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NG massive move over last 4 days. For TF- nothing much to do except some scalps since she is stuck within OR. As usual when something is in a 4 points range- there is analysis all over the internet. ES is doing this, TF will do that and on and on. I am staying away. Tried short around ORH and covered for a scalp ( anything upto 3 points is a scalp for me). A friend of mine took short in ES on friday into close around 2012 with a stop loss at 2019. If he was making directional bet it would have been OK. Directional bet traders are not trading with Mikey Mouse stop loss and expecting 30 points gains. He finally got pissed off and closed position around 1115. I would rather wait for market internals and then make a bet vs day dreaming.
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.
Massive buying came in. Looking for longs. Shorts are over for me in 80 to 81 area. After A down confirmation and within macro bearish trend when price comes back upto ORH ( 80.90 area), there is a short on failed C up set up but i passed on the 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.
Lets do some deep analysis. A 5 year old will look at this and give a simple answer but we have grown ups slicing and dicing this all day long.
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.
Damn 90 ticks pullback on failed C up and counting. I need to have my head examined for not taking Failed C up set up. Be careful with longs off double/triple bottoms- this has potential to get UGLY. Please give a flush down. It will be lot easier to see if longs makes sense. Otherwise it's a roll of the dice to try longs.
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.
I left out for Appointment at Lunch...just arrive back to see what happened....shoot...
I went Flat after the first trade i made this morning when CL broke below ORL....also had some distractions here at the house while trying to focus on trade set ups, and finally just observed till i left for Appointment.
By January i will be in a Professional Setting/Environment ...as this will be my Full time Income.
This way i can Hopefully Focus on the Chart set ups without distractions.
Basically traders who try to pick bottoms based off double bottoms etc. got busted.
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 was in a rush and ignored ACD rules and had to come back to basics.
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.
2) CL short 79.95 area. Will add to short into bounces.
3) NG short 3.30 area
4) Aussie $ from .8713 area.
5) OJ (Orange juice) from 134.50 area.
6) Short PL from 1259 area since last week.
Was short in GC from 1129 area but no go. Basically Scratch.
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.
Q) What is your primary trading chart? 1 minute , 5 minute etc..
A) This is one area where i wasted lot of time. I traded mostly off 1 and 5 minutes chart. I finally realized for me whether it's a 5 minute chart or 15 minutes etc is immaterial. For every trading instruement i want an instruement to travel certain distance before i take a trade. Distance traveled is based off ATR. For example, for Crude over last 5 weeks 96% of my trades have been from the short side. Let's assume at the start of NY session price of CL is at 80. Globex low is 79.50. For me to short CL, she has to run up a minimum of 100 ticks to short. I am not looking at 5 minutes or 1 minutes candles. I am looking at area where i need to take a trade. Since, one has to look at something, i mostly look at 5 minutes charts just for visual purposes. Till price gets to an area where i have interest, anything in between has no value for me.
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.