humbled

Here is an image of this mornings trade. A positive outcome. The entry was after a level was taken and I sold once a spike occurred above the next resistance level. I used the 123 pattern for both the entry and exit.

Thales, A very powerful post as I adjust to these comments. Thank you for the input. On my first trade I did not see a better entry. It was a breakout and I thought I took the first executable pattern. On my 2nd trade I was looking at a 1 minute chart on the ES and said that comment. This was an error when I look back as this was a micro pierce under and had no clear structure. On the third trade it looks like I was correct and exited well. So far this is progress but the risk reward does not excite me for many of my recent entries. Is this something I might need to solve with a basket of more than just the SPX cash??? I also feel this is caused by the tight range in the SPX right now so more levels are close together to contend with. Thanks ALWAYS, Humbled

Here are my levels for today.

The last trade bounced off the mid level and moved to the next resistance which was an issue from the morning pop. The risk reward on these trades bother me. I am always looking to risk smaller on my losses than my gains due to my prior losses. Not sure how to fix this. I figured I could not hold overnight with a bounce that stopped directly where price had rallied past in the morning leaving this as a lower high after the pullback. Maybe I should have risked for a move?:crap: Humbled

Long from the Mid Point Zone. Humbled

Stopped on both attempts. Following the rules I know of but maybe missing something in the review. This is my standard day trading issue. Periods of consistent losses followed by a lottery play that makes a big move. Humbled

1636 Entry on 2B pattern - SPX slight pierce and positive reaction.

The gap this morning did not fill but was right near resistance. We are right above the prior resistance level in my morning chart so I took this trade but into lunch time looks like a stop.

Per my training from Thales here, I will be watching the reaction to the gap this morning. We have bounced off a critical area from Friday. Humbled

I will only execute around these areas. All others I will consider for now as no man's land. Humbled

I just closed my long from 1618 at near break even. The market is about to close and the last define swing low at 1619.50 has been taken out. Right or wrong, I am sure I need some advice on trade management. Humbled

I am long from this low at 1618 on the Sept. ES contact. A have a stop at the swing low.

Thales, Yes it was a 2b. I need to remember to look for both. I was looking for a 123. I am a little slow on the quick charts still taking in all of the lessons. A valid short trade to 1624 SPX cash today. Humbled

Thales, I will merge this with my lessons and learn from it. I could not even consider that option as my plan did not have that area highlighted when I started the day. When I am consistent maybe I will be allowed to act on reactions like this one you highlighted. Not sure when I will earn that right but maybe soon According to a prior lesson and my current knowledge that was in the middle of 2 zones and I hold off from all trades right now that trigger away from critical levels. Thanks Humbled

Today's test at my #1 (marked on my chart this am) level did have a slight bend into resistance but reversed without a clear trigger setup. I did not see swings even on the 1 minute to react to so I sit and watch until price reacts again in the right zones. I started to look for that short signal when SPX cash broke back under 1638 1639 Humbled

Thales, I will look for choppy overlap with a discretionary eye but at this moment other than a trigger, I am not sure how to define a "clear indication". I simply look for the trigger to occur on the the conditions I listed in my plan and then I fire away. Learning every moment, Humbled P.S. I sent you a private message as well. Can't thank you enough.

For today 6/14/2013 I am looking to use all of the information I have learned from this thread so far. I am posting a chart of my initial plan that I am looking at for today. I have marked 3 potential trade areas and here is my plan as of this moment. 1. If price takes the resistance at #1 I will look for a trigger to take me to the next resistance cluster. 2. If price breaches the #2 resistance area and stalls, I will look for a trigger back under this level for a retracement to the next support at #3 Here is my worry about #2 ((This is a retracement my guess so longs might be better. I will be quicker to cover against the trend and more forgiving with longs than shorts.)) 3. I will cover if short at a minimum at #3 and look to go long near this level as a higher low after daily support has held the swing. Please comment on if my thoughts are in the right direction. Humbled

These are the areas I will be reacting to for today.I will update if and when I take a trade at these areas. Humbled

Thales, Not one of these items you listed are an issue for me. My wife is supportive and never asks as she believes I am the hardest working person. I will start to include her. I will keep working UNTIL I get it. I owe it to my family and have more reasons than I can possibly share here. Thank you for sharing and I look forward to learning from more examples. Humbled P.S. If you have any suggestions on management that would help. When to move a stop for example. Your teachings have focused on placing the stop a few ticks on the other side of the support or resistance level and a 123 but I am not sure when to adjust.

Thales, You earned it and I had the entry to join you on most of that. Management was my issue. Now I must work to develop a plan. Your assistance is so valuable, I cannot thank you enough. I have read probably over 1,000 posts you have made and I feel the info you share will allow me to turn that corner. Right now I am still in the stage of collecting concepts here on how to read price as well as making adjustments in my thinking. Once all of this data is collected and I see these suggestions stack up I can form a plan to trade these with. I feel today's reaction areas were good so this is an improvement. I think I am in the right direction even though right now inconsistency is still running the show. Thank you again and again ...... (Humbled)

I sat for the rest of the day today reviewing the error I made. In hindsight I see no better entry during real time hours near the price I bought. It was correct. The exit was a small signal from my recent reading on Trader Vic and due to "R" should have been risked to go for higher levels. I exited in the middle of a zone. The question is what will I formulate to move forward and keep growing from these mistakes. I left with more money in my account than I started but I really don't want it. A steady equity curve is my only focus and so far this thread shows my level of inconsistency. This is what I wanted to share in the desire to fix my day trading. Now I will adjust my rules based on suggestions and a plan I will build from this learning. Humbled (again and again)

Steve46, I am so glad you have this figured out. I can honestly say I have not! (NOT EVEN CLOSE) That is why I started this thread. I am also somewhat happy about the fact that I made this error today for all to see. I hope that something good will come of it. Maybe I can now develop a reason to adjust and define a better method and plan so I can stop doing these things hidden for only my own eyes to see. Thanks for your input. I am not sure how you trade the market but I will look at some point when I fix a few of these errors. Thank you very much for your time.

Thales , Now you are on to something else I need to work on. I need to formulate a complete rule set as I am fighting internally to decide in real time which is better. In hindsight I feel I should have trailed the stop up to the next higher low point as protection and held for the target. The "R" would have made it worthwhile. I believe my entry was right. My management was wrong as I lack clarity on my plan. I am currently reading the Trader Vic books and used those recent lessons for both the entry and the exit as I figured I would respect both signals I had learned. The good news is this is a new problem viewed on this thread so I can put this at the top of the list to work on as well. Thanks again for the assistance. I am listening to every word and adjusting as I can. Humbled

Super work Steve46. You have not offended anyone and thank you for posting. I am reviewing now. I do not understand your method but I am a student of the market and I appreciate the sharing.

I took one trade this morning. I might have jumped the gun on the exit but let me share what I did. I wonder now if I should have held to target with a stop at my cost or at the original spot. I made this trade on a 123 above the "Prior Low" level. I had a technical reason to exit but it was not at marked level. I might have been better just leaving my stop and letting the target hit or take the loss. Something I need to learn. Humbled