Is that 40 points volente? nice play I had a nice profit at the beginning of the day ie went long but then ended up giving it back trying to trade that consolidation. I need to work on my strat more
Here's my issue (I think) maybe you guys can help me figure out how to solve it. My problem is I always try to guess ahead of time what the market is going to do. Meaning ... I see it doing this and I think oh so its going to do that. But then time goes by and the market changes then I feel oh maybe I'm wrong (I really dont have a set stop). And then I exit; then make a play again either in the opposite direction or in the same depending on what I see. Basically this process works great when I am right. But this process works pretty bad when things jostle back and forth especially with the YM which seems to have alot of extreme moves (and then comes back down). Maybe its because I have been looking at the 2 min charts too much? or maybe its because I should stick with stops either point stops or S/R stops. Or maybe I should just wait for a strong confirmation of the direction (but this usually results in missing most of the trade and or getting in on one of the fakeouts). What do you guys think?
I was going to say I could post my days trading if that would help. I made 2 good choices so it helped things out today; usually I dont do as well and I end up negative or just barely positive. 14 round trips so far today - maybe that is too much
DJ I recognize this, I have found that the best way to 'solve' this is by looking at the overall trend on a 10 or 20 minute chart, and only make trades with the trend. Also not looking at the chart, when the trade has been made,but rather have predefined exit strategy has helped me a lot.
Volente, Porgie is okay...thanks....neighbor and friend....very excellent trade.....I like to learn from the good trades that repeat over and over.............tenacity.....
nothingyet, I havnt figured out which time period I like looking at better the 10 or the 15 min chart. In reguards to what you said; do you mean you suggest to look at the ~ 15 min chart determine the trend and then trade perhaps using the 2 or 5 min only in the direction of the trend you found on the 15 min? So basically you arnt looking for tops of trends you are looking for beginnings of trends and pullbacks (for continuation moves). Is that what you are suggesting? thanks for the input
Yes, look a the 10 or 15 min chart for the determination of the trend, and use the 5 min chart, with appropriate stop, for entering on the basis of the tredn, either based on pullbacks or continuation moves. I have found thsi to be a good starting strategy to get the appropriate # of winners (67% in my case.)
lets assume one is short today from this am in YM what would make oneself hold on instead of covering now ? would a you cover 1/2 of short and then place a stop on rest to try to milk it for more downside profits by end of day ? the range is nice though ... so one could be happy if they caught most of it on a few trades