Also, I am not going to try any real time trade posts today. The levels I'm primarily watching for a trade are noted in the chart above, though 34/35 should be kept in mind, and right now a smaller range, eyeballed between 40/50 catches my eye. That could change in the next 90+ minutes. I still am not at the point where I can focus as I need to focus on trading and while trying to "call" those trades to a message board simultaneously and not potentially screw something up.
Observations (an example)
- Thread starter fortydraws
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Forty, it seems to me (albeit I am inexperienced in various aspects of the method you trade) that price action for the first 2.5 hours of today (RTH) has not been optimum. I'd be interested in the grade you would give to the day, so far, on a scale of 0 to 10 - 5 being average? My interest stems from the fact that this is the first day I have undertaken to trade, entirely using the method you are making observations on in this journal, complete with scaling out; tight stops; only taking trades in prescribed areas, and so forth. Your grade will help me put things in perspective. Thanks much.
Ged
Ged
I'd imagine everyone except 40D had a rough day today!
It's been some of the most choppy, untidy and erratic days price action i've seen in a while.
Putting the theory into practice today would have been difficult.
Lots of breaking of ranges and then whipping about taking out people stops on both long and short trades resulting in losers whether you traded the reversals or the breakouts.
It's been some of the most choppy, untidy and erratic days price action i've seen in a while.
Putting the theory into practice today would have been difficult.
Lots of breaking of ranges and then whipping about taking out people stops on both long and short trades resulting in losers whether you traded the reversals or the breakouts.
Today was not a good day for me. My NQ p/l for today is positive $48.45 Not per contract - total. Interactive Brokers, on the other hand, had a decent day on my account. I stopped trading the NQ before 10 AM EST. I'm very good at quitting when I don't get what is going on, and right around 9:50 I said "WTF?" When I say "WTF" out loud to myself, that is my signal to quit for the day. It's in my trading plan
@Eddiemora
I'm not sure what is confusing you, but I saw the market basically open with a lateral that concluded the drop that began just before the close yesterday, and it's been a pretty straight-forward uptrend from there. If that confuses you, maybe you're over-complicating things and you're clouding your view of the forest for the trees.
I'm not sure what is confusing you, but I saw the market basically open with a lateral that concluded the drop that began just before the close yesterday, and it's been a pretty straight-forward uptrend from there. If that confuses you, maybe you're over-complicating things and you're clouding your view of the forest for the trees.
Attachments
![[2-25] NQ Basics.png](/et/data/attachments/131/131835-ff8425d661f627d8dcf374a13c64cc8a.jpg?hash=_4Ql1mH2J9)
Today was not a good day for me. My NQ p/l for today is positive $48.45 Not per contract - total. Interactive Brokers, on the other hand, had a decent day on my account. I stopped trading the NQ before 10 AM EST. I'm very good at quitting when I don't get what is going on, and right around 9:50 I said "WTF?" When I say "WTF" out loud to myself, that is my signal to quit for the day. It's in my trading plan
I haven't quit. I have a trade off the ONH. But, yes, it's been extraordinarily boring. OTOH, this is the third day, so tomorrow may provide something better.
Whadya mean? Looking at my charts right now it is perfectly clear to me how one should have traded today!
No, not an easy day for me at all. Sometimes the best your plan can do is get you out and keep you out before you do a lot of damage to yourself. DbPhoenix has more than once suggested a two loss rule which most would likely benefit from employing.
Whadya mean? Looking at my charts right now it is perfectly clear to me how one should have traded today!
No, not an easy day for me at all. Sometimes the best your plan can do is get you out and keep you out before you do a lot of damage to yourself. DbPhoenix has more than once suggested a two loss rule which most would likely benefit from employing.
Not quite. The two-loss "rule" applies to a loss on each side after a trend appears to be winding down, a signal that one is entering chop. However, if one has certain rules about entry triggers and MAEs, he may find that in certain hesitant environments, the MAEs extend themselves and he is urged to exit. Over a series of trades, this turns out to be a good idea, though if one is of the "oh if only I'd had a wider stop there I'd have made blah blah", he's easily persuaded to give his trades more room the next time, which is when he takes it up the backside.
Plan the trade; trade the plan.
No fun for me, that's for sure. I not only want to make $$$ I want it to entertain me
Isn't that a good reason to want to trade? Too much to ask? But seriously, from when I first started trading stocks, if I feel I am not following the story line I close the book. There is always tomorrow. And the next day. And the next.
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