I did just do a scalp trade for 1.5 points on the breakout of 1277. I went long at 1277.25 and exited at 1278.75. I only did this trade based higher volume and the fact that 1277 was getting stronger as a resistance level. It just takes some feel to work this type of trade. All methods take time to develop that feel.
S/R Emini Journal
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And another point not directed at anybody in particular.
Whenever one is tempted to succumb to the overwhelming urge to give advice and save a trader from himself, he should ask himself if he has traded the instrument in question long enough to have turned a profit in it over an extended period of time.
If he hasn't turned a profit in it over an extended period of time, or if he hasn't traded the instrument, or if he doesn't even know what the characteristics of the instrument are, then he should most likely put his hands in his pockets and resist the urge to advise.
To do otherwise is to risk causing the target of the advice to doubt himself for no reason whatsoever.
Now back to our regularly-scheduled program.
Whenever one is tempted to succumb to the overwhelming urge to give advice and save a trader from himself, he should ask himself if he has traded the instrument in question long enough to have turned a profit in it over an extended period of time.
If he hasn't turned a profit in it over an extended period of time, or if he hasn't traded the instrument, or if he doesn't even know what the characteristics of the instrument are, then he should most likely put his hands in his pockets and resist the urge to advise.
To do otherwise is to risk causing the target of the advice to doubt himself for no reason whatsoever.
Now back to our regularly-scheduled program.
The NQ did a bit better, a little more than six points.
But you're right about the feel. I almost didn't take it because the pace was so slow and everything was just sitting there. But I went ahead and placed the stoplimit anyway just in case there was an opportunity to catch all those who had buystops just above the HOD.
And sho nuff . . .
4RE,
Any chance you'll trade the secondary target? 1279.50-1281.50 Its funny how fast I become greedy!
Thanks again for all the advice. After a couple of bad days to start out, I'm did it right two days in a row though only a point a time. Not much for most but its making me feel pretty dang good!
The Douglas book came today, already enjoying it.
Any chance you'll trade the secondary target? 1279.50-1281.50 Its funny how fast I become greedy!
Thanks again for all the advice. After a couple of bad days to start out, I'm did it right two days in a row though only a point a time. Not much for most but its making me feel pretty dang good!The Douglas book came today, already enjoying it.
If that's true, all to the good. However, it's important to put in the time just watching, not even simtrading, in order to see at what levels traders keep poking at the next step in price. For me, the easiest and clearest way to do this is with a tick chart.
What is not so important about a given level is the failure of traders to break thru it nor that they repeatedly to do so but rather they they keep coming back. When they do so, sellers begin to question themselves. Shorts begin to sweat. And when price finally breaks through, there is generally at least enough ground covered to reach the profit target. If these conditions aren't present, the trade is triggered, immediately recoils, and you're out the amount of your stoploss.
Therefore, spend some time just watching. Think "what are you guys doing?", "why are you doing it?", "what have you got in mind?" If you don't have any money on the line, you're far less likely to project anything onto the price behavior. There's plenty of time to simtrade or risk real money later, after you've wrapped your mind around some of these basic principles.
Quote from pkts:
4RE,
Any chance you'll trade the secondary target? 1279.50-1281.50 Its funny how fast I become greedy!
The Douglas book came today, already enjoying it.
The effort you put into right now will pay off big time in the future if you put into practice what you learn. There is nothing wrong with 1 point. Profit is still profit. I hope you are not trading very much right now. At least until you really get the feel for this market.
It may take reading that book a couple of times before it clicks with you but every time I read it I get something new out of it. Happy reading.
4re
when you take second/third entries off of the same level, how far do you want price to pullback before taking the second/third entry?
For instance, for the a secong Long entry at 1275, how many ticks would you like to see price fall below 1275 before you reset the trade for another entry at 1275?
thks in advance
when you take second/third entries off of the same level, how far do you want price to pullback before taking the second/third entry?
For instance, for the a secong Long entry at 1275, how many ticks would you like to see price fall below 1275 before you reset the trade for another entry at 1275?
thks in advance
Quote from pkts:
4RE,
Any chance you'll trade the secondary target? 1279.50-1281.50 Its funny how fast I become greedy!
The Douglas book came today, already enjoying it.
And no, I am done for the day. I did 2 trades and that is my limit.
2 winning trades in one day I am out and eating steak dinner.
2 losing trades in one day and I am out eating wieners and stale bread.
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