Days like today- arrghhhhh!!!
- Thread starter janko
- Start date
Hi easyrider,
Instead...I'll send you the link to the chat log via private message from the #eminifutures free chat room. That's were I post along with many others from here.
You can correlate my trade entries and every one else that was there on Friday with you charts.
I guess I'm lazy...much easier to upload a chat log than to post an annotated chart.
Doing this now.
NihabaAshi
Great thread traders and thanks for starting it Janko,
I used to wonder if I was the only one that had trouble with trend days, especially the slow grinding type. After having had several bad experiences on days like this - arrghhhh!!!! (several probably an understatement
) I have gotten a little better at, at least not fighting it, even if I don't join it.
All stocks going up, simply put, is bullish!!! So maybe shorting isn't such a good idea. One thing that I have started paying closer attention to is, what the moving averages are doing. I watch moving averages and stochastics. Sometimes stochastics can be reading overbought and I am tempted to short. Very tempted.
This is where I look over my four different time frames of NQ charts and check the moving averages. If the 15 min sma is sloping up on the 1 min, 3 min, 13 min and the 60 minute charts, then one thing that I don't want to do is short. (not that a short can't work, but because of the odds) Even if the 15 ma is sloping down on the 3 min and it's sloping up on the 13 min, etc. I am still very careful about shorting.
Simply put, even if I don't buy, watching these moving averages can help me figure whether or not a short has decent odds of working.
Friday, I didn't buy
, Friday I didn't short either. I suppose that I am just a bear at heart. Watching the moving averages sometimes can keep the arrows from piercing my my little bear heart !!! I too, have cringed when my non trading friends have said something like, " hey, I noticed the market had a big up day today, I guess you made plenty today"
That always burns my tiny little bear heart!!! I then have to tell myself. I am certainly not yet the trader that I am striving to be. However, I am also not the trader that I used to be. I consider that learning trading, is for me a long process, and my learning curve resembles a stock chart. One with many ups and downs and certainly not with a V-bottom.
I am pretty sure that my learning curve bottom has "Finally" been reached. It doen't even come close to looking like a V- bottom, however. I suppose enough whack's around the head with a 4x4 is beginning to slowly have a positive effect on my willingness to be patiient and not impulse click that mouse. (Well not near as often)
Douglas's "trading in the zone" book has been one of my biggest helps. It's my textbook trading book now that I keep re-reading and writing my *notes to self* from. As with any book, I suppose that there are some folks that agree and like it and some that disagree and don't like it. I for one have gotten some *good for me* stuff from it.
Probabilities and discipline are key to consistent gains. This was posted previously by (gnome) on page 7 of "Successful Trading" thread - # 5 of what I think important". For me finding and using this has been and I suppose, will continue to be a process and not necessarily a now *I have it* so I'll never backslide scenario.
*Easyrider* I suppose the stronger medicine is, a few more whacks to the account balance. That's the way it seems for me,
when I trade against my method. I still do that too, from time to time. Then I say to myself, " what the heck did I do that for". Knowing and doing is two different things, and when I break my rules it almost always costs me $.
As I continue to seek and trade better odds (what my method says, not what I think), I am beginning to trade consistently better for gains. btw, my method has made a lot more $ than, "my hunches have"
Great thread and good trading to all,
plumlazy - sometimes plumhardheaded !!!
I used to wonder if I was the only one that had trouble with trend days, especially the slow grinding type. After having had several bad experiences on days like this - arrghhhh!!!! (several probably an understatement
) I have gotten a little better at, at least not fighting it, even if I don't join it.All stocks going up, simply put, is bullish!!! So maybe shorting isn't such a good idea. One thing that I have started paying closer attention to is, what the moving averages are doing. I watch moving averages and stochastics. Sometimes stochastics can be reading overbought and I am tempted to short. Very tempted.
This is where I look over my four different time frames of NQ charts and check the moving averages. If the 15 min sma is sloping up on the 1 min, 3 min, 13 min and the 60 minute charts, then one thing that I don't want to do is short. (not that a short can't work, but because of the odds) Even if the 15 ma is sloping down on the 3 min and it's sloping up on the 13 min, etc. I am still very careful about shorting.
Simply put, even if I don't buy, watching these moving averages can help me figure whether or not a short has decent odds of working.
Friday, I didn't buy
, Friday I didn't short either. I suppose that I am just a bear at heart. Watching the moving averages sometimes can keep the arrows from piercing my my little bear heart !!! I too, have cringed when my non trading friends have said something like, " hey, I noticed the market had a big up day today, I guess you made plenty today"That always burns my tiny little bear heart!!! I then have to tell myself. I am certainly not yet the trader that I am striving to be. However, I am also not the trader that I used to be. I consider that learning trading, is for me a long process, and my learning curve resembles a stock chart. One with many ups and downs and certainly not with a V-bottom.
I am pretty sure that my learning curve bottom has "Finally" been reached. It doen't even come close to looking like a V- bottom, however. I suppose enough whack's around the head with a 4x4 is beginning to slowly have a positive effect on my willingness to be patiient and not impulse click that mouse. (Well not near as often)
Douglas's "trading in the zone" book has been one of my biggest helps. It's my textbook trading book now that I keep re-reading and writing my *notes to self* from. As with any book, I suppose that there are some folks that agree and like it and some that disagree and don't like it. I for one have gotten some *good for me* stuff from it.
Probabilities and discipline are key to consistent gains. This was posted previously by (gnome) on page 7 of "Successful Trading" thread - # 5 of what I think important". For me finding and using this has been and I suppose, will continue to be a process and not necessarily a now *I have it* so I'll never backslide scenario.
*Easyrider* I suppose the stronger medicine is, a few more whacks to the account balance. That's the way it seems for me,
when I trade against my method. I still do that too, from time to time. Then I say to myself, " what the heck did I do that for". Knowing and doing is two different things, and when I break my rules it almost always costs me $. As I continue to seek and trade better odds (what my method says, not what I think), I am beginning to trade consistently better for gains. btw, my method has made a lot more $ than, "my hunches have"
Great thread and good trading to all,
plumlazy - sometimes plumhardheaded !!!
I've been bearish too, but to see the players shorting in today's action seemed high risk to me.
a. Daily charts were at least moderately oversold, so maybe shorts should back-off until compression relieved?
b. Daily charts at BIG support necklines.
c. Opening was possible "breakaway gap". Not a good idea to short those.
d. The gap wasn't filled within 15 mins of the opening.
These things should have warned "shorting hi risk today"... imo
Gnome... the subterranean dwarf that guards the treasure
a. Daily charts were at least moderately oversold, so maybe shorts should back-off until compression relieved?
b. Daily charts at BIG support necklines.
c. Opening was possible "breakaway gap". Not a good idea to short those.
d. The gap wasn't filled within 15 mins of the opening.
These things should have warned "shorting hi risk today"... imo
Gnome... the subterranean dwarf that guards the treasure
I stated the same conclusions earlier in this thread, and it is good to see others have drawn the same conclusions.
Let's face it, our families, friends, teachers, neighbors, creditors, bankers, just about anyone that knows any trader has long ago flushed the twa-lett on us as a
. Noble career
. worthy endeavor
. having any hope of ever breaking even/making it back/ achieving any sustainable success.
And, that's the key, finding comradere, finding a sympathetic ear, finding solace, finding "afirmation".
There's no doubt that between the hawksters who keep saying: "just buy my subscription service and you too can be wealthy". There's no doubt that during days like Friday 7/5 Dow +324 points and we've been fighting with days like +40 / -156 then today was like shock therapy.
All I can say, is keep the faith, and realize that this is a worthy endeavor and will pay for itself enmasse.