S/R Emini Journal

Status
Not open for further replies.
Quote from romik:

I would say if price action takes us to 1298 and falls back to 1294.00, then I would short to 1289 range, otherwise a break of 1302 and I would be long there.
More...

That works for me. I do think if we get to 1289 then they might test the next support at 1287.25 though. Just a thought...
 
Quote from 4re:

Romik,
You might even get a nice WRB here shortly...
More...

If I understand you WRB method correctly. The one that just finished did not count did it. Because it had a needle on top.
 
Ok, quick question to everyone here. I'm actually seeking a little psychological advice. I followed my plan this morning and was short YM at 11299 right before the open looking for it to go down and test the top of the big gap at 11281.

I put my stop order in and my buy order in at 11282 but after the market opened up I didn't like the price action so I got out for a 2 tick loser. Of course price immediately dropped down to that gap. I only had a 10pt stop in so even if I got stopped out it's still a small loser. I have a habit of getting into good positions but then not letting the trade run it's course. I'm only trading 1 contract so I'm not taking huge risk, but I'm wondering if anyone else has ever had this problem before.
 
Quote from 4re:

If I understand you WRB method correctly. The one that just finished did not count did it. Because it had a needle on top.
More...

it's not perfect, my perfect criteria is 4 point range with NO shadows or very small ones, like .25
 
Quote from ndjeff7:

Ok, quick question to everyone here. I'm actually seeking a little psychological advice. I followed my plan this morning and was short YM at 11299 right before the open looking for it to go down and test the top of the big gap at 11281.

I put my stop order in and my buy order in at 11282 but after the market opened up I didn't like the price action so I got out for a 2 tick loser. Of course price immediately dropped down to that gap. I only had a 10pt stop in so even if I got stopped out it's still a small loser. I have a habit of getting into good positions but then not letting the trade run it's course. I'm only trading 1 contract so I'm not taking huge risk, but I'm wondering if anyone else has ever had this problem before.
More...

I'll just about bet anything that any one of us that are honest enough to admit it has had the same problem to overcome. You think it is bad now, wait until you have built up some trading size and run through a string of losses. It gets much worse and needs to be delt with early in your trading career.

I can help you develop an exit plan this weekend if you would like me to. But only you can decide whether to use it faithfully or not.

Gary
 
Mr B is creating some waves here, let's see if we break 1302, I'll be in then, if not I stand by my 1294 short. I'm willing to be a little more patient.
 
Thanks Gary, that would be great. I've been trying different methods for a few months and have finally fine-tuned it to how I want it and to how I feel comfortable trading but this feels like the last jump I have to make. I have good triggers to get into trades, a reasonable stop-loss all the time and sensible exit points, but for some reason I just can't stick to them. If I were to just put all the orders in and leave the trade alone I would be fine.

An example is Wednesday when we had that bear flag, I put on a short position and set my target 30 YM points away and a 10 point stop. The stop never came close to getting hit but for some reason when I was up 15 points I closed out the trade because I wanted to make sure that I had a gain. In retrospect, if I had just followed my rules I would have had the 30 point target easily. Thanks for you help!
 
Status
Not open for further replies.
Back
Top