fact being the fact... I did not follow my rules... I did not wait for MACD.
I have got carried away in the momnet and knowing I had 13191... as a target price...
profit take at 13153..
why... consertive... small lot size and relax time..
Ignored
Monday start of the week.
The low at the moment is 13155....
So I am looking at 13194 T1... for a possible sell with the trend.
As I expected the market has moved down and now is in a strong trend down.
I am looking for a low to calculate a retracment high.
As the market is heading stright down on the 5min chart I will sit back and wait for a low to look for a high...and hopefully get short with the trend.
Selling on a retracment is the best option... you are not paying retail and are not entring the market at the extremes like taking a break trade. Yes been there and done that... got the stamp for break trading.
I perfer to judge how far a market should run... then look for a suitable place where the market will turn... watch the market turn... and then wait for confirmation.... sounds like a plan. All these steps must take place in order for me to take a trade..... I trade my plan.
Low of 13132 long ... T1 = 13165 high 13158
High 13158 short.... T1 = 13119 low 13119
Low 13119 long ....T1 = 13149 high 13146
High 13146 short ...T1 = 13110 low 13103
So as you can see there were many trades to be taken... shame.
Lets see what the trading gods throw my way tonight!
Obviously lloking for T1 first up @ 13137... unless themarket turns and runs long... then I will recalculate and look for a high. The swings need to be big enough to reach my targets... This is my main way of staying out of the sideways whipsaw...
You might ask... It seems I have price targets reasonably well sorted... fact is the taget prices can move very quickly. When price is in the middle of a range its like being on a train between two stations...
You know its going to end up at one but you don't know which one and how many times it might bounce around between the stations until it reaches the station.
Its MUCH easier to wait for the train to arrive at a station... it give me a starting point. I know where I am... I can plan a journey from a station! But in the middle of a train ride I am wondering where tthe train is heading and which station it will arrive at... so I wait.
I would like to see a new high here... diveragance on the MACD, I like that.
Obviously the market can run long and the MACD just keeps build a head of steam but at the moment a high is looking good.
