The price action facebook journal

[Redneck]

AM

You have a consistent approach..., let’s not jack with it… and only enhance it when/ as you’re prepared to do so

Knowing no matter how consistent – ALL approaches have losing trades – fine

Identify the point where each trade stops working - and exit if/ when hit



No sense beleaguering yesterday – today’s a new day – we have trading to do


Trade Well Sir - win, lose small, or draw (B/E)

RN

 

[amitman]

Not able to trade today.

Results for this week: +101$.
Rasing shares to 305 from next week.

Have a great weekend all.

 

[Redneck]

AM,

Get some rest and recharge the ole psyche Sir… we’ll do it all over again next week

=======================

Quote from amitman:

RN, if I'll ever be a real trader, it will be a lot thanks to you and you ungiving seriouseness.

Your trading metal will be hand forged by managing each & every trade – 100% of the time…, with zero lapses

No matter it a win... loss... or B/E

And though I sincerely appreciate the kind words Sir...

You will be the one determining your success – or failure

(anyone and their dog can put on a winning trade - only a trader can manage the losers and continue his/ her success & career)


Happy & Restful Weekend

RN

 

[amitman]

Wow, what a frustrating day...

First trade, got out on BE because I though the trend i changing...
Needless to say It has reached my target...

Then missed 100% valid trade due to hesitation.

Second trade was good altough a bit early exit.

All in all
2 trades, 1 BE 1 winner
+24/8cps$ (after comm)

 

[Redneck]

Quote from amitman:

2 trades, 1 BE 1 winner
+24/8cps$ (after comm)

Trade well today AM - as you did yesterday

RN

 

[amitman]

A negative day, which could have been much worse...

Trade 1 - Valid trade, got whipsawed (do you guys have any advice on this one?)

Trade 2 - Good trade, acording to plan

Trade 3 - Revenge trading because of a missed a good trade 5 minutes earlier, not a good setup...

Trade 4 - A bit late entry, not sure about the exit because my original stop was never hit before it came back up (advices on this one anyone?)

Trade 5 - Best trade for today, first half exit according to plan, second half waited for a potential breakout which did happen.

Overall 5 trades, 3 losers, 2 winners -31$/10cps
(would actually be a slightly positive day without trade 4 which wasn't valid)

Edit:
Out of EA swing today (-175$), Re-entred GLUU at 4.05 (after last trade which was +152$), Also holding GOOG (+150$ at this moment) ant AAPL (+2$)

 

[Redneck]

Quote from amitman:

Trade 1 - Valid trade, got whipsawed (do you guys have any advice on this one?)

Trade 1

The whipsaw – is opening volatility – lasted till ~ 9:53ish

Either stand aside till it clears... or plan on trading a rollercoaster – every morning (which means one must be especially adept)

I’ve attached a pic of that trade (something to ponder)


You want me to look at trade 4 - let me know

RN

 

[Redneck]

Quote from Redneck:

I’ve attached a pic of that trade (something to ponder)

So there no ambiguity in my something to ponder


Turned out where you entered was bad for both longs and shorts

We’ll never know that ahead of time

Trade stops working GTFO

Realizing doing so – there will be times when price shoots back off in your direction without you – and you’re thinking man if only I had hung in there longer

Then there are the rest of the times – when price shoots off against you – and if you had hung in longer – you’re fucked

These are the realities of our business

Regrets – I can live with…. Large losers – I can’t

RN

 

[amitman]

Thanks RN

Yes I would like you to have a look on trade 4 as well.

You say that I need to leave the trade as soon as its not "working" anymore,
I'd like to know what your line of though to determine the trade doesn't work, for example when would you exit the first rade I made (assuming, for this matter, you would have taken it), would you have exited 2 bars after the entry when the red bar went lower then the previous red one, and exit for a small loss?

And one more question, say you've exit a trade which later went in you direction, is there any criteria for you to try and re-enter the trade?

Thanks!

 

[Redneck]

Quote from amitman:

You say that I need to leave the trade as soon as its not "working" anymore,

I'd like to know what your line of though to determine the trade doesn't work, for example when would you exit the first rade I made (assuming, for this matter, you would have taken it), would you have exited 2 bars after the entry when the red bar went lower then the previous red one, and exit for a small loss?

If I had entered long where you did – a breach of the cyan (light blue) colored line (the line connecting the 3 lows on my attachment) is where I would have exited (price stopped moving up)

Quote from amitman:

And one more question, say you've exit a trade which later went in you direction, is there any criteria for you to try and re-enter the trade?

Look for the next occurrence of one of my set ups

==============

I’ll break down trade 4 this evening

Good Trading Today Sir

RN