Trade #2: Another continuation short for me, this time with a real trend to be continued. I did have some concern about âthe precipitous drop and then bull support starting @ 89.77â, but there was an overnight low very close by to be tested and usually when price gets that close, that LOD will act like a magnet. Price almost stopped me out as the previous 5-min bar high broke upside. That upside break invalidated my short trade and when price pulled back after the 5-min bar break I exited close to my entry price instead of continuing to hold for the full loss.
Please Help.. Please
- Thread starter mrnate22
- Start date
Trade #3: I was buyer of the 5-min upside bar break despite the lower trend line break, because price found support around .50 twice, had been printing higher lows and hadnât reached the 5-min 20EMA yet. I came very close to scratching the trade on the second test of that LTL becoming resistance. That is a classic sell setup. However, I honored my break even rule and let it play out fully. As soon as that big red bar slammed price back into the .50âs in about 2 seconds, I double my stop loss to reverse short, because there was a lower parallel channel line target around 85.85 on the larger 5-min chart, which was in fact reached rather quickly. Iâve occasionally been hit with double whipsaws in stop-and-reverse situations, but that generally happens around flat 5-min 20EMAâs, not in textbook P/A setups like this.
Quote from Mysteron:
Thats a damning indictment of this site.
this is just humor.
It is a guullibility test applied to noobs, etc.....
it is also a money test where those who know what I cost also know it is impossible.
Quote from NoDoji:
Yes, another 3 charts will follow. Doing this made me realize that it would nice to have a price action workbook with challenges like this! Maybe it's time for a new thread under Educational Resources with hard right edge challenges, since that's what we day traders do all day
the workbook could have been written by the OP (Mr Nate) except he is too afraid to post charts along with his continually learning failure.
what if on page one he posted a chart. and asked someone to explain what he doesn't know he doesn't know.
he has kidded himself into believing he knows something. Then he judges his progress by not understanding how to figure out why his beliefs were mistaken.
This guy actually thinks he is correct about the building blocks he is using wrongly.
I am glad he is considering quitting, this will allow his trading to be in the past and just sit there for months. Then he will reread his posts and undrstand he destroyed the possibility of his mind ever working.
All he did was learn failure thoroughly. This cannot be erased.
the mind only gets one chance to be built rationally. He can't erase.
building a wall around such existing long term memory is much harder than anyone thinks it is.
this is just EMG all over again.
The funny thing is, if i was mean enough to post random number generated charts ( numbers within the ATR of a stock or contract) --- you TA folks would be saying what you would have done on each chart--despite the charts being completely random.
Thank your lucky stars I am a nice guy and don't wish to humiliate anyone,. Take this as a lesson, and stop being taken every single time///
surf
Thank your lucky stars I am a nice guy and don't wish to humiliate anyone,. Take this as a lesson, and stop being taken every single time///
surf
Quote from marketsurfer:
The funny thing is, if i was mean enough to post random number generated charts ( numbers within the ATR of a stock or contract) --- you TA folks would be saying what you would have done on each chart--despite the charts being completely random.
Thank your lucky stars I am a nice guy and don't wish to humiliate anyone,. Take this as a lesson, and stop being taken every single time///
surf
Go ahead and post some; PA/TA traders will trade any pattern that fits our criteria because we use this strange sort of seat belt when we take a ride on the market, commonly referred to as a "small stop loss". So the chances of our random trades off the randomly generated patterns returning better than even are probably better than even
P.S. Consistently profitable traders are not easily humiliated.
Quote from NoDoji:
Go ahead and post some; PA/TA traders will trade any pattern that fits our criteria because we use this strange sort of seat belt when we take a ride on the market, commonly referred to as a "small stop loss". So the chances of our random trades off the randomly generated patterns returning better than even are probably better than even
P.S. Consistently profitable traders are not easily humiliated.
Ok, by logical extension since you can break above even despite the known random nature of the chart, random entries should produce the same results in the real market thus negating the ridiculous crutch known as TA. surf