This is what I am looking at for tomorrow
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NQ - Supply & Demand
- Thread starter eminiman414
- Start date
3 more replays for the day. Only got in 5 this weekend but learning a lot. Excited for the week. Next weekend I should be able to get in a lot more screen time.
Great work, looks like you are getting better in chop avoidance. What happened on that last exit? What was going through your mind as you saw price going against you.
Question. Could one or should one quantify particular types of price movements? I am talking getting deep into price movement. For example when we see those rapid movements of price in a given direction than price pulls back, slows down and hesitates; isolate the occurrence of that particular movement and quantify how many times price continues vs how many times it reverse. Than from there if we know 60% of the time every time we see this price continues than adding in the other variables (supply and demand, AMT etc) the probably should increase in our favor. Or test price movement with regards to the actually retracements and the successes of retracements that occur in a âslowerâ manner vs. more of a rapid retracement. Or a rapid rejection of price that just takes off vs. rapid rejection of price that then pulls back. Basically taking all the different behaviors Iâve seen on the tape and actually somehow quantify them or is that a little crazy? Hopefully I explained what I am thinking correctly.
Great work, looks like you are getting better in chop avoidance. What happened on that last exit? What was going through your mind as you saw price going against you.
emotionally nothing was going through my mind. I had a price I was to exit at. Price got there and I exited. I didn't even want to enter the trade but it's lab/study so I did. I am not afraid to lose. In the past I would have been ohhh cmon that should have worked or damn another loss or wtf, but now it's watch price, click to enter, watch price click to exit (win or lose) and continue on. Wash, rinse, repeat.
Monday and Tuesday. No trades today just posting for my reference.
No trades today. Staying accountable by posting this chart.
Something interesting my father said to me the other day. He's more of a longer term investor/trader however sometimes he does make day trades, usually with a stock he already owns a decent amount of shares of. His words that I found interesting were, "I figure out my numbers, look at a chart quick, if it looks good I'll put a limit order in at that price."
He has said to me that he misses trades like that sometimes but it doesn't seem to bother him all that much and I suppose it's because he already owns shares of the stock. There are times though that I can sense he really wanted to be in the trade. What I found interesting and thinking in terms of what we all are trying to apply was...He said he figures out his numbers which I suppose can relate to AMT ( I don't know how he gets his numbers) and then he waits for the price, if it looks good (SLA) it puts his order in. He doesn't trade this way but I felt like the concepts were similar.
He also one day said something along the lines of price being in a range for the day so he just kept buying the bottom. I was tempted today to use that kind of mind set. This is obviously hindsight and I wish I noted it on my chart. After we hit 36 for the day I was thinking if we got back up to 49 I would just short it with a stop at 51 for shits and giggles (no setup or anything) and then if we kept playing the range game stop and reverse at 36 with a stop at 34.50. Maybe it would have just been dumb luck but it would have pulled out a good amount of points today with not too much risk. I am going to investigate further my father's words. I have also been trying to get him to take a look at what DB's been teaching as I feel it will only benefit his trading even further. One simple thing like placing a buy stop entry instead of limit order, but to each their own.
He has said to me that he misses trades like that sometimes but it doesn't seem to bother him all that much and I suppose it's because he already owns shares of the stock. There are times though that I can sense he really wanted to be in the trade. What I found interesting and thinking in terms of what we all are trying to apply was...He said he figures out his numbers which I suppose can relate to AMT ( I don't know how he gets his numbers) and then he waits for the price, if it looks good (SLA) it puts his order in. He doesn't trade this way but I felt like the concepts were similar.
He also one day said something along the lines of price being in a range for the day so he just kept buying the bottom. I was tempted today to use that kind of mind set. This is obviously hindsight and I wish I noted it on my chart. After we hit 36 for the day I was thinking if we got back up to 49 I would just short it with a stop at 51 for shits and giggles (no setup or anything) and then if we kept playing the range game stop and reverse at 36 with a stop at 34.50. Maybe it would have just been dumb luck but it would have pulled out a good amount of points today with not too much risk. I am going to investigate further my father's words. I have also been trying to get him to take a look at what DB's been teaching as I feel it will only benefit his trading even further. One simple thing like placing a buy stop entry instead of limit order, but to each their own.
What I am looking at for tomorrow. Prices of interest tomorrow would be 3600 and 3640+/-
Here are the charts
Since I have 3640 and 3600 as prices of interest both of which are above the current price I should say that 3540 or 3520 are prices of interest below the current price.