Looking for a mentor
- Thread starter sivachevy
- Start date
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It is clear from what I see that indicators are forming a divergence ,and it is also clear that we'll have an additional up move 80-100 points approx.before this divergence establishes.
You can by from the current levels ~~1235-50 and hold up to ~~1330-50 where the divergence will trigger,and correction will follow.
I'm sorry I don't use stop losses and don't set profit targets.
Don't worry about daytrading so far it will take about a week and a half for this scenario.
It is clear from what I see that indicators are forming a divergence ,and it is also clear that we'll have an additional up move 80-100 points approx.before this divergence establishes.
You can by from the current levels ~~1235-50 and hold up to ~~1330-50 where the divergence will trigger,and correction will follow.
I'm sorry I don't use stop losses and don't set profit targets.
Don't worry about daytrading so far it will take about a week and a half for this scenario.
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Youz shoulda been here. It was beautiful! Fughet about it.
If I buy here at, say, 1250-ish and I have no stop loss in place and tomorrow morning the market is gapped down to 1150, what is the plan?
I mean if you have an indicator (or set of them) that leads price just as it's about to take off, why not place a stop loss just below the S/R level off which it's about to run?
What I like about price action trading is I'm swept into a position in the direction price is moving, and I can use tight stops. I accept nothing less than a minimum profit target (unless a stop-and-reverse setup appears), and my minimum target averages out to 1.8 times my average loss. Often the minimum profit target is exceeded significantly (in a strong trend or a strong consolidation breakout).
If your indicators can possibly lead price, I see no reason not to limit risk by placing a stop loss.
Right now the ES is at a level of equilibrium. It needs to break through Friday's high with conviction before further upside is indicated; otherwise a pullback is in order with the support levels of 1223, 1218, 1190 and 1170 all in line to be tested during the pullback phase.
If I buy here at, say, 1250-ish and I have no stop loss in place and tomorrow morning the market is gapped down to 1150, what is the plan?_
it could happen at this price level,at any price level actually,but what is the structure of the divergence anyway?the recent peak is always higher then the previous peak,right?we have a peak now,we will have a higher peak then that.you can by at the current level for sure,use double-tripple margin,use march contracts to be more comfortable.
I mean if you have an indicator (or set of them) that leads price just as it's about to take off, why not place a stop loss just below the S/R level off which it's about to run?
it doesn`t make any sense!
What I like about price action trading is I'm swept into a position in the direction price is moving, and I can use tight stops. I accept nothing less than a minimum profit target (unless a stop-and-reverse setup appears), and my minimum target averages out to 1.8 times my average loss. Often the minimum profit target is exceeded significantly (in a strong trend or a strong consolidation breakout).
that is true for local trading,but it`s not my game as i found it very intense and energy consuming for myself,i allow it to drawdown.but you still don`t have to use stop losses.play one side only.
If your indicators can possibly lead price, I see no reason not to limit risk by placing a stop loss.
you contradict yourself here
Right now the ES is at a level of equilibrium. It needs to break through Friday's high with conviction before further upside is indicated; otherwise a pullback is in order with the support levels of 1223, 1218, 1190 and 1170 all in line to be tested during the pullback phase.
you`ve missed a lot.use GPS instead of traffic signs.
it could happen at this price level,at any price level actually,but what is the structure of the divergence anyway?the recent peak is always higher then the previous peak,right?we have a peak now,we will have a higher peak then that.you can by at the current level for sure,use double-tripple margin,use march contracts to be more comfortable.
I mean if you have an indicator (or set of them) that leads price just as it's about to take off, why not place a stop loss just below the S/R level off which it's about to run?
it doesn`t make any sense!
What I like about price action trading is I'm swept into a position in the direction price is moving, and I can use tight stops. I accept nothing less than a minimum profit target (unless a stop-and-reverse setup appears), and my minimum target averages out to 1.8 times my average loss. Often the minimum profit target is exceeded significantly (in a strong trend or a strong consolidation breakout).
that is true for local trading,but it`s not my game as i found it very intense and energy consuming for myself,i allow it to drawdown.but you still don`t have to use stop losses.play one side only.
If your indicators can possibly lead price, I see no reason not to limit risk by placing a stop loss.
you contradict yourself here
Right now the ES is at a level of equilibrium. It needs to break through Friday's high with conviction before further upside is indicated; otherwise a pullback is in order with the support levels of 1223, 1218, 1190 and 1170 all in line to be tested during the pullback phase.
you`ve missed a lot.use GPS instead of traffic signs.
That's all nicely written but the problem with people is that when they start with trading, everybody wants profits FAST.
Why wait? Market is there, look! Just a setup that could have given me money!! Why didn't I take it!!
There is almost no one on this planet that has the power to wait and sim trade like a real trader and do exactly the same when he moves onto real trading.
Maybe in the old days with pen and paper, but nowadays it's impossible to jump in with a live account and make consistent money just like that. I know what beginning or losing traders do and I take profit out of this. You need to sim for several months and create extreme discipline. That takes time and pain.
I don't buy it that 'many' traders started without ever blowing up with a small account and traded that small account into a multi million $ account. That's a pipe dream.
I'm here to tell you: if you haven't started: don't start. If you started: it's a painful ride. Odds are you won't succeed. There are plenty of other very much easier ways to become rich on this planet. Trading isn't one of them.
I'll take anybody up for the test, if you say you just did it without blowing up and are consistent making money I want to see this. I do it now, trading is my primary source of income but I have had my pain and blow ups. I'll show you my account, you show me yours, we can audit it by somebody neutral by both parties accepted.
this carrot of getting rich quick is just a carrot,like the mule at the plow, most don't figure it out,this profession feeds on greed,other than crime,i think it's in a small percentage of professions that feed on it..actually all get rich quick schemes work the same way,the very few are the bait for the masses ..if you come to this conclusion first,you won't blow out 5 accts,how many get past the carrot and trade this way in the beginning,how many people go to vegas on vacation and gamble his way,they bring 2 k,5k, and plan to limit their loss to that,they plan to lose,for the record i'm in the 5 accts category