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Had to run out so a little late posting my second trade. My logic for entering the trade was different than in the past. At the start of the new bar a size of 400 showed up on the ask side. I took this as manipulation and went short. Once I was in the trade my connection to my trading server starting acting up. Kept freezing up. Could not adjust my stop to where I wanted it. Finally decided it would be best to take the profit just in case it reversed. Clicked the flatten button about 50 times before it went through. Ended +9 on the trade.
nosce te ipsum
You make your own opportunities in life.
Can you help answer these questions from other members on NexusFi?
Today was a tough day of trading. The market was in a range for most of the morning and it was very volatile. I did pretty good by staying out of the trading what I am not good at but when opportunity presented itself for a good setup I totally over analyzed it. Took my stop entry in and out 5 times. My entry happen to be the big rally prior to lunch. One of the things I am really good at is not chasing trades. The flip side of this good habit is having to watch what you missed. I was miserable watching it going up. However, what I did do is try to predict where it would stop. A channel had formed and I watched it for a entry. When I saw 400 size come in on the offer I took this as my entry signal. Then my connection to my trading server started acting up. Closed it out early because I could not manage the trade. At this point I pretty much called it a day. I am happy with a 3 tick loss.
Took a scalp tonight on the trend line break. Should have walked away from the trade and let it play out. Ended up with a 5 tick scalp but it could have been 15. I dont know why I let my emotions get the best of me.
The trend for the week is still up. Heading back toward the breakout area of 91. Hourly chart is in a upward channel. 15 minute chart is a in a upward channel. Lower channel support is around 89ish on the hourly chart. Will be watching that area with interest to see if it breaks down.
I rushed into this trade before I went through my check list this morning and it cost me. I ended up using my scalping ATM to enter the trade. This had a tight trailing stop. You can guess what happened. -7 ticks on the trade. Dumb move on my part.
Took this trade off the open. I place a buy stop above the trend line. Almost moved my target but stuck with it. Ended the trade +15 ticks.
Looking at the chart now I could have got more out of the trade. Observation- If the trade begins toward the end of the bar, in this case the 15 minute bar where I entered at 11 after, there is higher probability price will continue in the direction of the trade on the next bar.
EIA Petroleum Status Report due to be released at 09:30 CST. I am watching for a move at the top of the hour. If it does not happen then I will not trade until after the report is released.
-7 ticks on the trade. Dumb move on my part.