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goodoboy
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Everything posted by goodoboy
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Thanks Josh, yes confusing. Better look at SPX
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march 27 2012 as the yearly high
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stopped out at 1412.25. Last night trendline did not hold.
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that was at 8:53am fill time
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long 1413.75 stop 1411.75 Target 1419.75 (high of the year ) if the overhead trendline doesn't hold (and the demand line), I will manually exit the trade.
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Thanks for comments My plan today (after reversal from economic data dismorning) was to buy 1404 on a break out or buy 1408 on a break out. But since I watch the 5min price action, I didn't get a retrace back to 1404 after breakout. What happen was when price reached 1408, a mental thinking of what happen the past few days (range bound) could happen again today. And that thought took my eyes and focus off the price action and thinking of the breakout. I can't do that again. But since you pointed out 1 min chart on this message and the other message from last night and me now reviewing, I see all the miss op of how 1408 clearly broke and retested. Good risk vs reward playing the breakout as well. I add to my notes and plan.
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Thanks, I am curious what VAH, VAL, and VPOC did your volume profile show for yesterday?
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Db, I believe it will as well.
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Thanks Bakrob. The very first retracement I missed at 1402.50, after move from 1401.75. This was because I wanted 1404 to break and then backtest, then I was going to enter long there. But as I look, now that first retrace after touching. Then 1407, broke back test and still didnt get on. I see what people mean when they say emotions play a part. A hugh role and you don't know what you doing. I just missed it, missed alot of retracements. :crap:I really need to take some time this weekend and write me a plan to begin with. The old thinking "it can't go up any more" got me again. And I know you mention this to me before about this thinking. Even a nice demand line would have kept me in the trade to atleast 1411.50.
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Man o man. Look at this ES just taking off today.
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What does MFE means?
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Db, Thanks for the posting. Your comments was read twice (last night and just now). Maybe again later as well. Observation is key and I would like that add that reviewing the chart after market close for missed op and trades taken is what I do alot as well. Also, taking notes and re-read over night. But overall, and most important what I am learning that plan and discipline to follow plan is crucial. I am still working on plan by section (ie, entry, risk, exit management).
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Thank you kindly for the explanation. I can't read in detail now, but I will shortly. I am charting the ES chart only, the screen capture just shows SPX up there for some reason. Thank you.
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Thanks Db, That't not harsh at all. My exit strategy should be written in my plan and practiced and re-written until something work for me. You are right, its not defined in my plan and should be. Thanks.
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Question for Db (well anyone can answer I notice Josh and Bakrob99 were in similar sitiuation today) Lets say for instance, I went long at 1402 around 13:10 today. My target would be a break of 1408, but of course have to break the 1404.50 HOD (RTH). My question pertains to exiting the trade. Would it make sense to exit the trade once the line is broken as drawn? Or wait for a retrace back to 1404? I am thinking like Josh said to just manually move stop with the line. Thanks
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Are New Traders Who Are Successful Hated ?
goodoboy replied to GlassOnion's topic in Beginners Forum
I'm a newbie at trading futures as well. I can tell you (call me if you like I tell you the same thing), make sure you have a plan and discipline well organized. If you have to, paper trade with your plan for a few months/weeks, to makes sure you on the right track. Thats good you are confident and stayed scheduled. All I am saying don't use your real money first. I did that and I regret it. And you read from Db posts. His method may or may not match what you are doing, but his experience has helped me ALOT. I don't understand why all these other guys giving Db a hard time, but for us newbies out here, its tuff with all the overhype stuff out here. Db has helped me alot with my planning and just chart work. -
Brokeeven on this one after the overhead trendline broke. There was attempt to break 1404, but shot down at 1405.50
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IMO, If ES breaks the current range, I am not interesting in shorting, unless some bad news come outs. If it breaks I would looking to go long.. Its day by day to me. Currently, the price can barely make it above the same resistance as yesterday. I'm no expert, but with this type price movement, I think I would buy lows that holds and short resistances that fail to break.
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I think the play should be short the highs and buy the lows. Of course, I am taking this from Bakrob99 plan the last two weeks. LOL. Its good learning time for me. Either way up or down, I am fine with. This is my first summer trading so i hear its slow like this. As I look back this time last year they had really big ranges and lots of bad news out.
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Yes, the idea was right, but the time of trade was wrong. That trendline you mention is holding up very nice, but I took a short at 1404, stop at 1405.50. Target at 1400.75 as this seems to be where buyers was located earlier as you mentioned. This 1404 resistance has tried to break about 5 times today and there is an overhead trendline connecting from yesterday high that I think add a bit more resistance for buyers break through this level. I'm keep a close eye on this one just incase a break above 1404 happens.
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took a short about 8:33 @ 1400.25, stop was at 1401.25. Results: -2pts Reason for the trade: price action traded withing a range and I tried to go short at the top of that range as the price action traded downward since yesterday after noon. Target was 1392, with watchful eye of breaking 1397 first. I think I better wait for the market to fully open and establish some direction before I try that again (going against the trend), considering overall trend of the market is up.
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Thanks bakrob, sounds good enough. Practice is the key.
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Thanks Josh, That was funny, "goodoboy special". LOL.
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Yes, I am still spending some time on the Wycoff introduction thread. Lots and lots of good info on the Wycoff thread. Thanks,
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Thanks Db Good point and comments! I better focus on what I see and what to do the next time this comes. Its so easy to get caught up in all the hype and lose focus. I attached a chart of entries I missed today. The red means short there on a retrace and green means long there on a retrace. 1. Long at 1404 after break of line A. 2. Short at 1406 (at about 11am) after break of line B. This is a good short of the day! I would call line A supply, line B demand, and line C trendline (establishing the the trend/direction of price action at this moment.) Does that make sense? Thanks,