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Lancelottrader,
Your after trade entry thought process is very important to many traders, specifically newbies and intermediate trader (like me) , and may be some advanced traders. Anyone can enter into a trade, but few can exit with consistent profits. Please keep it up. I know it takes a lot of time and effort. Today I learned to tailor the profit target with market context in mind. Very much appreciated.
What I need to re-learn..is..even if there's tremendous volume..it can be hazardous trying to scalp when you are up against resistance. It's sort of a Battle zone of buyers and sellers right now and I was dumb enough to jump in long and lose back my 12 ticks.
Lance, it has been interesting to see where you are taking trades. Your charts have given me a lot of insight into what you are looking at for trade opportunities. In general, we are often looking at the same things but you tend to enter 10-15 ticks sooner than I do and are often taking profits where I would be just getting in. You also find trades where I don't see anything. Admittedly we are looking at different sized charts so that has a lot to do with it. However, based on the fact that we take similar risk (10-15 ticks per trade) I am probably waiting a little too long to get into some trades. Thanks again for posting your charts. Very helpful.
No..not really..just going by the fact that things may appear to be breaking out because of order flow..but then when the level rejects..you can easily get stopped out.
I felt strongly we were going to get a breakout..and I entered a trade earlier and decided to give myself a little more room to withstand the bounciness..but ended up losing 20 ticks.. I ended up being right..but my timing was off.
So after being 20 ticks down, around 12:40 I tried again for the breakout long and ended up making a 13 tick winner.. and then a 45 tick explosive runner. So, almost made 30 for the day.
