S/R Emini Journal

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Quote from 4re:

It is a constant battle K. You'll be back stronger than ever. I really beat myself up when I make a mistake but the next day I have to be over it or I don't trade. The good thing is you came back to break even...Way to go...
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You are so right on this. I had a bad run a couple days ago. Adjusting to new S/R levels on the fly during the trading day, getting in and stopped out 4 times....totally butchered the account. Next day I say to myself, "be patient and just stick to the system; it will work". Got me right back on the winning side of the ledger.

riaamaan
 
Quote from mattjbarlow:

It isn't just you. I had a hard time reading the market today and got stopped out for a 2 point loss. I also lost 2 points yesterday. It hasn't been a good week for me so far. I've been having a hard time anticipating the moves we've had and I haven't wanted to chase them. I'm still even for the week though, thankfully.
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That is why I said earlier today that you guys might be happy with my method now but what happens when I have a couple of bad days in a row. The worst thing you can do is start re-working your plan after a couple of bad days and this is what happens so often. Stay with your plan, everybody has losing days. If your plan is sound you will come back with a vengence.
 
Hey Guys,
Sorry it took so long to get my numbers out but the first one I didn't like so I re-did it. The Short call for tomorrow was a bit hard to figure a good level that 2 points could be had safely. That is why it is a couple of legit resistance levels down. So here they are.

Long 1272.50 - 1277

Short 1261 - 1258

I hope everyone has a great trading day tomorrow,

Gary
 

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"Price of the financial instruments exists in two states: dynamic up or down move ( trend ) or congestion ( more or less horizontal move ). Chart patterns are nothing but these congested areas. Patterns start where trend ends."

The above quote is part of a review of the chart book you recommended. I never really thought about what was behind chart patterns. That book can't get here fast enough.
 
Quote from Tonkadad:

"Price of the financial instruments exists in two states: dynamic up or down move ( trend ) or congestion ( more or less horizontal move ). Chart patterns are nothing but these congested areas. Patterns start where trend ends."

The above quote is part of a review of the chart book you recommended. I never really thought about what was behind chart patterns. That book can't get here fast enough.
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You are exactly right. The type of pattern should clue you in to whether the trend continues or reverses.

Did that come out of Getting Started in Chart Patterns by Thomas Bulkowski? If so I think you'll really like this book. It is written as a story instead of the usual here is a bull flag method. He is teaching a young man how to trade and here are the steps you need to take. He is also the author of The Encyclopedia of Charts Patterns another very good read.
 
As slow as it was going I went ahead and got out with 1.5 points. If today goes as I think it will there will be other chances to get back in and next time I will go for the whole 2 points.
 
Quote from 4re:

As slow as it was going I went ahead and got out with 1.5 points. If today goes as I think it will there will be other chances to get back in and next time I will go for the whole 2 points.
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Good job!
 
Quote from K-Rock:

Good job!
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Thanks, I am going to wait a few minutes after the open to decide what I am going to do next. I don't have to trade anymore so I won't force anything but if I see something I'll jump on it.
 
Quote from 4re:

As slow as it was going I went ahead and got out with 1.5 points. If today goes as I think it will there will be other chances to get back in and next time I will go for the whole 2 points.
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Probably a smart move since rule of 10 gave a buy at 1259.75.
 
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