Is trading easy?

[Overnight]

Today was easy $. Yesterday was hard af because of whipsaws.

Don't like the major fundamental news bits, eh? Heh.

 

[Jzwu2017]

Don’t read the news. Instead, read the market itself.

The key is to have a good sense of the overall market sentiment. Today was a good upbeat market. Tomorrow though could be completely different.

 

[Overnight]

Don’t read the news. Instead, read the market itself.

The key is to have a good sense of the overall market sentiment. Today was a good upbeat market. Tomorrow though could be completely different.

If tomorrow could be completely different, then you do not have a good sense of the overall market sentiment!

What the fuck, dude? You have ZERO idea what you are talking about. If you did, you would be long or short RIGHT NOW on what the market sentiment is, based on your GOOD SENSE.

But you do not have any, so you are doing...what exactly? I'm still long from positions I have been holding for months. What you got, babe? Lay it on us with your MAGIC! I am so SICK AND TIRED of people like you who say shit like this!

You do not have skin in the game, so you should not comment about shit you have no idea about.

There's a song for you. Playing silly games, sitting in treetops, yelling silly names. Try trading for real. Then you will understand.

 

[nooby_mcnoob]

If tomorrow could be completely different, then you do not have a good sense of the overall market sentiment!

What the fuck, dude? You have ZERO idea what you are talking about. If you did, you would be long or short RIGHT NOW on what the market sentiment is, based on your GOOD SENSE.

But you do not have any, so you are doing...what exactly? I'm still long from positions I have been holding for months. What you got, babe? Lay it on us with your MAGIC! I am so SICK AND TIRED of people like you who say shit like this!

GET HIM!

 

[Jzwu2017]

Hehe, now I know what edge is all about.

 

[NoahA]

Exercise for @NoahA

When would you have been forced to go in today as in "I will never get a better entry with a 6 point stop than this one"

And guess where my entry was.

We have to consider that it was a gap open day. So we either fill the gap, or just keep going. After the first huge up bar, it maybe looks like it will just keep running.

The interesting thing was the first rejection at B is actually the previous day high, so it makes sense to reject there. It dips down to C, and if you think the rally will continue, then clearly buying in this pullback makes sense. If it breaks the opening print at A, then perhaps the gap will fill, but if it turns back up and breaks the high at B, which was the PDH, then you're maybe golden for getting into a trend early.

The fib guys will love the retracement down to D because its almost exactly the 61.8% of the up move from the open. Then of course we have a double bottom at E, and almost a triple bottom at F, just a couple of ticks shy. Knowing the last time that you took the trade very late in a similar setup, I imagine you would get in somewhere above F. Its now shaping up to be a range with support, and so either the support holds and the rally continues, or it breaks and you take your 6 point stop.

 

[NoahA]

If you did enter at F like I suspect, its interesting how similar of a setup it was to the previous chart we discussed. Both are in a range, and both happen after a double bottom.

 

[nooby_mcnoob]

We have to consider that it was a gap open day. So we either fill the gap, or just keep going. After the first huge up bar, it maybe looks like it will just keep running.

The interesting thing was the first rejection at B is actually the previous day high, so it makes sense to reject there. It dips down to C, and if you think the rally will continue, then clearly buying in this pullback makes sense. If it breaks the opening print at A, then perhaps the gap will fill, but if it turns back up and breaks the high at B, which was the PDH, then you're maybe golden for getting into a trend early.

The fib guys will love the retracement down to D because its almost exactly the 61.8% of the up move from the open. Then of course we have a double bottom at E, and almost a triple bottom at F, just a couple of ticks shy. Knowing the last time that you took the trade very late in a similar setup, I imagine you would get in somewhere above F. Its now shaping up to be a range with support, and so either the support holds and the rally continues, or it breaks and you take your 6 point stop.

View attachment 288635

 

[NoahA]

But honestly though, its just a range after a retracement in an uptrend. These things can just as easily turn down. I think most successful traders have a little more to rely on, more things they are looking at and seeing where the confluence is where they all line up.

 

[Jzwu2017]

Again, read the market sentiment and watch for the big picture. Did it look like a reversal or downtrend anytime during the day? Perhaps a few times but wait a little longer it became clear.