The 15 minute chart

[flipflopper]

Quote from flipflopper:

You went long below a ton of overhead resistance?

Good luck. I went short at 1065. I guess it depends on your timeframes/stops/targets.

LOL!!! I guess you knew that any short setup in the market the past 7 months gets busted!!!!

LMAO I like your style. I'm stopped out!!!!!!

 

[golablue]

Quote from flipflopper:

LOL!!! I guess you knew that any short setup in the market the past 7 months gets busted!!!!

LMAO I like your style. I'm stopped out!!!!!!

Follow the market bar by bar. Don't impose your beliefs upon it. Let the market tell you what it wants to do, and then act.

The 65 level was old support. You assumed that old support would turn into new resistance, so you placed a short order. The market, however, blew through the 65 level, stopping you out.

When you make assumptions, you lose. Don't assume, react.

 

[hemlock]

golablue,

Where did you get long at ?

 

[golablue]

Quote from hemlock:

golablue,

Where did you get long at ?

64.

remember, it's not the entry. it's the exit that's really important.

 

[hemlock]

Quote from golablue:

64.

remember, it's not the entry. it's the exit that's really important.

What bar?

Thanks.

 

[Thunderdog]

Quote from golablue:

64.

remember, it's not the entry. it's the exit that's really important.

Perhaps. But poor entries tend to result in unfortunate exits.

I still can't imagine trading an index intraday using a 15-minute chart. Since you previously noted that you enter during the course of a 15-minute bar that forms part of the setup even before the bar is completed, then how many entry setups could you potentially generate during the course of such a 15-minute bar?

 

[flipflopper]

Quote from golablue:

Follow the market bar by bar. Don't impose your beliefs upon it. Let the market tell you what it wants to do, and then act.

The 65 level was old support. You assumed that old support would turn into new resistance, so you placed a short order. The market, however, blew through the 65 level, stopping you out.

When you make assumptions, you lose. Don't assume, react.

That is hilarious!!!!

Ok... I guess I'll stop using support and resistance. I guess I'll start going long right below the daily pivot and VWAP on a red day with bearish internals!!!

LMFAO... I love it when someone gets lucky as all hell then they think they can start talking like the zen master.

I think I'll stick with high probability trades.

Getting long at 1064/65 whatever you want to say made no sense whatsoever. The market bailed you out. Period!!

 

[Lucrum]

Quote from flipflopper:

You went long below a ton of overhead resistance?

Good luck. I went short at 1065. I guess it depends on your timeframes/stops/targets.

FWIW, assuming you shorted the first test of 1065, I think your entry was great.
But the lack of follow through plus the underlying trend/strength would have made me not want to let break even get away from me.

 

[flipflopper]

Quote from Lucrum:

FWIW, assuming you shorted the first test of 1065, I think your entry was great.
But the lack of follow through plus the underlying trend/strength would have made me not want to let break even get away from me.

Well since I'm an honest person I'll tell you I missed the first test. I originally had my sell order at 1065.25 since 1065.33 is the daily pivot.

After missing it I lowered my offer to 1065 and got hit on the next move up. I don't mind a level getting hit a couple times even if it doesn't fall apart on the first test.

I guess I should have known the market was going to be whippy ahead of the Fed announcement.

 

[Lucrum]

Quote from flipflopper:

Well since I'm an honest person...

Is that even allowed here?

I don't mind a level getting hit a couple times even if it doesn't fall apart on the first test...

Personally I feel like the first test is the highest probability entry, but then I'm sure there are a million different opinions on that subject.