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goodoboy
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Everything posted by goodoboy
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a bit late on this one. short 1399, target 1396 Failure to break supply line and trend is down for the moment so I want to get on board. Update: +3
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I like that option. But, everyone has there own way.
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Hello 40draws I use Forex Factory to keep me updated on times of major news releases. The red means that this new release will move the market based on the outcome. I do not trade the news, just don't want to be stuck putting on a trade at 7:30 and Non farm payroll is about to be released. I too, prevent trade before major news announcement and I have started to dis concern myself with a news websites, rumors, all that economic data for now, it only slows down the learning in front of me and messes with the emotions thinking. At least for me it does.
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Thanks 40draws, I also plan to buy Db books as well. I read the Wycoff threads. Its actually fun reading this trading methodology of only trading price.
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Hello 40draws, hello DBPhoneix 40draws, how do you manage to read one book in one week? That's a good gift. I am still working 40 hours fulltime, trading part-time (1 or 2 trades), and studying price action part-time. And I still don't feel like I have time to read. Thanks,
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Its sure giving me a headache.
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short 1406.25, target 1403.25, stop 1407.50 trend of the moment is downward, and I want to get on board. Update: breakeven
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long 1410, stop 1408, target 1416 stopped out -2pts
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This is good stuff Steve, keep it coming. This 1407 is like a brick wall out there.
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Thanks alot Steve. You always keep it nice and simple. Well appreciated. I am reading your post now.
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No that was not my thinking that market needs to make new high within a certain amount of time. I was trying to say that if price does not break the trendline above, I would go to exit mode. I am studying price action and how to manage my trades. As far as what makes sense and what does not makes sense, I don't know man. I am not expert. Not yet anyway. I like following price action and studying Wycoff for now. Meanwhile, I try to get some practice per day. I think every trader trades with different method. Make no difference to me, all i know is if the market go up or down, i just want to buy/sell on a retrace and manage the trade for now. Trust me when I say, its hard for newbies to comprehend the market. It takes lots of time and effort. And what I am seeing is managing the trade is about 80% of the work.
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Yes Steve that's what I was doing. Sure me, let me explain. Keep in mind, I am still newbie so my wording and logical may be simple or don't make sense. Basically, I wait for the market to go either direction and buy/sell on a retrace. Still studying and reading daily. After data came out at 9am central the ES made new lows of the day. My thinking at that moment (near 1403.50 timeframe) was i don't want to be long or short. I don't buy or sell before news. 1407 had been an S/R i been watching all morning. I told my self if price action gets back above this level and retraces/hold, I am going long. So that's what I did. Next was the target. There is a trendline I hoping for price action to break. It did, but came back down and consolidated. I exit at 1410.25
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No problem at all Predictor. I corrected it. There was a trendline up there that need to break as well.
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long 1407, target 1416, need to see overnight high break first. Time to manage this one. Update: +3.25 There was a trend line connecting from yesterday's high, that failed to get above, so I exit at 1410.25.
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Thank you Steve for sharing your system and basis of trade. I haven't time to completely read the posts for understanding, but I sure will sometime today. Thanks for time and effort.
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Did anybody short the open around the 1413-1411 area? If so, why? Nevermind, I should have shorted.
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Took a short at 1411 and exit at 1409.50. Making lower lows and failure to break minor supply line was enough evidence for me. I got in a bit late, but I got in.
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Thanks Josh, It took me a long time to figure this out, but after you and Db constantly repeating this, it make sense. What happen yesterday has nothing to do with today when it comes to intra day trading. It helps for context what happen yesterday.
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I can agree with that. Just fall down ES. Its making lower highs anyway. Fall down
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Exit the trade at 1312.
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I will either be RIGHT or RIGHT back out.
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HAHAHA, yeah I may be a bit late, but after that break out of that trading range (1407.50-1409.50) down there, I didn't see a retrace back to 1409.50, so I missed that. Trend of the moment is upwards, so I am buying on retrace at 1413. I wanted to make sure I got the direction right.
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long 1413, target HOD. will hold if if HOD is reached and in anticipation of breakout. If breakout occur, I will just manage the trade going upwards. Target 1420. stoploss 1311.
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Good job. The discipline part to follow the plan is what we have to do.
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You are correct on this part. I think the setup depends on the trader personality and what fits their thinking.