You're a wise man, Chris! It's going back up now. But not before I went short with a stop loss at 11005. I was taken out immediately, taking another 5 point loss. That's it for me. I will watch the match and the DOW at the same time but no more trading.
rols
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hungvir said:No, but I am thinking of going short nowThanks!
The old adage" if at first you don't succeed try try again" does not apply with trading. After three losing trades most say either quit for the day or paper trade!
hungvir said:
Please don't!
hungvir said:
Never!
hungvir said:
YES!
The old adage" if at first you don't succeed try try again" does not apply with trading. After three losing trades most say either quit for the day or paper trade!
hungvir said:
Please don't!
hungvir said:
Never!
Too late you've already done it!
Hung there is a pattern emerging from your trades today which though unfortunate for you could be a clue in how to tame the mother of all indices. Let me know your thoughts!
So a total loss of 21 point today. No big deal but there's something to learn here.
Chris was right that I overtraded. Eight trades in about an hour. The only thing I was happy about myself today was that I took losses as planned. Well done on this front.
Let remind myself about entry again.
1. Wait for three bar pull back before going long or short. Two bar ones prove to be proned to failure more often.
2. Extremely narrow bars are good places to go in because stop loss is very tiny. But as soon as SL is violated, I should close the trade immediately.
3. After a strong move up/down, the DOW tend to move back down/up and can make a new low/high but if these new points are well below the most recent significant low/high, they're still part of a pullback and the momentum has not changed.
4. There's no such thing as too high or two low. The DOW is capable of moving some 200 points in a direction though not without pullbacks along the way.
5. Very extreme reading of RSI and BB should be watched closely for sign of a move in the opposite direction.
That's it for the moment. And while I am writing this the DOW made a double bottom and is going up. We can't say if the down momentum has changed to up as the most recent high has not been taken out and we're still below yesterday's close.
Chris was right that I overtraded. Eight trades in about an hour. The only thing I was happy about myself today was that I took losses as planned. Well done on this front.
Let remind myself about entry again.
1. Wait for three bar pull back before going long or short. Two bar ones prove to be proned to failure more often.
2. Extremely narrow bars are good places to go in because stop loss is very tiny. But as soon as SL is violated, I should close the trade immediately.
3. After a strong move up/down, the DOW tend to move back down/up and can make a new low/high but if these new points are well below the most recent significant low/high, they're still part of a pullback and the momentum has not changed.
4. There's no such thing as too high or two low. The DOW is capable of moving some 200 points in a direction though not without pullbacks along the way.
5. Very extreme reading of RSI and BB should be watched closely for sign of a move in the opposite direction.
That's it for the moment. And while I am writing this the DOW made a double bottom and is going up. We can't say if the down momentum has changed to up as the most recent high has not been taken out and we're still below yesterday's close.
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rols said:
Ah, it's you Rols! Thanks a lot for your comments. I learnt a lot from today as well. And believe it or not, I just missed a good set up - three bar pullback after a higher high and it's mocing 20 points up already.
If you could expand on your 'don't' and 'never' it would be great! The question is why 'don't' and why 'never'?!
Thanks again, Rols!
Best,
Hung
chindl
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Before I go, weekly figs for the Dow daily. 21 trades with 15 winners 5 losers and one for zero giving a total of 59 points to the market and 143 to me. Must work on some of the more impulsive trades and eliminate some of the crap ones when I'm clearly not ready. Failing to prepare is preparing to fail,,,
It was a better Friday this week, more going on.
France are out as we stand, go on...
It was a better Friday this week, more going on.
France are out as we stand, go on...
observer MM
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rols
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Hung
IMO you are on a hiding to nothing day trading the DOW on SB without direct access. It's already hard enough without having to trade against a fictional market as well.
Why not get a futures account? You could do one contract YM day trading for an account size of $4000 or less perhaps and see how the real market works. It pains me to see your hard earned sheckels being flushed away into the sewer of SB companies.
A couple of other things might help
(i) Wait for the retrace!
(ii) Work out why all your trades went the 'wrong' way today and you've cracked it!
Beta Blockers can be very educational too!
IMO you are on a hiding to nothing day trading the DOW on SB without direct access. It's already hard enough without having to trade against a fictional market as well.
Why not get a futures account? You could do one contract YM day trading for an account size of $4000 or less perhaps and see how the real market works. It pains me to see your hard earned sheckels being flushed away into the sewer of SB companies.
A couple of other things might help
(i) Wait for the retrace!
(ii) Work out why all your trades went the 'wrong' way today and you've cracked it!
Beta Blockers can be very educational too!
rols
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observer MM said:
Buy low. Sell high. :cheesy:
Indicators on this beast IMO are at best misleading. This mother can drive a man crazy if he doesn't know when to leave her alone.
Price action, support and resistance and a charting package where you can display all timeframes is all you need plus a dash of intuition. As for strategy that's for me to know and for you to find out. What works for me I guarantee would not work for anyone else!
BTW. Ditch the SB and get direct access if you wanna stand a chance!
rols said:
Great! This is very helpful for me. Thanks a lot.
And I also lacked patience today and that turned me into an 'English patient'
When I can afford to trade more regularly, I'll surely consider direct access. For the time being, I don't really have much time to trade and I don't know when I'll be able to trade. At least not all the time.
Have a good weekend and spend your heaps of money wisely
Best,
Hung
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