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The 3 shorts I mentioned plus 1 other short I got burned on:

Short at 10:26 at 94.86. Chickened out because it didn't drop fast enough & I thought it was stalling & reversing. Out at 10:26 at 94.81.
Result +5.

Short at 10:37 at 94.62. Got burned on this one. Stopped at 10:39 at 94.70.
Result -8

Short 10:50 at 94.61. Again it stalled & I thought it was reversing, so I got out at 10:52 at 94.57.
Result +4

Short 11:59 at 94.48. Again, you know the story, it stalled, I thought reversal, & got out at 94.43 at 12:00.
Result +5

I entered all of these after price retraced & then turned back in the direction of the trend. The 4th trade was maybe a little questionable because there was a good chance the bottom of a range was approaching which has been tested twice earlier in the day.
 
Quote from macattack:

Wow...........thanks for answering. You are like an artist when it comes to trading. It's amazing how much difference the tiny details & the precision makes.

. . .

So an average trader is -16, whereas you are +64.

Pretty awesome trading !
More...

Not to denigrate ND in any way, it's not the former (artistry) but the latter (the tiny details and the precision) both of which are the result of a level of study and research and testing -- and the experience that necessarily accrues while one is doing all this -- in which few beginners (including multi-year beginners) are willing to engage.

Can anybody do this? Yes. Are there very many who are willing to do it? No. Which is why so few succeed. One can't transport himself from the beginning to the end, which is what nearly everyone tries to do when they take a course or attempt to copy someone else. One must undergo the journey.
 
Quote from macattack:

Wow...........thanks for answering. You are like an artist when it comes to trading. It's amazing how much difference the tiny details & the precision makes.

I imagine many traders made the following trading decisions, which really don't "seem" to be bad decisions, but the results speak for themselves.

Trade #1: I could easily see a trader entering a little later than you did on a sell stop at 95.22 for a 20-tick target, and setting stop at breakeven.
Result: 0

Trade #2: It's easy to see someone entering at 95.15 with a tight stop at 95.23.
Result: -8

Trade #3: I would imagine some traders entered a short at 95.18 & got stopped at 95.26.
Result: -8

Trade #4: Enter 95.26, Move stop to breakeven.
Result: 0

So an average trader is -16, whereas you are +64.

Pretty awesome trading !
More...

Well, if entering trade 1 around .22, I'd have definitely scalped something out of it at the upside break of the 8:33 bar. See the 1-min channel? With experience you don't even have to draw these, you just see it all come together (" measured move is just above round number, that's two reasons to take profit near that level").

Nothing wrong with trade 2 entry at .15 with tight stop for -8 . But here's the issue with shorting at that price: Look at the high of the 8:30 5-min bar. When a short entry price clashes with a previous long entry price (counter-trenders who bought the 8:30 hammer off the round number), I call that "congestion between camps". A battle will be fought there and I prefer running with a side that has more than one advantage, LOL! Even if I did short there, I'd still have scratched the trade for a smaller loss where I scratched my actual trade.

Trade 3 was not a trade in my plan. I'm happy I didn't get stubborn about it. I lose money most of the time on out-of-plan trades (which I call OOPS) :p

Trade 4 I normally would've been in where you said and would've been stopped out break even. But I would've been short again at .16, wouldn't you?
 
Quote from macattack:

The 3 shorts I mentioned plus 1 other short I got burned on:

Short at 10:26 at 94.86. Chickened out because it didn't drop fast enough & I thought it was stalling & reversing. Out at 10:26 at 94.81.
Result +5.

Short at 10:37 at 94.62. Got burned on this one. Stopped at 10:39 at 94.70.
Result -8

Short 10:50 at 94.61. Again it stalled & I thought it was reversing, so I got out at 10:52 at 94.57.
Result +4

Short 11:59 at 94.48. Again, you know the story, it stalled, I thought reversal, & got out at 94.43 at 12:00.
Result +5

I entered all of these after price retraced & then turned back in the direction of the trend. The 4th trade was maybe a little questionable because there was a good chance the bottom of a range was approaching which has been tested twice earlier in the day.
More...

I was short with you on your trades 1, 3, and 4. Got full target on two of them and a small scalp on trade 4 when price turned back up off the LOD.

Regarding trade 2, no problem with that, I've taken those setups many times and taken the small loss. The only reason I skipped this one is because the reward end of it seemed slim (psych support level in the .50's) But once price tested the 1-min 20EMA, it set up for a 2nd attempt, and if stopped out b/e, there was always trade 3 :cool:

You're understanding of basic price action is fine.

Make a rule: Never take less than 10 ticks profit unless the price action indicates you should reverse to the other side at the price you want to exit for less.
 
No Doji,

I think going long or short once a trader has studied enough price action is not a hard task, the hard task is knowing when not to trade, how to avoid the bad action that is impossible to escape in daytrading; I see no discussion about this in forums, ever. Funny enough this never discussed topic is probably one the most important aspects of profitable trading, if not, advanced trading.
 
Quote from Trader.Fighter:

No Doji,

I think going long or short once a trader has studied enough price action is not a hard task, the hard task is knowing when not to trade, how to avoid the bad action that is impossible to escape in daytrading; I see no discussion about this in forums, ever. Funny enough this never discussed topic is probably one the most important aspects of profitable trading, if not, advanced trading.
More...

Ya, I've been lurking for a while know and was thinking the same thing, they never discuss the whole "when not to trade aspect" of daytrading.


Maybe it's a secret kept in a hidden vault.
 
Quote from Trader.Fighter:

No Doji,

I think going long or short once a trader has studied enough price action is not a hard task, the hard task is knowing when not to trade, how to avoid the bad action that is impossible to escape in daytrading; I see no discussion about this in forums, ever. Funny enough this never discussed topic is probably one the most important aspects of profitable trading, if not, advanced trading.
More...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=277421&perpage=10&pagenumber=2
 
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