Disliked{quote} Im short too, but got in with worse R/R from next bearish candle, also had SL almost hit. Managing similarly.Ignored
EDIT: And my SL got hit as I was writing this. BE + 5.
Ratios & Harmonics: a Different Way to Trade
Went short again. This time with the "reversal-candle". I plan to move to BE rather aggressively, when the first resistance is reached.
EDIT: Moved to BE+some.
EDIT2: Moved above last S/R.
EDIT3: Price taking off, trailing aggressively by bar now.
EDIT: Moved to BE+some.
EDIT2: Moved above last S/R.
EDIT3: Price taking off, trailing aggressively by bar now.
- #18,867
- Edited 9:33am Apr 6, 2016 7:23am | Edited 9:33am
- | Joined Feb 2013 | Status: Trader | 170 Posts
I feel like short term price action is turning bullish. My bias is turning a bit. Might look out for countertrend entry long.
EDIT: Damn it! Was on the phone and missed my entry long even though it happened like I was looking for
.
EDIT2: Went in long at the next possible entry, a bit in spite of my missed entry maybe (where I was proud a bit to have anticipated the change of expectation) and got lucky. Just got taken out:
I quit for today, but this day gave me some confidence. My read was right in the vast majority. Hopefully it was not all luck and I am actually improving.
EDIT: Damn it! Was on the phone and missed my entry long even though it happened like I was looking for
.EDIT2: Went in long at the next possible entry, a bit in spite of my missed entry maybe (where I was proud a bit to have anticipated the change of expectation) and got lucky. Just got taken out:
I quit for today, but this day gave me some confidence. My read was right in the vast majority. Hopefully it was not all luck and I am actually improving.
- #18,868
- Apr 6, 2016 8:56am Apr 6, 2016 8:56am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #18,869
- Apr 6, 2016 9:06am Apr 6, 2016 9:06am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
Only one trade so far today for 46.5 points {image}
I was eyeing the same but stayed out as I don't like trading the first ~5mins and also it hadn't retraced to the 38.2 of the swing that I used.
Which swing did you use to anchor your fibs when you took this trade?
- #18,870
- Apr 6, 2016 9:25am Apr 6, 2016 9:25am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
{quote} Awesome trade!
If you fail to plan, you plan to fail.
- #18,872
- Apr 6, 2016 10:35am Apr 6, 2016 10:35am
{quote} The reason you enter at rotation is to provide evidence and confidence that your analysis is correct. I use to trade just patterns and blindly set my orders at completion only to watch then bust after bust after bust. once and awhile they would turn sharply at their respected levels but it felt like gambling. we want to filter out the bad trades. But there are some alternative methods. be aware tho that each has its pros and cons Method 1: as price decelerates into your kill zone ,wait for price to stall out then enter. R:R is great but...
- #18,875
- Apr 6, 2016 11:09am Apr 6, 2016 11:09am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
How do we trail our stop when the market violently moves in our direction and it would be very annoying to give all the profit back if price moved against us, but on the other hand we can not trail the usual way, because the move is just one big bar? Normally I trail with the candles from lower timeframes in this case which works really well, but this move was just one candle even on the 1M. So just trail normally and if price does not go back up we are unlucky? Or just close the trade and if price climbs higher we are unlucky? Or trail by feel:...
One method that I've used in the past on time-based charts when you get a big move in your direction is to immediately move the stop to ~halfway mark of the large range bar. Sometimes price will bounce back up and take you out but if the move is legitimate then the next bar should not retrace past the halfway back mark.
I'm including a screenshot. #1 shows if you moved the stop to the halfway mark. #2 shows that you could move it down further after the completion of that next large range bar. #3 shows you could have moved it to just above that hammer once it had formed.
You can see that the 2nd large range bar did not retrace very far into the impulse large range bar.
This is just my opinion and as I said, sometimes price volatility will stop you out even with the stop at the halfway back. But at least you've locked in a little bit of profit.
Perhaps others will chime in.
- #18,877
- Apr 6, 2016 11:12am Apr 6, 2016 11:12am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
{quote} you missed,,Method 7: ini mini myni mo ( do it blind folded and hit the button).
I've done that. when I went tilt with my first account, at the end, I was just flipping a coin. Funny thing was I was doing better. It was really disheartening.
- #18,878
- Apr 6, 2016 11:19am Apr 6, 2016 11:19am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} you missed,,Method 7: ini mini myni mo ( do it blind folded and hit the button).
{quote} LOL
I remember reading about a guy who traded at prop who didn't use anything to trade except his p/l. No charts. No time&sales. No DOM. Nothing. Initiated tons of daytrade positions and would trim / add based on how his p/l was doing for each stock.
I'm sure there are people out there using methods that the rest of the trading community has never even heard of.
Makes you think lol.
- #18,879
- Apr 6, 2016 12:22pm Apr 6, 2016 12:22pm
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
I just watch the DOW. Right now nothing is moving. Cannot trade
Maybe because of the FMOC in 40 min.
I would expect a deep correction, since trend change, but a bit risky to short now (too bullish).
Any ideas?
Maybe because of the FMOC in 40 min.
I would expect a deep correction, since trend change, but a bit risky to short now (too bullish).
Any ideas?
