ES Journal - 2019/2020
- Thread starter Buy1Sell2
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It's also a high tf short setting up but with mo headed up...tilts toward the long
Or a bearish flag forming.
A lot of contradicting support/resistance zones right now for me at all different time frames so for now i am uncertain in which direction it will go.
It has yet to trigger and chances are this will flip to short or chop before it does at this point. I was waiting to see 89's again to buy.
Last couple of weeks have had a lot of murky consolidation zones.Or a bearish flag forming.
A lot of contradicting support/resistance zones right now for me at all different time frames so for now i am uncertain in which direction it will go.
Or channel with a bull bias ... hence the importance for each trader to define his terms and have a plan.
Perhaps "conviction in your trading plan and your ability to follow it." I have a friend, quite well-off, very smart, Ph.D. chemical engineer who was laid off from his $350K/year job. At his age, it proved not easy finding another comparable position. He decided he would day trade while waiting for an offer. I showed him a very easy, very mechanical set up. He demo traded it for two weeks, thought it was the greatest thing since sliced bread.
The first day he goes live the market closes and I don't hear from him. I was surprised, because I had a chart template set up for that system that day knowing he'd be trading it and he should have had a very nice day with four trades, three +4's and one -2.
Finally, I texted him, "hey, how did it go today."
His response: "TerribleA $100 loser and three breakevens ... your system sucks only works in demo account"
He never did find another engineering job close enough to home and they didn't want to move before their kids graduated from high school. So, you care to take a guess at where he's working ... I kid you not ... Home Depot.
Good example of the "IT" factor needed for successful (and consistent) trading. PhD doesn't mean much for independent trading. In fact, I would say higher degrees are detrimental in that intellectual right and wrong is ingrained, but not necessarily applicable for trading.
Anyway, I concluded for myself, I can not teach someone to trade. Give 10 people tomorrows newspapers and 8 of them will lose money. The other 2 have "IT".
ie. Larry Bird
The thing was I thought the method I showed him was perfect for him - it was an engineer turned trader's dream. A little "if ... then" flow chart. The problem was when it came to real money, he changed the rules. He introduced that breakeven stop. If you move your stop the BE every time your trades are +4 ticks on the ES but take full stop losses you are not going to fare well.
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