So If I was entering on pullbacks (a stop-entry on the low of the pullback bar), would a valid entry be below the 10:19 bar, or would you wait until the 10:31 bar as a valid signal? My question relates to the drop below the demand line may be temporary, and it may be safer to wait for a decent break, and a lower swing high prior to taking any signals....
I got it!.....I lost it...The search for consistency.
- Thread starter cipherscribe
- Start date
So If I was entering on pullbacks (a stop-entry on the low of the pullback bar), would a valid entry be below the 10:19 bar, or would you wait until the 10:31 bar as a valid signal? My question relates to the drop below the demand line may be temporary, and it may be safer to wait for a decent break, and a lower swing high prior to taking any signals....
Yes, I agree. Clearly I think today's chart has certainly showed my flaws, but that is why I posted it. The desire to trade is strong, but so is the desire to learn and do things the right way.
Are you asking to show me that I don't really know, or I am not really sure, because that is the result of the question. I am trying things to see how they work for me, and I do not have the answers yet. The risk of this strategy (amongst others) is that I am not entering on a pullback at all, but at a reversal. For this reason a stop is essential. I have a belief that the markets are mostly random, and that it's the exits and money management that is the most important aspect of trading. When I entered the long at 10:12, it was at my TL. Subsequent scale in's were automatic, because of my belief that a TL break does not always mean price will reverse. Or perhaps I have little faith in my ability to draw TL's!
The 10:19 bar break is fine, IMHO, though I'd be prepared to scratch and wait for clarity if 41.50 held and price came back up through my entry price.
Stick with price action concepts and statistics. Once you master these, you'll have a belief that if you follow your trading plan price will do X more often than not and that's the only belief necessary.
I just find that a question is more revealing than a statement. I have my opinion on the "right" thing to do of course and I can answer the questions I asked you for myself but I can't answer them for you.
When you can answer those questions for yourself I have a feeling trading pullbacks will be easier.
Thank you ND,
Would your stop have been a tick above the 10:19 bar? Do you use hard stops?
Should I toss my 500 tick chart, and stick with 1 and 5 minutes? Does it matter?
cipherscribe :
you seem extremely "damaged" psychologically : you sound emotionally very weak.
My suggestions are :
1) try to book yourself for a 10 full days at www.dhamma.org and follow the instructions to the letter. Just so you know, I do not make a penny from this organisation. I entered there as a Christian, and I am still a christian.
2) if you can afford it, feel free to get yourself a set of clinical psychiatrists : as always different people who are independent, and start bothering them with any thoughts that comes your mind. The more the better so that you can start to clear up the mess.
Technically :
1) as one recommended : Al Brooks book is enough if you are going NoDoJi style.
So take the time ( hard read) to go through it
OR
2) start back with DBPhoenix method , and bombard him of questions
OR
3) get back to the most mechanical method you have traded ( clear plan, though MAY be not complete) : just one set-up.
My 2 cents.
you seem extremely "damaged" psychologically : you sound emotionally very weak.
My suggestions are :
1) try to book yourself for a 10 full days at www.dhamma.org and follow the instructions to the letter. Just so you know, I do not make a penny from this organisation. I entered there as a Christian, and I am still a christian.
2) if you can afford it, feel free to get yourself a set of clinical psychiatrists : as always different people who are independent, and start bothering them with any thoughts that comes your mind. The more the better so that you can start to clear up the mess.
Technically :
1) as one recommended : Al Brooks book is enough if you are going NoDoJi style.
So take the time ( hard read) to go through it
OR
2) start back with DBPhoenix method , and bombard him of questions
OR
3) get back to the most mechanical method you have traded ( clear plan, though MAY be not complete) : just one set-up.
My 2 cents.
Wow, Really? You get that just from a few of my posts? Does poor trading really equate to emotional weakness? Or is it just my willingness to be open about my poor ability at trading that makes me appear so?
Thank you for the link, I might look into the meditation course, something I have been meaning to do for some time.
The 3 options you note is where I'm at all right. Which one to take.....
Trades for today attached. 5 winners, 1 loser. Many things to consider.