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Gabe, you need some tough love. Your dream is extremely dangerous. This is the dream every aspiring trader has at some point and more than 95% of them fail. This dream has already lured you in; don't allow it to destroy you completely. Develop a plan, test the plan, trade the plan...

As a trend trader, I assume you traded to the long side following the upside breakout and very shallow pullback off the open. Do you use a fixed stop or a flexible on based on previous S/R levels?

As a beginner I kept a journal here for a couple years and posted many, many charts of my trades back when I traded stocks using stochastics on a 3-min chart. When I traded my simple plan based on that I did very well. But when I got overconfident and careless with my risk management, I really...

By the way, I illustrated this concept and a nearly identical version of this setup just over a week ago here: http://www.elitetrader.com/vb/showthread.php?t=281746 Take a look at the second chart to see the "pattern" I traded this morning. I recommended people print these "hard right...

Yes, it's very uncomfortable at the right edge because we have explanations of what's happened up to that point, but we have no idea if it will continue or reverse or chop around (consolidate). I have a plan that's been tested thoroughly, so I do know that if there's reason to join a winning...

Everything I posted about CL and ES earlier was information about the market condition prior to the open. How is that after the fact? Is half of ET from some planet where you're unable to see several hours of price action leading up to the market open? All you can know with certainty is the...

I think that's one of the Stages of a Trader, no? (While everyone sweats over my favorite trader porn chart, I'm going for a run...)

Now I'm looking at ES at the hard right edge before the open and I see that there's a rising LTL and a descending UTL forming a wide symmetrical triangle. Price breaks out to the upside at the open and pulls back, but not even far enough to test the descending UTL before turning back up...

In crude oil (my main market) I knew the conditions before the open were as follows (all this is advance knowledge, no hindsight involved in assessing the market condition at any point in time): a) rising lower trend line from the overnight session b) followed by a steeper adjusted rising...

The condition of the market at any given point in time is the one thing we can always know for certain. Based on that condition, a trading plan tells us what to do.

One thing that's crucial is to trade a trend aggressively, so even if the trend turns out to be only a trending move and then turns into narrow range chop, you've pocketed a paycheck. What I generally do on the days you describe above is first I watch several trades run a scalpable distance...

"The experiment found that when the monkeys were given a reward randomly, that dopamine levels increased. The study concluded that people worked similarly and showed similar increases in dopamine levels when given a random reward. Ultimately, this was one reason why humans enjoy gambling."...

The chart you posted today doesn't appear random at all. To me, the crux of a random entry system would be the time of entry to ensure that trader bias isn't involved. Something like put on a trade every N minutes (unless still in a trade.) Once a trade is closed, the N minute interval...

Don't underestimate the difficulty of trading a single futures contract profitably. Many are called, but few are chosen. :D

Yes, that's it. Part of my prep before trading is to draw TLs on the 5-min chart from the overnight session. These become areas of interest for initiating positions and taking profit on trades I'm in. When price approaches these key levels, I focus on the 1-min chart for precision entries and exits.

From a pure technical price action point of view, why did price find support where it did at 9:47am and 10:53am?

You're not trading price action then. The structure of price movement hasn't changed since I started trading in 2008.

What planet are you from? I've had that trend line drawn on that chart since the contract rolled from Z to H in December last year. :confused:

Is the long you're referring to this one from last week? "QQQ at 85.92 in AH, which is an area that price action would qualify as support."

Exactly! By 9:45 ET yesterday there are only reasons to short. Market's been printing lower highs and lower lows, the pre-market lower trend line breaks with conviction, and there's a nearby "port" at 1761.25. If that breaks nicely, assume we're going lower, with the next "port" at 1754...