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I trade with a 15-tick stop and a minimum 20-tick target. Something like this helps you wait patiently for strong setups.

I must say that between 10:45 and 11:15 ET, I don't think I ever worked so hard to stay positioned for a breakout (4 trades) before finally catching it on try #5.

Picaso, did you notice the double bottom on that chart? :D

There was a micro downtrend leading into the open and the next support level in line to be tested was from the overnight session (1121.25 during the 3:20am ET bar). Price found support at a higher level (1121.50 during the 9:40am ET bar), then broke through previous resistance (1124.50 during...

Agreed, this is very often a problem for me and placing stop orders in advance solves the problem. You see the potential setup developing and place the stop order to get you in when price hits X and then if you space out at the moment price triggers, no worries, you're in.

When a retrace is shallow and price comes back to test the previous S/R level consider playing it as a breakout trade. Otherwise you may get left in the dust waiting for that larger pullback that never comes. It feels strange buying a high or selling a low, but shallow retraces tell you who's...

They saw everyone printing money over here :D I don't think it's a top yet. Look at how price just found support smack at the pullback to the 20-bar EMA on the hourly chart. If it can't find its way back up to 76.77 and break out, then I'd say it's time for you, RA The Master Swing Trader, to...

The lack of focus could be real (day trading requires a lot more focus than the average person is used to) or it could be self-sabotage, something Mark Douglas addresses in Trading in the Zone. Self-sabotage can come in the form of missing trades because you lose focus and do other things...

Matcha, don't be too hard on yourself. We've all been here many times. A couple things to consider: Do you think your early exit from the second trade was a result of letting the earlier loss have an influence? I often found that if I was holding a loss, I tended to exit a profitable...

I see. I don't use overbought/oversold indicators on my futures charts. I will share with you my highly technical, proprietary method of counter-trend trading: I measure the distance price pulls from the 20-period moving average with a small clear ruler although I've more recently moved up...

PCLN isn't overpriced. They have strong earnings, strong earnings growth AND it's holiday travel time! BIDU and GMCR seem rather overpriced to me. On the other hand, nothing is overpriced as long as there's someone else willing to bid it up further...

I disagree about throwing TA out the window. If you look at a 60-min chart for the past week and connect the pivot highs from last Mon & Tues it takes you to Friday's overnight pivot high and to today's pivot high (credit to Tomahawk for that analysis, because I don't use trend lines for the...

Hi NE, I sim traded CL for 5-6 months. It will build your confidence in holding the trades longer. I still exit a lot b/e, but only if they've gone at least 10-15 ticks my way. Nice job today!

I think it depends on what becomes more frustrating for you over time, letting a winner turn into a loser, or leaving good profits on the table by exiting before your profit target is reached. I hate seeing a winner turn into a loser (I did that not long ago a took a max loss on the trade and...

Man who drills it for 10 minutes may get more than concepts.

Are you and geezy gonna put on a bet??? I hate it when traders start trying to appear more-professional-than-thou with their technical jargon. :D

Sending you a PM to keep the intrusion minimal here :)

Yeah, me too. Missed the Trade of the Day :mad:

I use this strategy with a 5-min chart 90% of the time. If I'm in "cowgirl trading" mode, I might give it a go on a 1-min chart, looking for a really early entry :D

I've been dealing with this for quite some time now. Significantly limiting profits by choosing what I think are the "best" and "most confirmed" setups. The upside is very few losses. The downside is less profits overall. The additional downside is that if you skip several trades waiting for a...