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goodoboy
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Everything posted by goodoboy
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I don't understand your question. Can you explain?
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Exit at 1397.75. as price action did not make it to r2, so i better take some profits.
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Long 1395.25, stop 1392.50. Target 1400 Reason for trade: still in uptrend and broke out of yesterday tight range and R1 pivot is support for now. Closely monitored and will exit if opening bell momentum is weak and no break through 1397.50.
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Introduce Yourself Here - Don't Be Shy!!
goodoboy replied to trading4life's topic in Beginners Forum
Thank you for the explanation -
I didn't take a trade at the open at 1391 after waiting for it. I took the order off after a drop at open. So, I missed about 4pts on that and didnt follow my method. So far looks like consolidation and currently price action is holding 50% (at 1392.50) retracement of the morning pop.
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Thank you Steve, I always learn from your analysis and everyone on this forum. The opposite happened right between 12:30 and 12:45 with the spinning top indicating no more sellers. I hope I understand that that correctly?
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Thank you and good point to move forward to.
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As for me, I had to leave out and couldn't monitor price actions or react to it. So I moved the stop to 1384.75 and was stopped out. The breakout pass 1390 did not happen when I was gone. Atleast now I know for Monday 1385 is an area to watch where buyers and sellers want to do business.
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Introduce Yourself Here - Don't Be Shy!!
goodoboy replied to trading4life's topic in Beginners Forum
Welcome, I trade the ES as well and mainly used the 15 and 5 min candle stick chart. I am trading Sim and defining a method for myself as well. http://www.traderslaboratory.com/forums/wyckoff-forum/13708-trading-journal-trading-log.html With the replay action on Ninga trader, can I change the speed to 5, 15 min candles, or do i have to sit the entire min by min action? -
Yes, I am still in. I move stop to 1384.75 as the 1385 has showed some support. so far 1388 has held nicely. I'm thinking I may as well ride this up as much as I can.
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That is some good analysis. Thanks for the chart. Will reading Mind Over Market help me think like this and follow Volume Profile? That chart helps me. IMO I think price touch 1400 atleast once.
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Sorry about that, I just corrected it up there on the original message
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long 1385.75, target (break 88 first) then I got 1398, target, as the next pivot (r2). stop at 1384. Lets see what happen
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Good trade. I was waiting for 1376-1377 area to come back and retest, but never did for me. It retested after the news, but did not pull trigger. Still watching
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Thank you Josh, I just got some time review the charts and re-read your message. What you wrote makes sense and that type of thinking sounds like me. As analyze the chart and re-think some situations, I could have easily made some mistakes as I was in the "i miss something" mode as well. Obviously, I need more practice and study of market behavior. Today, was a good day for learning, but it was after market close!
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Thanks Db, I like the 3:1 ratio. For my case, I have to use risk vs reward (R:R) on each trade or taking the risk is just not worth it and makes more planned.
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You know right, I been in days like this before, where I am just chasing all over the darn place. Afterwards, I feel all tired. I think that most new traders always have this feeling they are missing something. This is why, I took time out to build me method and road map to learning and trading. I feel it will relax me. I remember my co-worker and I first started trading ES, and we was all over the place on big days like this. :rofl: By the end of the day, we both had losses. LOL
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Thanks, I watch webinars all the time.
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Is it just me, or have anyone notice after a big down day like today, always at the end about 2:40-3:15, price action goes up. Is this short covering or real buying?
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Thanks. Yes, everyone has their own way of doing things. I like to consider risk vs reward in my trades. It gives me a better idea on what I am looking for or I am just overreacting, chasing, or being undisciplined. If I don't know my target before I take the trade, then it goes against the method I am trying to build for myself. I was using 3pt stop for a long time, now I am down to 2-2.5 stop. Still debating on this and really it depends on the situation. As far as the trade I took, I was looking at 1351 as support, so taking the trade at 1352-1352.50 was initially my plan, but I didn't follow my plan and took it early. If I would have followed my plan from the start, I would have executed right (IMO). Lesson Learned. And yes, I remember this 1350 area sometime ago.
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Thanks Db, its well noted. What typical risk reward do you use?
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Thank you kindly. The volume profile helps.
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Are you saying the larger funds are trying to get a head start and used the comments today from get a good start?
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Yep, man o man. 53.50 was a bit high and should have waited a bit for retest of 51. that miss does not feel too good, came right to 1358 too.
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Yes, I know what I mean. The risk was 2pts and the reward was potential 5pts. If my definition is wrong please correct me.