The Trouble With Scribbles

[toucan]

I actually tried to play that range this morning. Got chopped up a bit though, although the final move made up for it! (Or at least it should have. I didn't catch anything like what I could have)

Sequence was:
waited for the break and a retrace, and then shorted/
Stopped when it looked like it was going the wrong way.
Soon after being stopped and looked to start dropping off so I got back in.
Stopped again, and switched long, thinking we were heding back inside the reange.
Stopped again and ftlipped short! This one could have potentially made a hell of a lot of points, but I covered my previous losses and a little bit extra.

Eddie

Thanks for the chart and the trade explanations/thoughts..... Its nice to see actual trades (good or bad) that are produced by the trading software. Your sequence of trading thoughts is something that has been missing in the discussion of this trading process and it helps understand the benefits/drawbacks.

thanks again

toucan

 

[dbphoenix]

Your sequence of trading thoughts is something that has been missing in the discussion of this trading process and it helps understand the benefits/drawbacks.

Those who are interested in the "sequence of trading thoughts" in real time should review the posts made by Gamera here and at TL and the journal entries made by gears and lajax in the Journals Forum.

 

[k p]

Eddie

Thanks for the chart and the trade explanations/thoughts..... Its nice to see actual trades (good or bad) that are produced by the trading software. Your sequence of trading thoughts is something that has been missing in the discussion of this trading process and it helps understand the benefits/drawbacks.

thanks again

toucan

I couldn't agree more.

I'm also impressed that he kept putting on the trades. In some respects I think he got lucky that there was such a huge drop to eventually reward him, but what I admire from seeing this chart is that he didn't let the losses prevent him from taking the next trade.

 

[toucan]

Those who are interested in the "sequence of trading thoughts" in real time should review the posts made by Gamera here and at TL and the journal entries made by gears and lajax in the Journals Forum.

DB... I agree that these three traders also describe their trading process thoughts.... It was just nice to see someone put everything together in a concise format and use the trading platform to show the trades.

cheers
toucan

 

[dbphoenix]

Exiting here at my "target". Will now look for ops to reverse or continue.

 

[Eddiemorra]

2 more trades. Turned out to be a good day. I'm done.

 

[dbphoenix]

2 more trades. Turned out to be a good day. I'm done.

You're doing well with this but why not short the reversal at 80?

 

[toucan]

2 more trades. Turned out to be a good day. I'm done.

Very nice eddie.... your chart shows what you saw, why you took the trades and how you managed the trade.... thanks

 

[Eddiemorra]

You're doing well with this but why not short the reversal at 80?

You mean, a trade due to the rejection of the upper range that had come back into play?
I'm still uncertain as to when you can 'forget' about a previous range as an area to look for trades.

And if you mean as an SLA type entry, I jut couldn't see a decent entry in realtime (in terms of a retracement that I could use to think about getting on board.)

 

[dbphoenix]

You mean, a trade due to the rejection of the upper range that had come back into play?
I'm still uncertain as to when you can 'forget' about a previous range as an area to look for trades.

And if you mean as an SLA type entry, I jut couldn't see a decent entry in realtime (in terms of a retracement that I could use to think about getting on board.)

It wasn't so much a rejection of the upper range but of a failure to break past the range you have drawn, from 76 to 80.

The dynamics at the open are a bit different, and if you believe the probabilities for the downside are greater than the probabilities for a rally, look for the signs of failure. These failures can be quick at the open as so many traders are so vulnerable then and far more subject to manipulation.

If all of this is too much, though, just put it on the back burner and focus on ranges and the SLA. They won't get you in quite so early but they will get you in eventually.