will close out in another 5 mins..
we disagree but good luck schizo
CL Redux
- Thread starter schizo
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will close out in another 5 mins..
we disagree but good luck schizo
out 58
Those scratch trades cost me net $12, but if I left my initial stop in on my first scratch trade instead of locking to b/e when it moved 8 ticks my way, I would've had a $75 dent to my profits right there, and the second scratch trade with initial stop in place would've cost me $105. My $230 gain wouldn't have tasted as sweet after $180 in losses.
I'd rather pay a few dollars commish to scratch some trades that are providing no decent follow through and re-enter until I catch a trade that does provide follow through (sometimes so much follow through I don't even have time to move my limit order).
I was especially vigilant on those trades because technically I was counter-trend trading, shorting just after a new high was put in.
no offense. juts curious, I found you use Booktrader to order working, you act must very fast. I do not understand is why after you get stopped out, then get in again, why not wait a while, like another thrust or an exhaustion bar?
you move stop loss by manually moving in booktrader? such, use hotkey to decrease or increase the stop price, or use bid/ask?
you move stop loss by manually moving in booktrader? such, use hotkey to decrease or increase the stop price, or use bid/ask?
If you review my trades, you'll see that I got back in more than once UNTIL price found support at the 20-bar EMA. Since I was counter-trend trading off a new high, support at the 20 means trend-followers should push price to retest the high. My best options at that point were to go long or take a break until the next thrust, as you say. Since the breakout to a new high that I shorted off of was a very weak one (only 6 ticks above the last high) and it was also a 3rd push up from the pivot low, I decided to take a break and wait for another short entry. I returned to see that price broke out once more 11 ticks. I then put on a dumb trade, shorting before waiting for a confirmation (lower high) and that trade also scratched. That was my impatience (afraid I'd miss a move). I could've left my initial stop on that trade, but again I was counter-trend trading without confirmation, so no mercy there for me, it's going my way or I'm outta there.
Then I waited for confirmation. Support was found again at the 20 EMA, price found buyers, but pulled back from a lower high. Aha! Shorted once more and guess what, it worked really well. Because that was a CONFIRMED setup.
I normally don't counter-trend trade, but after a 3rd push in a trend it's often a decent reversal move, so I gave it a try.
I use Booktrader because I find it extremely easy to use. All I have to do to move an order is drag it where I want it.
