I'd like to become a better trader

[volente_00]

Quote from Best Loser:

nice call Vol.

Do you follow any chart patterns ?


The reason I ask is the previous long you took at 23 was right in a bearish pattern which lowers the probability of it being profitable.

 

[PO]

Quote from Best Loser:

trying long again 2@21, stop 20.25

out 1@22.75

 

[PO]

out last @23.
no volume, no movement and no patience to hold my positions. I need to work on that. done for now.

 

[PO]

Quote from volente_00:

Do you follow any chart patterns ?

The reason I ask is the previous long you took at 23 was right in a bearish pattern which lowers the probability of it being profitable.

yes, some chart patters and important price levels,
if you mean my trade to buy 23 at 11.36 it was based on R1 and previous swing low, but when it didn't bounce right away I closed it. It was a trade based on expectation of the continuation of a very strong move up we just had, once it didn't bounce strongly, the set up was void.

next support zones were 22, then 20.5. I was playing the bounce off these zones with a very tight stop. The 3d set up worked.

what chart pattern do you refer to? tx.

 

[volente_00]

Quote from Best Loser:

yes, some chart patters and important price levels,
if you mean my trade to buy 23 at 11.36 it was based on R1 and previous swing low, but when it didn't bounce right away I closed it. It was a trade based on expectation of the continuation of a very strong move up we just had, once it didn't bounce strongly, the set up was void.

next support zones were 22, then 20.5. I was playing the bounce off these zones with a very tight stop. The 3d set up worked.

what chart pattern do you refer to? tx.

The pattern was a descending triangle that projected to 1320

 

[PO]

Today was a good example why it's a bad idea to try shorting powerful run-away days like this in the afternoon. I'm happy that I realized it today and didn't short it as I've leaned this lesson long time ago

 

[PO]

Quote from volente_00:

The pattern was a descending triangle that projected to 1320

thanks, see it now

 

[ddlee]

the triangle between 10 and 11 eastern was a tough one

I would have been looking long also, been stopped out and hopefully been back in long. In the heat of the moment I would have only seen a triangle (not desending) cause I dont have my t-lines on the extreme ticks

 

[PO]

P&L for Friday +$557 (4 points per contract)

P&L for the 4 day week +$357
P&L for last 3 day week +$1295

 

[PO]

I'd like to post some educational links that I found helpful.

This one is The phantom of the pits:
http://www.webtrading.com/phantom/preface.htm

And great short articles from Ruth Roosevelt, a trading coach
http://www.ruthroosevelt.com/articles.htm