Search results

Yeah but the net effect is still a directional bet, just a smaller size. Why not just put on the smaller size bet and pay less commission?

Honest question...Why hedge instead of just reducing position size?

That may be true, fine with me if that is the case. I'm pretty sure the only one in this thread really worth listening to is Maverick lol. The guys I know that do well daytrading do it by shooting for big intraday swings, not scalping ticks. I'm sure it can be done on in play stocks...

I was off today so was watching the market while I worked on some biz stuff. Had the luxury of picking a couple trades as they unfolded. What I saw. 1. Breakout pullback long, triggered off 2 IB's(inside bars) on the 1 min chart right on yesterdays high. 2. Trendline breakdown...

In case the question is asked I have no interest in swing or position trading. Here are my reasons: I like to be flat by the end of the day so I'm not obsessed with markets. That bugs my wife. I have an unpredictable schedule that would not allow me to monitor positions the way I would...

Cliff Notes: Me: Have blown 2 accounts over the last 10 years, trading dumb. Did well on 1 prop account trading full time, but realized I wasn't ready to settle down to trading full time. Currently working for the US government, pursuing what is a very important personal goal. Don't...

Trendlines are incredibly easy to draw in real time. Today there was a textbook Al Brooks scenario. A breakdown of an up trend line. A retest of the high. A breakdown of a trendline near the high. A good entry signal right at the top that provided a good 40 cent trade. Pretty much...

His book is the most poorly written book I have ever bothered reading. It is confusing and he definitely comes up with some overly clever hindsight analysis. But there are also some real gems in there, and it has greatly improved my ability to read the markets. I would say unless you have...

Sounds good, too many different approaches being pushed here lol. Good luck man, I think you willl do well. You seem to have a better head on your shoulders than most.

Here is a better breakdown of the sequence, with a closer view of yesterdays reversal. 1st trendline is steep, but there isn't much to draw it off of. On a 1 minute chart that trendline would probably look fine. Trendline is broken, and we are able to draw a flag. Flag is broken...

I agree you should have been looking long on that 3rd trade. In my attached chart I drew trendlines on today and yesterday in the SPY. Yesterday two down trendlines were broken which is a cue to look long. Notice that we were then able to draw a bullish trendline. If this trendline...

I think the reason you are having a hard time making these momentum plays that people in your office are nailing is because you don't have a clearly defined approach yet. Increasing size before profitability is a bad idea. Trust me. Been there done that. Your goal should be to define...

Why are you trading more than one product if you are not yet profitable on a consistant basis?

Every succesful trader I know recommends trading only one market until profitable. Sounds like a solid plan to me. Suggestion: Focus on identifying as quickly as possible if the market is trending or choppy. If you don't know, don't trade.

Yes it has always been my favorite entry setup in the right place like you said. Mostly because it gives such a great RR ratio. Obviously it is never as good as it looks on a chart after slippage but it still makes for a great RR. Honestly I think I would have done a lot better when I was...

I like your first long, and very nice exit. 2nd buy looks bad to me. Price had just put in a lower high and then taken out a trend line. This creates a triangle pattern and I wouldn't consider any further longs until there is a breakout of the upper triangle line. Then at bar 1 there...

The first two flags broke out and then the 3rd never really broke out. It even pulled back into the 2nd flag which is too far to represent any strong bullish order flow. The key concept here is that you were in a chop day as evidenced by all the long tails and overlapping bars. On days...

My magic hindsight ball actually sees that 2nd trade as a short setup. First, it is the 3rd push up from the 11 AM low, forming a rising wedge. This is an Al Brooks concept that a 3rd push tends to lead to a correction. I've found it to be useful foward testing it, especially on a chop...

Oh my bad. I thought you were getting sick of my non trading monday morning quarterbacking. TLDR warning: I was trading forex for a bit last year part time and was doing OK, but found myself waking up at midnight to trade the London open a little too often lol. Decided I had better...

I've already explained my job prohibits me from trading right now. If you don't want my comments you can just say so, and I will leave your journal.