviously, if magically i had shorted 1282, it would have been a much better trade location. I however do not day dream. One has to put on the trade, get skin in the game and then set ups, trade location, risk management etc. become clear. Lot of traders just day dream. With this trade and many other s over last 4 weeks, i have acquired certain feel for PL and it's all getting stored in a magic box.
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.
ya i was just trying to figure out your puke point for PL on that chart. so if all your other instruments are doing well for the day that changes how you continue on and manage 1 particular instrument? even if it may still be valid?
dont believe anything you hear and only half of what you see
When a trader has dozen of so called loosing trades turn into GOLD or just break even, confidence grows and keeps on growing. In the end trading is a confidence game.
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.
Why would anyone be taking long positions into the close yesterday and make a bet that ES, TF etc. will bounce on FOMC minutes news is beyond me. First of all they had to endure NO PRICE movement during entire Globex session. Then they have to endure push down at NY open and finally at 2 pm FOMC minutes release and up and up.
I would rather wait for the main news and trade accordingly.
$ down , time to go long GC.
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 have no idea what did FOMC minutes were but i can read price action. Long TF and staying long. I wish we had FOMC news release once a month. We wait , wait and wait and then BOOM per reaction to the news.
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.