Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
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9:51 Two losers in a row, the market is trying to talk to me so I better listen "Chop"
9:58 BO, no RET just yet.
10:03 Climactic action at 10:00 and RET, no short at 90 as I would throw me again inside the chop.
10:05 SL traced
10:09 SL broken, LSH holding
10:12 Long at 92,25
10:14 Starting to look like chop once again. (Vol at 10:13 looked unusual)
I have been expecting a day like this, it helps me gain perspective on my weakness.
9:58 BO, no RET just yet.
10:03 Climactic action at 10:00 and RET, no short at 90 as I would throw me again inside the chop.
10:05 SL traced
10:09 SL broken, LSH holding
10:12 Long at 92,25
10:14 Starting to look like chop once again. (Vol at 10:13 looked unusual)
I have been expecting a day like this, it helps me gain perspective on my weakness.
You're microtrading again. There is a pattern here that you're not seeing, but, unfortunately, no one else is participating, so you're left with your own perception.
You correctly noted at the open that we were in an uptrend, but then you got lost. Even if you didn't take the test of 80, there was no reason not to take the retracement at 0940, particularly since it was a halfway pullback from 88. Any DL off that parabolic open was essentially useless since those by definition must be broken. That gives you an entry at 85 and no reason to sell thereafter.
Here's a picture that might have made it a little easier on you. Deja vu from yesterday, same quick rejection of the 50% mark from the opening movement that turns into a good trade.
I have the same problem, if I get sucked into a completely losing trade (price barely hits the stop then reverse) it just totally kills my view of the big picture and is difficult for me to recover from.
So far it's been more than worth it to widen my entry stops to make sure price has a little more momentum before I'm in especially closer to the open; it's much easier for me to manage those trades than getting pulled into a long at 9:37.
Yes I ended up micro trading even after being able to identify the big picture pre market. Today was definitely a challenge to my rules, and that is good. I guess I have to work on Re-entries, as you have said in several occasions if you get stopped out but price does not do as expected (in this case, fall) why not join in again?.
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