I tired to trade in that back and forth price movement. Its hard to pick a side and have a small stop. I have a feeling we wont do much till close and just sit in this trading range but we have 13 mins left so well see what we do
I did pretty decently today trading the YM; the last hour and 1/2 thou I didnt trade well; was trying to guess the breakout and would exit the trade 'fearing' the opposite breakout. Hence That really chewed into my profits. Lost an average of 23 points per contract on that mess (over 3 round trips). I think that could of been avoided if I would have set stops not so close and not have tried to guess the breakout and let my emotions 'scare' me into thinking I was going to take a huge loss if I 'guessed' wrong. Or I could of just hung back until I had a strong idea which direction we were going to go not just a semi feeling. I lost on gold again today lol I think this is the 3rd day in a row I lost a whole 1$ on gold which equates to 100$ per contract. Its hard for me to read the charts on gold; I mean either I dont get out when I should or it goes in the opposite direction. I should just paper trade gold for awhile and stick to something that isnt going to 'steal' my money without a fight. I wasnt in on the begining of the day action; I think if I was I would have been faked out and taken hard. I think this thread must be helping; I'm starting to see more of my mistakes and am trying to make a conscious effect to change my patterns (even thou I am still making some of the same mistakes). thank you everyone for your great contributions to this awesome thread!
hi ripley any chance you were long from yesterday? I did not see a post from you today buying any -09-28-05 02:29 PM- -I sold my longs at the top..... 513-
good commentary. Looks like today we got the usual chop in a consolidation phase, with crude being used as a pretext for the jerk-around. One would expect high crude to be priced into the market by now, no reason for dramatic intraday sell-offs.
thanks mhashe, seems pretty quite here tonite ... guess we have to wait for JM to get home before the thread starts up again
I was long 12 contracts @ 475, from around noon (12-12.30), and I was holding onto huge losses. Just didn't think it could make quite a rally like that. All in all, a potential disaster day turned into a decent day. I was just too excited to post that I sold it because I did it right on top of a huge tick up. I got lucky...
Hey DJ... I had trouble with it as well... it was almost ... TOO easy. I was expecting a breakout as well and got stopped out on a trade and lost 9 points, but got it back to +7 points for the day, and stopped trading to rethink what I was doing. So don't feel bad, even I screwed up on the last hour.