First off, woohoo, i've generated some conversation and discussion. This is great stuff guys, thanks!
Went Fishing:
Quote from Went Fishing:
Please, let's say critique. Personally, IMO I think your stop placement is obvious that's why you've had 3B/E's and how many 1 pt or less trades? Your not a scalper right?
I was wondering more about your targets. .
Yes, I am not planning on being a scalper. However, I am interested in learning more about trading in the middle of the day, during choppy times...I know I know, one thing at a time. But going forward, after all this craziness dies down (if it does) I feel I need to know how to trade a market that only has a 3 point range through the whole day. Again, beyond my ability now, but I guess I have it in the back of my head. Ok...moving forward, I will try and remember to write the targets down so you guys can "critique" me
Quote from Went Fishing:
Take the 8-27-10 chart for instance (remember I'm not an ES trader) why did prices stop and rattle around the 1040 area before moving up? What was Thurs low? What was Wed low? What was Tue low? Hindsight is a wonderful thing.
Ya there was definite support around the 1037-1042 range and that is why I was nervous about the speed and downward momentum. What if my fill was at 1042, bounced down to 1039, 2 seconds later I get stopped out at 1045?...that is why I stayed out, I didn't want to deal with the bounces, potential stop outs, swings, etc. Im just not confident enough to handle those "reentries"
Quote from Went Fishing:
Whoa, let's back up here! Did someone say Fibonacci? Now you're talking a language I understand! There's your problem!! You've gotten the P/A Gods pissed off... As boli said, " Don't want to see picking up quarters on a highway and get run over."
So I don't want to get into an long drawn out discussion of what PA actually is...But here is what I like to do...Have my trades primarily driven by PA, Charting, and T&S or whatever else you want to call it. I like to look at Fib retracements/extensions and pivot points for potential Support and resistance to keep in my mind for potential targets. If someone were to say, you can only use PA, I would say fine...no problem...I don't mind dropping Fib and PP if I have to. And lastly, yes, I understand what you and Bol are trying to say about not getting runover :0
Quote from Went Fishing:
After watching you trade for a week and reviewing your well written thoughts, feelings and actions I'll file in behind ND and agree
nice work overall. The Freudian slip LoL, about the Fib level and your willingness to muscle in that last trade gives that trade a little more luster in my book
, good job! And good luck next week.
How about a 5m chart for comparison sometime. I love the color
Thanks guys and girls for the support and encouragement...like I said before, I am starting to understand why all the pros say "trading is tough" But I don't mind putting in the work or effort so hopefully it will pay off in the long run. And Yes, I can start posting some 5m charts for comparison, no prob.
Quote from Went Fishing:
True, BUT putting in targets and taking the cash that your well thought out analysis projected is a lot more rewarding both financially and emotionally. Sure, many times I've taken profits at my target only to see prices continue on without me, it's a lot easier to smile and wave bye bye when you have $500 in you pocket
[/B]
Maybe GG and I have something in common at the moment, and maybe it is a common trait among newbies...there is definitely a fine line of "capital preservation/stops" and knowing when to take profits and being happy with those profits...Im constantly thinking about how much I am risking per trade and there is always a huge relief as price goes in my favor even 1 tick. But as newbies, it seems we are doing the coulda woulda shoulda stuff. I've noticed, like most things in life, confidence is huge. I feel much more confident about gaining 2 points and exiting early vs. staying in the trade and either being stop out for a loss or a B/E. I guess in the back of my head I know with time I will understand how to take better profits and let the winners run as they say.
Quote from NoDoji:
This all looks really easy in retrospect, but with the market losing the bid on high volume so quickly, off a lower high in a steady macro downtrend, a with-trend trader would be now targeting a lower low, a breakout of 1037.50. A with-trend trader might take some off there in case it did indeed re-establish a solid price support, but if you're trading 1 contract, you have the choice of trusting the trend and keeping your profit target of a lower low, moving your stop to b/e, or waiting for further price action to see if a reversal is imminent.
The close of the 10:05am ET 5-min bar was a big red flag for the short seller. Solid price support established yet again and that originally big red bar fully reversing to close green on high volume. That's the signal to cover upon break of the high of that bar or keep a stop at b/e if you want to ride it out. In fact, that's a strong trend reversal long signal, so a stop and reverse (SAR) trade makes a lot of sense for an aggressive counter-trend trader at that point.
NoDoji:
You comments are what I am hoping to becoming... a trader that knows when to get in, when to get out, and when to stay on the sidelines...but more than that, know how the market is reacting and what trades are appropriate at that time. I don't want to be only a "trend follower" or fader or scalper or whatever. I would like to be a pro at all those things...IMHO, the markets are constantly changing and the more tools you have the better suited you are over the long run. The pros can feel free to correct me if Im wrong. I work on cars a lot and I think of it as, well a wrench will work, but what if I had a crows foot, or ratchet, or speed handle. Again, there is probably a fine line between keeping things simple and not over complicating things.
