Why?
Gap fill complete now and average daily range completed. Actually, it`s R20.
NQ got an immediate gap above though and ES also got one above Friday`s high.
ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Why?
Gap fill complete now and average daily range completed. Actually, it`s R20.
NQ got an immediate gap above though and ES also got one above Friday`s high.
64,75 does seem within reach though. Just not sure if I`m interested in risking money on it.
Quote from Laissez Faire:
64,75 does seem within reach though. Just not sure if I`m interested in risking money on it.
Come on, you know you want it
By the way, I take off my hat to Wave's calll and if 1261.75 ends up being the HOD I will <i>eat</i> my hat :eek:
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As to why I think we'll overshoot, just because of the way HODs tend to either fail (or be taken out by a tick) or overshoot a few points - I see the 64.75 from Friday, though. Where you've been, LF?
By the way, I know you scaled out before this at the same price, but awesome job scaling back in, and in the right direction!
I am AIAO right now, and do not plan on returning to scaling out at the moment. One of my goals is to get better at trade management, and hold for longer winners. Today is a perfect example of how adding at each retracement would have yielded a great result. Once I can hold a trade, then I am going to work on not only holding, but adding. This is a long way off for me, but it's my goal.
Say you initiated a long at 43, added at 48, 54, 55, and 57. Equal weighting would yield an average of about 51.25. However, weighting earlier adds would yield an even better result. Say, long at 43 with 3 units, 48 with 2, and then 1 unit each for 54, 55, 57. The average then would be 48.75. Lots of different possibilities, but that's the gist of it.
My mindset currently is "take the profit," and I do too early in most cases. Instead of getting OUT of a profitable situation, why not look to add at a logical place, if the direction remains intact? That's the direction I'd like to go in. Unfortunately it's so easy to say and so hard to do, and requires a level of maturity I'm not yet at to accomplish.
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