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Ok, so I read it clearly what was happening but the clicks of my mouse didn't seem to correspond. What does this mean?
I have decided I have an issue. haha...
I have a hard time going long when some longer time frames are saying SHORT. Today price action was long and it was clearly long, but for some reason I just couldn't decide to go long? Because the 1597 looked so darn juicy was one or two of those, but that is senseless as it sure could go a long way in one BB and also it could just be a bull flag.
I did something very right today though. I didn't just blindly trade the MACD's which were my big failures throughout February. I was reading price action properly and I was just hitting pivots on MACD setups. The thing I didn't do today was wait for the areas. I actually didn't see many areas today except one short (76) and one long (50) as it seemed to just want to bounce around a bit.
Well I watched most of the video. I have some questions. 1. What do you usually like to see as a target? Is it a fixed number of ticks? A fib level, combination of the two? #2. At about 5:49 on your chart, there was a short of about 9-10 ticks that from what I could tell, set up perfectly. Then prices rebounded to a higher level and then you got short with a BE trade. What was the logic behind taking the trade you did after what appeared to be a HH as opposed to what looked like an obvious short? I confess I am not conversant with your method so the question may appear ignorant (which it is) but I want to understand.
Thanks for the video.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Well, the entries are to try and get an end-to-end run. I can hit 7-9 ticks all day and all night.
What I was taught and what I have seen is to get between 2.5 points+ per run and I have seen many get 12-14 points and somewhat consistently dependent upon market conditions.
Horst uses pretty much the same technique but has been doing it a bit longer and has mastered price action a bit better. For months I could be profitable with 1 point or 1.5 point runs, but I have never been able to get the 2.5 consistently!
I would say 25 ticks on TF is probably like 60 or so but just a guess from trading both. But CL is a challenge with such a small stop.
3. Bar Setup. Dual bar (box cars with candles etc.), 3 bar slides, H & S (obvious only)
When you have those 3 magical combinations you have a trade. Due to multiple timeframes you are to tell where it will go etc.. The challenge is sometimes it dances like magic to the tune of Fib's while other times, not so much so you have to figure out when that is. I believe it comes from knowing the instrument and getting more familiar with it.
I had my worst trading last month and honestly I was over-burdened with my move and life in general and as well the market was a bit unusual in my opinion. The land of UP UP UP only and no retracements which is quite rare. Well, not lately.
So, for entry you have the criteria, exit would be where you think it will come back and knock you out. I let it go 1 point in my favor only to knock me out. I was willing to risk it as I felt it could have been short until the end. I also realized that I could be reading it wrong and that the other option was UP and to be aware of possible entries. For some reason I have this 'sticking' point now that I have created to not trade LONG when the indicators are saying that a retracement is in order. Hope that helps and thanks for caring!
It seems to me Horst has gone short every time I've observed him...and the others who post videos also. I recall it seeming more difficult to catch the bottoms as price dances there more more than at the top.
If you see more shorts than longs it is purely coincidental........there is absolutely NO difference in strategy or setups. Neither one is more challenging than the other.
“The more I am around people, the more I love my dogs.” ~Author Unknown
I would agree. I have heard a study at one point that said beginning traders find shorts easier to follow due to the effects of a life long of living with GRAVITY. haha...
With big bull flags, it throws the indi's off the rails and points to weakness. Of course, we don't know if it will break and fall or continue pushing up and that is the point of the small stops.
Horst is taking Long's as well as shorts, but curious now on the profitability on each for him just lately or the # lately. Technically they seem to take long and short.
Today was a day of too much too fast. Impatience will kill a trader.
Hit the good entry at the 76 retrace for a nice point or two down. Exited too soon, but the market was moving sooooooo slow that I decided to put myself out of misery and I didn't want to give it back!
Hope that helps and thanks for caring! 