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1.) Market Conditions: Generally speaking the market was balancing at the top of an up trend during Monday and Tuesday last week. The markets started to break down. Gold went first then Crude then ES. My performance is better an days that are at least hitting the average pit range and volume. On days that were below the average I did worse.
it is entirely possible for a trader to catch 100% of the moves, you know?
just so.... that those moves are defined and fallen within the perimeter of that trader's trading setups, trading plans, trading strategies and his/her risks/rewards guidelines.
under the aforementioned conditions, traders can capitalize 100% of that market ups and downs, both way.... knock on wood....
but then, i tend to agree with you, that no one can manifest that envious feat every trading day, days in and days out, nights in and nights out....
wishing you even more profitable tradings both now and in days to come, K, conal?
on the other hand, a trader really does not need to capture too many moves in a trading day, you know?
ask yourself first, but then there are loads of other preliminary questions also; such as, how many trades do you wish to execute in a trading day?
but then the question would be dependent on which market and which product.... too?
any way, to make the long question shorter--what does your trading plan say about the trade setups that you ought to take....?
if you only want to execute 4 or 5 trades a day, you really need to use longer time frame to complement your trading strategies et al.... which i am certain you already knew this.
Thanks for the reply nakachalet. I agree with your sentiments that you can catch 100% of the move according to your setup and executing your plan 100%. I'm trying to be more patient and selective, looking to catch 1 or 2 moves. I want to be careful not to over trade, looking for a setup on every little twist and turn. Happy trading!
Basically 2 setups:
1) Breakout: Looking for rejection of price via large volume and a large range. Enter in direction of breakout.
2) Retracement: Looking for price to stall at VAH or VAL, fade against level.
but what do they each means in terms of trading though?
could you pls explain perhaps with one of your charts as accompaniment, so it is easy to see and perhaps, understand better; what does each mean and what does each entail?
and particularly:
1--at which point in time, does one ENTER the trade?
2--and HOW DOES ONE KNOW, HOW LONG TO HANG ON TO THAT TRADE?
3--and, if the trade already entered, does not pan out; how long before bailing out?
