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I have to say, Ben, that I am impressed. You have all winners and know when and where to enter and when to stay out. Very skilled. Must be a nice feeling.
David
Can you help answer these questions from other members on NexusFi?
I'm of the opinion that traders will have losing trades. I feel that as along as you lose less than you win then things are okay. Yes, you had a loser of $800 yesterday and still ended up making over $2000 on the day. I'll take a day like that any day of the week and twice on sundays if I could. If your goal is 100% and you feel you can obtain that consistently, then I'm even more impressed. Ultimately it's not what happens in days or weeks, but more like months. With the way you are trading you could have one loss a day and still do fantastic.
Can you explain your thought process on a couple of trades? Your second trade you shorted into yesterdays close and price was above the midline. It looks like you don't wait for that bar to close (the blue bar), correct? Are you shorting there because you feel the previous days close has become resistance? Are you also willing to take a short there because the slope of the midline is down at that point?
On your third trade you wait to take out the swing low instead of shorting at the midline. Why did you do that instead of shorting at the midline? Do you keep your stop the same size?
1. in a bear market the pro like to fade PD-close.
2. rubber band setups - when trading around EMA when EMA is flat price like to come back to the EMA it was a risk that i was willing to take with small stop loss.
3. PD resistance which will create a double top which is also in my "trading book"
as for the third trade , i was still thinking about the rubber band setup and i was waited for the market to break the swing low
ben
Keep on sowing your seed, for you never know which will grow -- perhaps it all will.
With the PB to the prior day pit close, you say you were prepared to take this risk with smaller stop - what was your stop?
Can you illustrate how you applied the 1-2-3 to keep you out of that trade.
Finally, for the last trade, you entered mid way through the bar. It could have closed down. How did you decide to enter where you did - was it the slope indicator went +ve at this point?
Stop loss was 15T which normally i keep 20-30 Tick stop , 15T its my normal stop for 2T/TB
as for the 123 Pattern its basically higher high and you dont want to short it this is what i see in the market all the time
if you think about that first pull back to the MA worked good (only for 1st) and if you read my journal you will see that i dont like to fade the second time around , i need to have a good reason for that .
on the last trade , i was too late for the "party" but still in the rule book
ben
Keep on sowing your seed, for you never know which will grow -- perhaps it all will.
