I am thinking about going short in the YM late today 03.22.07
- Thread starter ElectricSavant
- Start date
Hi rcj;
Glad to see your going for it. I have a few questions for you, if you don't mind...
1) Are you getting stopped out or using discretionary exit?
2) Are you using some larger timeframe for general direction, or using a single timeframe to determine general direction and entry/exit?
3) Are you "comfortable" and "relaxed" scalping? You know what I mean, using whatever tools, the action, your mental state, money management, applying your rules, etc.
Osorico
Glad to see your going for it. I have a few questions for you, if you don't mind...
1) Are you getting stopped out or using discretionary exit?
2) Are you using some larger timeframe for general direction, or using a single timeframe to determine general direction and entry/exit?
3) Are you "comfortable" and "relaxed" scalping? You know what I mean, using whatever tools, the action, your mental state, money management, applying your rules, etc.
Osorico
Oso ... These are 3 very good, important questions!Quote from osorico:
Hi rcj;
Glad to see your going for it. I have a few questions for you, if you don't mind...
1) Are you getting stopped out or using discretionary exit?
2) Are you using some larger timeframe for general direction, or using a single timeframe to determine general direction and entry/exit?
3) Are you "comfortable" and "relaxed" scalping? You know what I mean, using whatever tools, the action, your mental state, money management, applying your rules, etc.
Osorico
1) On the - 14 trde the stop didnt work for -7 and im cking into that. Its happened several times in last 2 months. Re the 3 -6 trades i let the stps take me out without modification. On at least two of the winners i widened the stop.
2)Mostly a one min chart and a 4tic chart for YM but i will ck the 3 min and/or 10 min chart.
3) Comfortable?? Not always. I wont trade then.
Relaxed?? Mostly. Focused. Interesting.... i did NOT feel comfortable taking the first trade today. I wuz pissed after the
-14 trade. The last two... real relaxed...i "knew" wht was going to happen pretty much.
thnx for taking time to comment, Oso.
1) Sometimes the problems of stops not working is a good thing. Im not suggesting anything by that, other than carefully review the charts for those trades that were stopped. Take note of action after stoppoint. And if it did come back to net b/e or better, take note of the duration of that action basis your stop. Might be a helpful exercise for perfecting the setup or stop placement basis the setup.
2) OK. Where are you getting the dominant direction from? For me, I have 2 sets of "rules" one for counter-move vs dominant direction. Obviously that has to be determined before entering. I use 15m for dominant, 2m for entry/exit, Daily for trend. And as of late, rangebars potentially in lieu of 15m. Still experimenting, but range bars are great confirm regardless, imo.
3) The last two... real relaxed...i "knew" wht was going to happen pretty much. Thats what I was looking for. When you find a style that fits vs fitting into a style you'll know it.
Osorico