S/R Emini Journal

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Quote from 4re:

Riaamaan,
How are you doing this morning...Doubling is usually a gutsy move that I try to avoid. BUT, this morning after our opening move up we started forming a pennant (kinda funky one) and when it broke through it did it with power. So, I guess what I am getting at is that if you see something like that to confirm it it isn't as gutsy as just doing it blindly. I have done it and I imagine most others have as well. Just make sure you have some other confirmation before doing it. Good trading today though. I am glad you made it. Did it scare you about half way through?

4re
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I'm doing well sir. I didn't get scared during the trade because I believe the system works and I know some will lose. I did feel disappointed when I caught the very tip and immediately went down, but I didn't think it would happen a second time based on the action of the opening 10 min.

If you keep rolling the dice and you have an edge, you'll get it back and then some. I'm also trading a small number of lots on a sim. However, I view sim trading with the same emotions as with real money. In other words, I never say to myself it's only make believe and I do feel fear and greed with it. This is an advantage for me because it allows me to work at stabilizing these potentially destructive emotions.
 
Quote from riaamaan:



If you keep rolling the dice and you have an edge, you'll get it back and then some. I'm also trading a small number of lots on a sim. However, I view sim trading with the same emotions as with real money. In other words, I never say to myself it's only make believe and I do feel fear and greed with it. This is an advantage for me because it allows me to work at stabilizing these potentially destructive emotions.
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This is extremely important when sim trading. I think most people get to where it is just a game. But to me it makes a difference if you believe it is real money. Good job.

4re
 
Well it did pop out of the flag with some gusto but kinda fizzled out quickly. If it doesn't go back into the flag it is still good.

4re
 
Quote from 4re:

Is anybody seeing this bear flag?
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Yeah, I see it.

I was about to post that I think the bull move is over (duh, but you never know) on this one and there's probably some good downside action in the making.

We'll see how it rolls around 2:30pm ET or so.

Later,

JJ
 
Quote from JimmyJam:

Yeah, I see it.

I was about to post that I think the bull move is over (duh, but you never know) on this one and there's probably some good downside action in the making.

We'll see how it rolls around 2:30pm ET or so.

Later,

JJ
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Cool. JJ,

I am not sure if others in here are looking for these chartpatterns but if you really want to learn how to trade breakouts these are some very basic patterns to look for. I hope even if you are not trading these at least start trying to find them and watch how price reacts. Could make for some good quick scalps when you get used to it.

Now lets see if this works out....:)

4re

The cool thing about this one is that we penetrated the upper BB and it is coming down.
 
Could not resist that trade. I looked at the Q's and saw the same bear flag so I went short 1283.50. Took a little longer than I wanted it to but I got 2 points out of it. So for today 2 trades +2 on each trade. I'll call it a day...

4re
 
Quote from Arnie:

While you saw a flag, I saw just a fib retracement. :D
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That's cool, sometimes I do look at fibs especially when I am in a trade and can't figure out what is happening. Other than that I usuall keep my charts fairly clean and just look at the patterns. But if you are using fibs, that is cool. A lot of emini traders use them successfully everyday...

4re
 
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