Gap fill in NQ complete and we did reverse. This is IT.
Not calling a top though by any means...
ES Journal Archive (2011)
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Gap fill in NQ complete and we did reverse. This is IT.
Not calling a top though by any means...
Quote from Laissez Faire:
The key seems to stay out when one remains clueless and only execute when one knows beyond a doubt that one will get paid. Then one can increase frequency as one`s trading experience increases.
Are any of you guys guilty of executing when you`re not really sure the trade will pay off? Why? If so, could those trades at least be done on minimum size?
For me there is a tension there between taking every setup that shows up well defined... which is essential to not 'cherry pick'.
The tension is in management or rules or whatever it is that creates that 'well defined" set up.
I was re reading NoD recently, and she talks often about a goal of taking every trade that fits her rules. Which is hard to do.
She also often said that she had rules, that were of high enough standard that when followed, for some length of time, produced zero losing days. Well... I have a ways to go, but I consider those goals for me too. And I'm working on it!
As to your question, Yes I am taking trades that I don't know if they will pay off. Certainly on minimum size, and with stops. I'm just working on a body of stat's that will help me improve my filters on my setups... with the aim of any number of losing trades, but not losing days.
I guess another factor is being 'clueless' on what time frame? :laughing: Lately it has been hard to find a pattern anywhere. Lots of waiting.
Sorry to wirte so long. Tired of waiting?
Prior resistance is now acting as support and could provide a platform for us to trade up to yesterday`s highs, right? 
If not, shorting the break of 54,50?
If not, shorting the break of 54,50?
I have traded with ND, and while her rules keep her in check, the reason she does well is because she is simply a good trader. You could give her rules to someone else, and even if they followed them, they would not have the same success. They are HER rules, she internalized them, and has those in place because she needs them. There is more to a trader than the rules he or she has.
The break up out of consolidation was bullish. I was fooled in that I did not expect it to go past 48, and was ticked out by 2 ticks on my long. The consolidation which provided support at 48 is not suddenly negated because buyers can't immediately take it past 52 within 5 minutes. I consider my trade a good one, in that typically it should not test as low as it did, but this time it did so I re-entered, albeit a lucky re-entry. The safest stop was of course below the consolidation around 47, but there's that trade-off again: do you get in soon and guarantee a fill, but risk more? Or do you wait longer to get in with a much lower chance of getting in at all, but have a smaller monetary risk? Given the strength of the push down at 12:49, perhaps a lower entry would have been in order, but we never know these things at the time do we?
Seems like the right bet now for a day trade. I also thought it looked weak, but we did find support at the 20-EMA and both ES/NQ is climbing a trend line still.
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