Journal XburbX - My Plan

So in this hypothetical scenario it'd be buying near the top of a 2 point range, but price could be at the bottom 1/4 of a larger TF. I'm just getting the idea from RN that pros (daytraders) don't ever risk more than a few cents (~2-4 tics in ES), but SOME setups may need a little more room to play out. There could be a handful of 1 minute entry opportunities on a 60 minute setup somewhere between 'confirmation' and a 'failed trade'
 
Quote from BobbiDigital:

As far as hard stops, I can't even make a case (anymore) for holding a position if the prior one minute bar, where I entered, gets taken out.

Example: I put on a long trade at the top of a range, and it fails on the 1 minute. I lose 2 tics. But the trade might not really fail til it falls 2 points. I am just looking for very low risk opportunities in this area as it churns before my conceived direction. So I would then look for another chance to get long risking little.
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BD

The way I read this (your example)

Appears you’re getting beat up

By not factoring in a longer term TF

By the absence of overall… and specific context

By not knowing exactly, and under what condition (set up) – you’re entering

By normal up/ down price movement


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Using a low TF to enter, while thinking – by itself – offers some sort of low risk – doesn’t work (unless you get lucky)


Using a low TF to enter, while factoring in where price is – in a longer TF.., and trading TF – does work, and provides low risk entries consistently

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You drew some good context a couple of pages back….

Why no mention / consideration/ reference to a similar type here

Why no reference to a higher TF support (for entering long off of)

Why no reference to where price is located within the higher TF trend


RN
 
Quote from BobbiDigital:

So in this hypothetical scenario it'd be buying near the top of a 2 point range, but price could be at the bottom 1/4 of a larger TF. I'm just getting the idea from RN that pros (daytraders) don't ever risk more than a few cents (~2-4 tics in ES), but SOME setups may need a little more room to play out. There could be a handful of 1 minute entry opportunities on a 60 minute setup somewhere between 'confirmation' and a 'failed trade'
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Cant't speak for all pros - but I do use small (few cent) stops

No I don't need "more room" - which is nothing but more risk...

I do need more patience - enough to wait till price gets within my allowable stop loss...

or

Enough to miss this trade and wait till the next opportunity arises

RN
 
Quote from BobbiDigital:

I'd define a range as any TF with a previous high and a low. For me to be able to trade, at this point, I look for 2 highs/lows and a low/high
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Does this make sense to you... and is it working?

Personally I must constantly refer back to, and rely upon a higher (overall) TF

To identify everything

trend
ranges
pullbacks
entries
exits
stops
s&r
A to Z.. and everything in between


Then I'll use a lower TF to fine tune entries/ targets/ stops

RN
 
Good stuff RN. Truth is I'm surprising myself with how well some of these 'real time' lines are working. Like you have previously stated the next step is actually getting yourself to do it. And now I know why it's so tough...fear of missing out, lacking confidence (which is why journaling is important)

Frustrating and encouraging all at once.

I dumbed down my definition of multiple TF analysis even further. Which pattern (I am observing) goes back further left on the chart = trend, though I will still trade the 'current PA' I will side with trend

Finally, upon further review, I don't see a whole lotta 1 minute entry opportunities at my S/R points. My mistake. :D
 
In 2 positions now. See if we can get an end of day sell off for 1 million cents. One BE earlier and 1 loser. Out at 3:50 if I am still in.
 
Nope. Both lost. 3 losers and 1 be. Something worth noting in that when losses are small enough 1 nice winner wipes a handful of them away. 2 winners in a row can make an account swing nicely. Rn?
 
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