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goodoboy
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Everything posted by goodoboy
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hahahhahahahaah Man, that's the best laugh I had all week. That's really funny. It's funny because when I first started trading the ES back in March, I was thinking to myself all these indicators below the chart is confusing (of course I was watching someone else use them live), so I put them to the side and went to back to only buy and selling on S and R. But after some losses, I recently come back to the lower indicator. However, now I realize, back in March, I know why my results were bad. Had nothing to do with S and R, it was all me.
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Look what I missed!! I could got 1 more point out of that trade and most importantly understand why i exit. Thanks for pointing that out. :doh: Just Tuesday, I did the same exact thing, exiting to early. When I reviewed trade later that night, I drew a similar line just like that where price retrace. After I drew the line, I saw I exit right on the line and then price just continued upwards. Its not a good feeling when missed good opportunities, cause they rarely come. Recorded!
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Do you have the material on waves?
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Yes, that's right. I missed the entry back at 1396-1395 area (where i clearly knew this was the support from dis morning). I was watching this area as price was falling. Price reached this area, but I was waiting for the slow stoch to show a cross. Well, the cross came late (and I can't chase) and I just missed atleast 4pts. This has happen a few times before too waiting on the indicator at S and R I think are areas of interest.
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Move stop to 1400.25 about 9:45am central once I saw 1400 breaking out. I was watching to see if 1400 would be taken out and it did. Then I was waiting for retest of overnight highs.
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Thanks so noone here use the RSI , slow stoch, to help show buy/sell signal to lead them into the trade? Just asking.
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Thanks, but with out the slosto how does the trader know when to enter the trade. Doesn't the slosto show momentum before the price action moves? I'm a bit confused.
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Thank you, i try my best
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Lol, I don't like losing either. Nobody does.1395-1396 area i know ES is playing in this area all week long. Its back in that area again right now.
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I still a bit on identifying trend direction of the day. The overall trend of the SPX is upwards. The way I identify trend for the day is how I explained a few posts ago. Honestly, I fully don't know how to determine trend of the day beside what happens in the over night session.
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stopped out at 1400.25. Still working on trade management.
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Where at on the 3 tick stop loss?
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Very good post and good read.
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Thanks, I use the slosto around any support/resistance to provide some momentum going into the trade on the 15 min chart. Yes, as long as the trend shows (still have trouble with this for the intraday) up, I certainly want go against it.
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long 1396.50 target 1403.75 stop 1393.50. Reason: trend is up, support is pivot point and trendline before it. Also, 15 min slow stoch just crossed showing some momentum upwards. Here is chart for look. example 1 - goodoboy25's library
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Thank you for sharing. This 1396.50-1395 is interesting level. I was ready to short if 1395 did not hold.
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A plan is must, I agree. But, what if the trader thinks his/her plan is too simple? As a beginner, and like Db suggested, I started crosses out stuff that was confusing me and only focus on the things that was helping me. I started trading ES from buy and holding stocks. When I join one of those livestream chat rooms where everybody takes trades off the leader method and this is how I come to future trading. There the method was watching the /DX, the /6E, the SPX, rsi (4hr, 30min, 1hr, 15min) head and shoulder, etc etc. For me, it was just too much. Bout time I take the trade, my head is all over the place. So, i crossed out all that stuff, and only chose 2 timeframes and only watching the ES and one momentum indicator. And thats my direction for now, until I prove that's wrong way. I think for newbies, its just too much information overload out there. And all of it plays with emotions while in the trade. I stop watching the news, data reports, what Ben is saying. I just want to know the market reaction from these events and time and date. That is simple enough for me right now and focusing on my skill. Maybe, I am thinking too small, but for the past few weeks, I just define areas of interests (resistance and support, pivots, LOD, HOD, etc.) and analyze those areas and try to think how a buyer or seller is thinking at those levels and take the trade. Basically, buying and selling off key support and resistance and using one momentum indicator. Now, of course I am still developing a plan (discipline rules) for what I want and don't want and how to manage the trade. Also, more knowledge on volume profile. I don't know, I just think experience is great teacher and yes, having a plan is worth it. But I also think, not being emotional attached to either direction this market will go, is helping me. I am coming to the point where I really don't care if this market goes up or down, I just want to be in a position either way. So that's why I say to myself let me define a method that will get on board in the direction wherever the market goes. That's how I see it for now.
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Hello Db, Just re-reading your post again. Why do you say anything having to do with candles or candles patterns? I don't use candles alot, but I know of them.
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Thanks joshdance, The comments I can agree with, I notice sometimes the plan does not follow through. It will take alot of thinking and day to day market action and analyzing.
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Thanks bakrob99 for advice and pointing that out to me early. You right, trade/money management is a challenge and important. I been working on entry and exit management. I will get another chance tommorow. I going with the trend until it change.
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Quick question, if a trader wants to short now (1400), would that be counter trend trading?
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Thanks Steve. That is my plan when I start trading two contracts. I am only trading one contract for now, so the trade/money management part is something I am continuously working on. My plan is to trade one contract until I can gain 3k (or 4k) in realized gains and a workable method. This way I have some confidence in my risk, money, and trade management. I think this will keep me discipline and something work towards to. Normally, I look for +5 runs and will bring stop to b/e. I just need to be more patient and watch.
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Yes, I am kicking myself once again on this. I always tell myself (and written in plan) I want the runners, yet I position myself correctly and dont let it run. A bit of emotions kicked it thinking another choppy day like yesterday. :crap: I'm never going to get the big runner like that. This one is going to hurt.
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Yes, it was exit to exit at 1400. During the trade management phase, i brought stop to breakeven once 1398 was hit. Next price action came down to 1396 area, so once it went back up, i took it off. I guess I was not patient enough. I should have waited and followed through.
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I'm sorry bakrob99, but I am still a but confused on what you statement means. What do you mean " fight the urge to violate your plan"?