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Tried to let a nice winner run and it retraced above 50% of the move after the open and I stopped out for $7. :mad: That's the downside of trading 1 lot. But I got right back in @ 1165.25 on the failure to follow through, and took $160 profit @ 1162.00, learned my lesson!

Yeah me too. I'd like to trade 2 lots and scale out, but then my stop loss is usually larger than my max loss per trade that I allow.

If you short an uptrending market, you need to be careful. On my early short I placed my stop 1 tick above 50% retracement of the move, stopped out near b/e (and pissed I didn't take some of that 4 pt run). My second short, I grabbed profits right away. That 10:10 a.m. bar was a bear trap...

Covered @ 1162.00 and trust me on this, kids, that is likely a good short signal :p

OK got back in @ 1165.25

Darn! Foiled again!

If that happens, my previously 4 pt winner will stop out near b/e and I will go back to 1968 and continue to smoke POT :cool:

Shorted @ 1166.75 via sell stop below the range low. Let's see if I can get more than a few ticks this time. Somehow I think I shoulda taken my 4 pts and run. Too much free money propping this market up :cool:

#1 reason trader's fail: They believe they can determine what will happen. :D

Finally! Placed a sell stop below the range low and got more than 4 ticks of follow through :D

Since I stopped trying to pick tops and bottoms, and instead started buying higher lows, selling lower highs, and (gasp!) buying at or above the day's high, and selling at or below the day's low, I haven't had a losing day. I've had losing trades, but they are few and they are small as a...

You use a longer time frame than I do, but here's my take on it: 1) The double bottom was very inviting, but you have a conflicting signal of the lower high. This means you don't have an "A" setup, where the stars are all aligned. You had a stop, hopefully near that support if breached, which...

This could work as long as time decay doesn't eat you in the event the market keeps grinding higher or ranging without a significant pullback. I mean it's not pulled back to the 20-bar moving average, which is very common in a trend, in 22 trading days, so already a predictable historic pattern...

Inc, I know nothing about Swiss Francs, but since I enforced a rule not to trade after 11:30am, I don't think I've had a losing day! spd, where are you?? I need you to get on Skype and hold my hand trading CL live. I made $821 simbucks today and as usual IB won't let me transfer them to my...

Groundhog Day? :p

As of yesterday, I've been shorting ES at or near the day's low. I've pretty much scratched all the trades for a few ticks profit, but at some point I'll catch the breakdown, and the market falls far faster than it rises, so should be a good run when it happens.

+$490 What can I say, I'm addicted to POT. I really should've smoked more than 200 grams at a time, though. :p Decided no trades till after the consumer confidence. Long POT, HL for a .63 move; short POT, LH for a .64 move; short POT, LH beneath a now-falling 20-EMA for a 1.05 move...

Too funny, I shorted @ 1165.75, again hoping for a breakdown, and got a whopping $33 out of it. OK, I'm back to my old strategy of channel line overshoots. There's no such thing as a breakdown in this market. :D

Hi Boff, I'm a very new ES trader (only traded it live a very few times over the past year) and I'm curious what your rationale is for taking a long position near an area that exhibited such strong resistance yesterday? Wouldn't it make more sense to go long if price retested the overnight high...

Yes, day trading requires precision and, IMHO, makes you a better trader all around. When I started out I only swing traded and frankly the "breathing room" made me sloppy. Day trading turned me into a sniper, though it took a long time (and months in my sim account), but at this point I feel...