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goodoboy
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Everything posted by goodoboy
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Thanks Steve, Your experience is always thankful. When i woke up yesterday, my view of the market was downward for the moment and choppy. Market going up was not on my mind, lesson learned to be ready at all times to go either way. Cause once the move went up, I had to quickly get on board. I saw 1398 break out, but missed back test. Got in on the first pull back. Good analysis.
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Thank you, I think it was good too.
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Thanks for the volume profile and write-up. Dismorning,the short seemed obvious, but in this business, quickly learning to be ready to change direction.
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This was my plan in premarket as well. The trend of the moment was down and I thought I may as well get on board. Premarket trading is fine with me as well as long as direction is notice and entry is right what I want.
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Thanks for the post. They are read. What timeframe are you drawing the hinge on?
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Thanks Db for the posting of price action. Its very helpful to us newbie. This forum is good for reading and learning. Any reason why its called Trading in 90 minutes? Just asking.
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out 1408. man-o-man, finally getting somewhere after a long week, breakevens, missed trades, studying charts, asking 100 questions. Now, back to reading and study!
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long 1401.75, managing this one closely bought on pull back after price jumped up above 1402 and retraced.
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Yes, all the fun was yesterday. Looks stuck in a range now.
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short 1398, target 1392, stop 1400.25 reason: downward trend, and price action fail to break above 1398, LOD yesterday and over night lows. back to reading. Once 1396 was tested and did not break. I decided I dont want to be stuck with this range. So, breakeven on this
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Thanks Db for the clarification and input. No, not worth it at all. Too much work for such small points and eye soar. And I don't like scalping for 2-3 pts
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You are correct on that part. Some times the simpler things are overlooked!
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I remember days like this. I use to be the guy just waiting to go long at the first pivot point or whatever support i thought was coming. Counter-trend trading. I didn't take any trade today, just observed the price action, after I missed a good short at 1409 on a retrace after job numbers came out. Just did some reading and watched. When price got to 1402 (a support I had marked off), I remember the old me just going long. It got a bit complicated for a about 1 hour or so after 1402 approached and retraced up to 1406, i nearly went long on a retrace back to 1404, but I said nope, let the trend upwward confirm first, then you get on board. I still have alot to learn.
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I need to do more reading like you mentioned. But I re-read the above paragraph 3 times and not understanding why my second green circle would indicate short op. The first green circle is going long when the trend is downward, that incorrect place for long, I know now. Are you saying that after price broke the supply line and broke the range from the bottom, still can not go long on the next retrace because trend nor support is not established yet. But isn't support there where you have marked off in black circle? I am not questioning or going against anything, I am just trying to understand.
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I have no idea, I thought after a break of your yellow lines, price would start moving up and creating new trend, but it didn't. Only created some TR that just broke downward. Now retesting lows. 1397 could be the next support that I see.
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Thanks for your post Db. You are correct, I have not read as much as I should have, but I do study AND practice, this why I look for trades daily. This is the only way I can learn is by doing it and keep a journal on what I am doing.
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Nicely done. I was also watching this 1402-1403 support area.
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hello, The chart is from 8/20. A sell off occurred and price action broke supply line until some support is reached and price stops. Since I don't know what direction price will go next. I have three options 1. wait for price to break below the consolidation range where it stopped, short on retrace or 2. wait for price to break upwards from the consolidation range where price stopped, buy on retrace. 3. buy from the support of the consolidation range where price stopped. Since I am no expert, I will choose option 2 and buy on the second green circle. choosing option 3 is high risk and will get me in trouble. Thanks,
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hello all. Below is my charts below on ES. goodoboy larger view: A larger view of the price action. There is long term trendline there goodoboy regular view: A regular size view. goodoboy view 1: Price action for the today Question: Do bottom two trend was broken today, but recovered back above. Can I still leave these two trendlines on the chart for future price action study? They both broke and held as price action rise back above. goodoboy view 2: 1. Went short at 1409 after price action created lower highs and failed to break supply line in red at 1409. See first red circle. Was this good entry? Results: breakeven 2. Missed the short after failed break out after market open. I would have re-entered short at 1410 and use the second supply line to manage the trade and exit at first sign of break. Thank you.
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I am referring to your post #91 when you stated: "This is a good example of what I was trying to say earlier. For the intraday trader, the interday trend is not necessarily pertinent. Here, the trend is clearly down, until we reach support. At that level, what matters is not the trend but what traders do at that level: does it hold or not? But entering a trade until the direction is resolved is a high-risk choice." Not sure I understand the last sentence. Maybe I am reading it wrong.
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I understood everything up to this statement. Are you saying entering the trade once at support is high risk? May I am not understanding how it is worded. Can you please re-word a different way. Thank you.
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Thanks, Good exercise and good point.I don't know, I just see price stall at the pivots and some other guy I watching for about 3 months use all this indicator and pivots stuff and shapes and patterns, etc. Does all this works for me? NO, I was still losing. Even when I followed one of those gurus. Turns out, this guy was moving stop loss around to avoid loss, averaging down, yelling out how this particularly trade is high high risk so don't follow if you don't have years and years of experience. And the super special indicators that tells him when to enter. It was far too much for a new person, I thought to myself there is no way on earth I can trade confidently with this approach. My first impression of trading ES was, "why can't i just buy and sell off of S/R"? Why I have to look at the rsi, slow stoch, macd, draw lines on the rsi, slow stoch, macd? But, i kept at it that way. It didnt work. Plus trade management, i had no clue. LOL. So does it work, maybe so, but I just think it only complicates things. Atleast is it doesn't for me. I think for the new person, its important to just remove all those indicators and start fresh with as Db suggest, price action. And lots of experience and some TL of course.
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Thank you DB for the well put comments. Your comments makes sense. I believe I started a bit the wrong way without a well-round understanding how the markets move. I mean, I knew the move based on buyers or sellers, but the thought process behind when and where to buy was a bit mislead. I really don't understand the indicators I use to work with. Just knew some other guy/gal said they use it. However, I been devoting (when I am not working) time to how price is moving and what makes it moves. for example, dismorning pre-market I just watched the price action since market close yesterday. Instantly, I noticed price action making higher lows two times. I drew a supply line and thought to myself "wow sellers are having a hard time finding buyers" and buyers are not interested unless price comes back to overnight support (1407ish). Instantly, I knew I needed to be short once this supply line is tested and fails again. I entered short.... I was pretty impressed with myself! The next phase is trade management, a whole different ball game.
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hello, There is a very nice supply line on the 5 min chart connected from 9:30 @1411 to 11:30am @ 1408. Dismorning, was easy for me to determine to go short from overhead trendline (or supply line, i get them a bit confused, still learning). In the pre-market price action was making lower highs since last night. taking the short, after bell open after failed break out at 1410, was a good trade and then use the supply line I mentioned above to stay in the trade. How does that sound? Or should i post chart?
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short 1409, stop at 1411, target 1402, need to see 1405.50 break Reason: supply line making higher lows Failed attempt to break overnight lows. Brokekeven on trade. Need to run errand now.