five years later (the previous 5), still struggling!

[momoNY]

Quote from momoNY:

out at 1324.75. Lunch time.

back in long 1325 stop 1324.25. time to stop trading. This should be my last trade for the day. Following my strategy I would have been long 1324 stop 1322.5, then move stop to 1323.75 and let it ride, but that's theory.

 

[momoNY]

Quote from momoNY:

back in long 1325 stop 1324.25. time to stop trading. This should be my last trade for the day. Following my strategy I would have been long 1324 stop 1322.5, then move stop to 1323.75 and let it ride, but that's theory.

Put the stop where it should be 1323.5.

 

[momoNY]

Quote from momoNY:

Put the stop where it should be 1323.5.

stopped out at 1325.

 

[0008]

Quote from momoNY:

- When profitable in the morning, no trading in the afternoon (if I respected this rule alone I would have been ahead big time).

Do you think this rule work well?

 

[momoNY]

Quote from momoNY:

stopped out at 1325.

short 1324.75 stop and reverse at 1326.25 target 1319.75

 

[momoNY]

Quote from momoNY:

short 1324.75 stop and reverse at 1326.25 target 1319.75

shhh out at 1322.5. So far $233 for the day.
Next trade will belong around 1318.25. I have to go have my lunch.

 

[bigsnack]

Quote from momoNY:

shhh out at 1322.5. So far $233 for the day.
Next trade will belong around 1318.25. I have to go have my lunch.

So Momo, why do you set targets only to take the trade off early? Did you not feel like your target was going to be hit, or were you not able to put your stop safely to b/e?

 

[momoNY]

Quote from bigsnack:

So Momo, why do you set targets only to take the trade off early? Did you not feel like your target was going to be hit, or were you not able to put your stop safely to b/e?

Simple answer: lack of discipline. Following my strategy this trade should be on and stop at 1322.75, but go figure. When I'm i the red I tend to think too much about the money than the chart. I'm working to fix that.

 

[bigsnack]

Quote from momoNY:

Simple answer: lack of discipline. Following my strategy this trade should be on and stop at 1322.75, but go figure. When I'm i the red I tend to think too much about the money than the chart. I'm working to fix that.

Got it. Do you trade from the chart, or from a separate DOM? I found that trading from the chart (if possible) helped with my discipline, so I could see how many ticks / $$$ I was up, I was just focused on the support and resistance on the chart.

 

[cap'ncod]

Quote from bigsnack:

So Momo, why do you set targets only to take the trade off early? Did you not feel like your target was going to be hit, or were you not able to put your stop safely to b/e?

Looking at a 2 min chart is a cast iron certainty that you'll exit too early. No? I like to look at the shape of a 5 min on the index (not futures) but using a non-time based bar gives a clear picture as you are dealing with pure price, IMO. A simple fact is that a larger range threshold will keep you in the trade. Whereas the whole move could have occured within a 30 min bar. A reversal can take a matter of seconds and looking at time based bars you may never see it. A reversal always means a hefty swing first one way then another and then possibly 3 more times before it takes off. A 2 min bar will give potentially several false signals.