S/R Emini Journal

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Quote from 4re:

Good question and the simple answer is that I believe it is better to stick with my original plan. Veering off the plan especially based on news usually does me dirty. I saw it ahead of time and was pretty sure that this news would spike us up. That being said some people may be coming in here looking at my trade numbers and I think the responsible thing to do is take the same trade I called the night before and assume they are doing the same. That is my reasoning.

4re
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I seem to have phrased the question badly. What I was wondering was why you chose 82 as the R level to focus on to begin with rather than 76.
 
Quote from Lamont_C:

I seem to have phrased the question badly. What I was wondering was why you chose 82 as the R level to focus on to begin with rather than 76.
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I see what you are asking. The resistance at 76 was a very good one that offered a lot of potential but I figured that level would be taken out by the Europeans during the night because it was so close to the close of the day yesterday. I also factored in the news that was coming out early today and expected it to raise the market. With those two things together the next really nice level would be 1283.
 
Jimmy,
Thanks for posting your chart with explaination. I hope it will help other to what and why you take your trades when you do.

Have fun at the Dentist, may you have no cavaties.

4re
 
Quote from 4re:

I see what you are asking. The resistance at 76 was a very good one that offered a lot of potential but I figured that level would be taken out by the Europeans during the night because it was so close to the close of the day yesterday. I also factored in the news that was coming out early today and expected it to raise the market. With those two things together the next really nice level would be 1283.
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So you prefer not to trade news?
 
Well I guess I am out of the market for the day, no trades.

all in all it was a good week with winning trades every day except today. No trades in a day is not a bad thing so don't feel like you missed out on anything.

I will be checking to the journal through the weekend so if you have any questions go ahead and post them and I'll answer to the best of my ability. I am also going to be doing some back testing this weekend using a simple breakout strategy that if everything works out on it will be a great way for the beginners to start and feel safe with. I'll keep you posted on it.

Have a good weekend,
4re
 
Quote from 4re:

only if it we are close to my entry call will I trade the news
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So the price was not sufficiently below 76/77 for you to feel comfortable taking the trade?

Don't mean to press. Just trying to understand your process.
 
Quote from Lamont_C:

So the price was not sufficiently below 76/77 for you to feel comfortable taking the trade?

Don't mean to press. Just trying to understand your process.
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Oh it looked good and juicy to me but to be honest with you I had my trade set to trigger at my numbers with an alarm. I wasn't watching the charts after that because there wasn't much going on and I knew the alarms would get my attention if they went off. So I didn't even see it when it dropped down. That is the main reason though.
 
Quote from 4re:

Oh it looked good and juicy to me but to be honest with you I had my trade set to trigger at my numbers with an alarm. I wasn't watching the charts after that because there wasn't much going on and I knew the alarms would get my attention if they went off. So I didn't even see it when it dropped down. That is the main reason though.
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Fair enough :)
 
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