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Trading: Mini and micro US Indexes/ DAX/ FX/VIX/GOLD
Posts: 180 since Apr 2010
Thanks Given: 53
Thanks Received: 164
Beth,
Yes, of course Mike is right, my apologies to you both. I don't want to distract you from the course you're on in the least and we all know trading is far from child's play and I meant using BT was child's play definately not trading! Just wanted to point out what a useful tool BT can be with other instruments: something to have fun experimenting with until you've mastered a single approach and instrument before expanding your horizons.
Price currently trades around 1145 and it's substantially outside yesterday's Value Area 1162.75-1169.75 (a narrow range of 7 points). If it remains outside when the market opens, the VPOCs will be as follows:
Top 1153.00
Bottom 1110.75
Depend on the strength of the selling initiative when the market opens, one may choose to Short OR wait for a Long opportunity IF and when some responsive buyers show up.
I had a troubled night. My petite head spinned for a few hours after eating some poison food. May not trade this morning. Will play it by ear.
Another Green morning to end the week. Actually, I believe this week has been ALL green LOL!
Goals Accomplished:
1. Preserve Precious Capital - I did two 1-contract Long trades (could be considered as counter-trend trades though PA does not work that way .. haha) and one 2-contract Short.
2. Trade Management: I am quite happy with the way I managed my trades esp the winning ones.
Emotion: Very calm throughout even the second trade was a losing one.
Lessons Learned:
1. For the second Long trade - I was late (sort of chasing a little bit) and should have got out with 2-3 ticks profit. Will NOT chase in the future as there are always high probability trades waiting for me!
Additional Item to be added on my To-be Improved list:
1. How can I manage a 1-contract trade better, ie having a predetermined PT or let it go a little before entering a PT order (certainly SL is a MUST)?
Appreciate your sharing any tips with me. Thank you.
Beth (a Smiley again even I'm still a little under the weather )
Mon $70
Tue $575 (should I tabulate this as I did 5-7 trades that morning after the first hour dilemma?)
Wed $190
Thu $205
Fri $80
Total $1,120
Total $545 excl Tue
18 Green mornings vs 1 Red morning (between 19 Apr and 14 May 19 trading mornings)
Realization This Week:
1. When a trade was aligned with Mr Market, its PT(s) got hit within a minute or so!
2. Price Action really works! This morning I had 2-3 trades speaking to me, ie Buy me .. Sell me .. haha Funny that for some split seconds the EMA lines were invisible even they're there .. smile ..
Today's Initial Balance: 1132.25 - 1148.50 (16.25 points range)
Today's Value Area as at 11:10 am: VAH 1142 POC 1140 VAL 1134 (8 points range)
Open @1146.25
VPOCs: Bottom 1110.75 Top 1153.00
According to the 80% Rule Strategy, one should consider Short UNTIL Mr Market switches gear!
May not trade this morning. Will play it by ear.
)
Funny that for some split seconds the EMA lines were invisible even they're there .. smile ..
