I saw that trade in your video. It did look long to me at the bottom, but I never see it when I'm in a trade. The tricky part was that 144 had very little separation and 377 was almost on the rail. I thought it's gonna come down little bit more.
It happens to me all the time. If I go short I want to see it going down and I ignore any long signals (most of the time I just don't see them).
As an example my trade around 11:00. I was waiting for pull back from 20 EMA on 5 min, I was in short trade. So when that happened I didn't see it and didn't rev. to long because all I wanted to was more down. I think it very important to see what's going on even when you are in the trade. Bias can help, but at the same time can cost you a lot.
You have to trade "what you see" like bluemele says. Not what you think, not what you want to see, but what is going on right now. It's very hard to do for me though.
I agree with Bluemele about 1597 and 4181 at that setup.
I think that key is to relax and be open for any direction. Close your trade for a small profit if you see reversal coming. Small profit is always better than small loss. Even if you were wrong and got out too early you can look for reentry.
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I agree with you and Bluemele on the 1597 and 4181 read. However, it seems to me we've had few sweet setups lately i.e. bulges and well-formed feet. What I did notice is separation that seems to go on FOREVER before a reverse.
A professional football game announcer said today, "You'll never go broke taking a small profit."
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It was the same as last Friday for me. I was down 8.1 points and I left my last trade and got 8 points back. In days like today small MACDs just killing me. It was up, down, up , down. Trend was up for a while and I thought it has to go down somewhere. I got in short with 3+ point run, could get 2-2.5 points out of it, but I got scared and got 1 point. Then I got long with nice setup, but I got 3 ticks because I thought that it's gonna go lower.
I had to leave so I left my last trade open. I took one more trade on my iphone from 1m chart with volume and 20ema. I got 3.9 out of that one. Haha...
At days like this I start questioning myself if I'm doing it right, maybe I have to change something, maybe I should take some noise of my charts. What should I do? Should I look at other time frames? Should I change anything at all, or just stick with it and keep going?
I don't want to change anything because I know that's not a solution. But so many thoughts are going through my mind.
Over all it was just a big example how not to trade. I was just clicking for a while. Even long term MACDs were not so clear for me. They could go ether way in my opinion.
Here is my summary and I'll post video when it's ready:
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You asked a question, so I will just give you my perspective.
CHANGE NOTHING. EXCEPT YOURSELF.
It isn't your charts, it was your interpretation of your charts. Always know that the market can be saying two completely different things. Kind of like Woman. haha... They may say that it is ok to ..... but it really isn't.
For me the days to be cautious are the bull flag days (or bear flag days..). When the market takes a steep long off a longer term support line (see 50k chart). Then it grinds sideways for a bit trying to figure out which direction.
It will do one of three things. Drop to pop a head to go long or just drop, or go back up to the deep retrace and drop.
To me, it is a day to look for hidden divergence and the possibility to take either the long (which I missed) or the deep retrace (which I exited at).
The longer terms (which I have been spending more time reviewing) are saying that there is little resistance where it went today. I was having a very hard time finding an 'area' for a short and that tells me that it will probably continue.
It is a dangerous day. You did good holding some of your trades! Days like today are truly the challenge to this type of system. That is why I am focused on winning on days like this because if you can, then you will be a much happier trader. I am really like trendlines to do such for entries. They can get you into smaller stops.
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Dude, you and I have similar mindsets. Sticking with the 3 trades might be a good idea until the market conditions favor you a bit better and you get in on a winning streak. I need to do that for sure.
I was watching your vid. To me, when you have a 11 tick stop, you probably should not be trading on the 'edge' (as Roger V. put it) but wait for the retrace. Wait for it to break the trendline and then jump on the long term trend down after a slight pullback. That is what I would do with longer stops. If that MACDBB on the longer term was going to come to fruition then you had some distance there!
You keep changing things with your charts and I can tell you that if you continue to change things then it will always look different and you will never have your foundation. It is obviously your call, but if you keep changing you will be chasing your tail. I have done a lot of it.
An example would be is that the English language is pretty challenging. Imagine if it changed daily or weekly. Would you ever have a foundation for English if that happened? What if someone was speaking broken english, is it clear, is it OK that it is not clear. YES, because you have such a good foundation of the English language that even broken English is understandable!
You will always have bad days. No way to get around that, but the obvious key is to have nothing but good! If you could you would be mega-rich. Even Horst, Henry, Roger, Danielle, Judy, etc. all have very bad days. They just don't air them to the world!
How many traders you see expose their losses. They don't. It is EGO! They want to get on the boards and make everyone think they are cool.
You are doing GOOD, this is where the learning takes place. Understand days like this and tear them apart, master them. Understand where you were fooled and why. Focus more on these days than the good days in my opinion.
You are a good trader, but you are like me when you have made a few gifts and you get the 'deer in the headlights' of I am going to go in until it turns!!!
Just some advice. Not criticizing you! You are a good dude, but more about seeing your faults from the outside. I have plenty and I know that.
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I don't think that I have changed anything. Replacing 610 chart that I didn't use with 5 min that I just watch from time to time doesn't count as a change. And changing hilos for candles doesn't look like a change to me either. Same information, but different view.
I see what you are saying and I agree with you 100% with everything you said.
I didn't say that MACDs don't make sense. If I said that in the video that was emotional. Hahaa... I was really angry at one point. Small MACDs were driving me crazy by giving me short setups. Don't you agree with that? I saw it before and it happened again today. Even when I see that market long and I don't have long setups I take shorts over and over again.
I know that's just a mental problem, but it's very hard for me to over come. It sounds easy but it's hard to change.
I waited for that long setup, I got in, then little pause and I got out.
I can see direction, but I cannot use it in my favor. I was very emotional today. I would love to trade more than 4 trades a day, but I start clicking. Taking 4 trades killing me also. It's hard to decide what to do.
I see my mistakes and I know my problems. I just don't know how to fix it. I mean I know that I have to hold myself take trades at the right time and location, repeat it over and over again until it becomes my habit. But it's so hard. Haha
One thing I wanted to say about historicals and MACDs. Henry said that you have to learn from historicals and then see it in live market. Well sometimes you see MACD on the rail with no separation in live market, but when it start rolling over and get inside of the bands they start moving away from MACDs. Then you look back " how I didn't see that", well because it wasn't there. Haha...