I'm having trouble with my trading

Second trade based on subsequent PA after your first successful trade.


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volpri said:
Good deal. Good play.

With that big bar BO you entered on you would expect better follow through to reach your profit target (dark blue). When that big bar was followed by 2 small bull bars then a bear bar you know things are in a PB that would most likely morph into a sideways move at the least and perhaps even a reversal. Just not good FT on that big bull BO bar to hang in their hoping for it to reach your PT (dark Blue).

So, with the new info that says the BO is probably going to fail or it would have had better follow through. So, knowing THAT you leave your original SL in place wait till after the PB (and you really don't have to worry about the first PB being too deep as everything to the left says buying has been strong.) So in view of that buying strength to the left most likely you will get a test of that high before any reversal. So with some adjustment in your SL and PT you should be able to get out with a smaller profit (light blue) instead of a loss waiting for your original PT to be hit and it wasn't. An if all that turned out wrong and you had to take a loss and it would be a lot less.

It is certainly a valid assumption that price will test the high again so you will be able to get out with a profit albeit, less than your original plan.

See, with initial SL and PT those are our BEST guesses. But when the dynamic of PA begins to unfold we must adapt them if necessary.

Good trading!

The next trade would be after that BO south out of the top mini range. Notice the first PB after that BO south barely made it to touch the bottom of the mini range after your exit. So, the play would be to short after the PB on a lower low after the first bear bar in the PB. Then of course it sailed south....
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volpri,

Thank you for the feedback,

I like the dynamic changes or trade management discussions. Certainly better than hoping PT get hits, rather than adjusting SL and PT with the market conditions and my risks and profit targets.

My loss on that trade was small, but I should have left initial SL in place, and continued to monitor price action waiting for the bulls to make an attempt buy some more and exit at that minor resistance.
 
SimpleMeLike said:
Volpri,

I like your comments.

I agree with you are saying regarding moving the SL and PT as needed. I really agree with that.

I like to explain my thinking with chart examples.

Breakout scenario.

Green arrow entry
Blue arrow PT
Red arrow SL.

I enter, what shall a trader do now:

A. Breakeven
B. Wait a few bars, and take small loss
C. Hold on and wait for profit target. Let the trade play out.

Well here is what I did after entry and the big red bar.

1. Move my stop to the black arrow.
2. Move my PT to the light blue arrow.

Go stop out for a loss of money.

In conclusion, moving the PT made logical sense. Moving the stop loss, not so well. I should kept SL where it was til after that big green bar reversal. It is what it is. :cool:

So yes, I agree with you. You can have good plan or initial trade structure, but as we clearly know, the market may have another plan, and that is where Uncertainty rules, and causes for changes in our trade parameters. I will accept being wrong in moving my SL to to early, but moving that PT downwards was a good idea as the market told me "I don't care about your stinky profit target you got from somewhere, i am stopping price here, there, take that"






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I would done else, huge range bars are like exhaustion, PS would follow lows of each bar. if you used volume, you would see lack of interest as price moved the smaller bars and end up with a profit.
 
volpri said:
Second trade based on subsequent PA after your first successful trade.


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yes, I entered at the blue light arrow and exited at the black support lines I drew. I trade 1 contract, so a bit challenging and a struggle to let one contract to ride. i always look for a support or resistance to exit. I am always exiting at a near support or resistance.

Today would be an AWESOME day to let one contract ride. Man o man.

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SimpleMeLike said:
Do you trade 1 or 2 contracts? I trade 1 til my account balance is big. I have noticed that trading 2 contracts is much better because I can take one contract off at first target and let other contract ride.
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Often I will start at 1 contract in the emini Es, NQ, and YM and depending how how PA unfolds I will add maybe up to 10 and occasionally more.
If the context is right I like adding to a loser and averaging down. However the context has to be right to do that. Rarely will I add to a winning trade. Why? Because I am paying more. I had rather average down and get in cheaper. But to do that one has to have confidence in ones ability to read price action.

Why don’t you go to the micro ES. You could easily trade up to 10 contracts. I tested it out today for scalping in a small range environment. It tracks emini Es and by averaging in ended up I think over 169.00 after comm. basically 17 rt trades. I posted results on another thread but forgot which one. Just search.
 
As far as staying with the ride down when you got a tight STEEP channel down like that just assume it will have tiny pb’s and stay with it or even add more on pb’s. On a higher TF chart that baby is consecutive big bear bars, BO south with consecutive gaps between low of a bar and the low and or close of the previous bar and/or previous 2 or 3 bars. All that screams urgency. When that happens resistance/support levels will fall like dominos as prices slices through hot butter

NOT-TRADING ADVICE JUST MY OPINION!
 
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volpri said:
As far as staying with the ride down when you got a tight STEEP channel down like that just assume it will have tiny pb’s and stay with it or even add more on pb’s. On a higher TF chart that baby is consecutive big bear bars, BO south with consecutive gaps between low of a bar and the low and or close of the previous bar and/or previous 2 or 3 bars. All that screams urgency. When that happens resistance/support levels will fall like dominos as prices slices through hot butter

NOT-TRADING ADVICE JUST MY OPINION!
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Yes, big days like this are good. Yes, we are just sharing trading opinions here as fellow traders.

Thanks for the input.
 
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volpri said:
But to do that one has to have confidence in ones ability to read price action.
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Yes, that is right. I have to keep trading size small for now til I get better in my reading price action ability. In due time it will come. It really take constant practice and discussion like this reviewing charts.
 
volpri said:
As far as staying with the ride down when you got a tight STEEP channel down like that just assume it will have tiny pb’s and stay with it or even add more on pb’s. On a higher TF chart that baby is consecutive big bear bars, BO south with consecutive gaps between low of a bar and the low and or close of the previous bar and/or previous 2 or 3 bars. All that screams urgency. When that happens resistance/support levels will fall like dominos as prices slices through hot butter
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Thanks volpri,

So what has been happening is I exit at the nearest next level from entry for smaller profit and then just continue to re-enter through out a leg up or down. But I want to start doing is enter on a higher time frame, 3min and then use the 1 min effective managed the trade once price gets to a key level I have drawn. This way I get more big winners and managed the trade effectively. Just takes some practice. :thumbsup:
 
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