I waited until all the important news were over. Placed a Sell Stop 1 tick below the Lower Donchian and order was filled 2 ticks in favor. Did not use the 30-minute range as it did not go far when it broke around 10:05 when we had the last morning news.
The initial 12 SL almost got hit (10 ticks MAE). When it started working (did pause a few times around 701.00) or the trade was -4/5 ticks, I was thinking if I should exit early. Chose to stay in the trade as most indicators aligned with the Short with only the ADX thick green line above the thin red DM- line on 4R (may mean close to End Trend and may not have the strength to fall more). 12 PT got hit "finally".
Note for white arrows: practising during news.
It's Friday and I'm done .. haha ..
Continue enjoying your day and have a Great weekend everyone.
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Trade With the Trend!
The following user says Thank You to wgreenie for this post:
I did get away from the trading station for an hour when it regained almost all points. Back for a quick glimpse and noticed a potential Short opportunity. Placed a Sell Stop 1 tick below the most recent HL (same as the Lower Donchian) and went to take care of the laundry. Surprise .. surprise .. 12 ticks have been cashed in during my absence.
I placed the Sell Stop based on the following:
1. Jeff's Down Triangles on both 8R and 4R (I did not enter immediately after the 4R signal because of the green histogram bars on both)
with entry point right below the ADX golden choppy squares (8R) and 1 tick below HL/Lower Donchian represented a higher probability breakdown set up for me.
Since I have not witnessed it .. simply looked at the price bars and trade log, it did not take any heat (no MAE) and it's a smooth sail.
I am starting to realize trading "could" be simple and easy when one is trading with an edge. I certainly hope that I will soon be trading at ease when similar trade opportunities come up .. haha ..
Today's IB 701.90 - 697.80 (4.1 points). IMHO, too narrow to justify placing a breakout order (4.1 x 20% = 8 ticks) unless it's supported by other indicators PLUS the earlier drop was quite extended with ADX thick green line above thin DM- line on both 8R and 4R charts as highlighted in ellipses.
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I spotted 2 Short opportunities (white arrows). Unfortunately I was late for both and decided not to chase when it moved 4-5 ticks from my preferred entry point. I did not sim-trade the early long signals (one around 9:40 and the second one was a breakout trade around 10:08) as the thick green ADX line has been above the thin DM+ blue line for some time. I only take higher probability signals when 8R/4R and most indicators align LOL!
Will wait for more great signals tomorrow .. smile ..
It's been on an uptrend since 1:15 pm. Tried to break the Upper IB around 3:15 and stopped at 708.00 (DT to me). When it tried again around 3:40, I placed a Buy Stop @708.10 with PT/SL @8 and 6 respectively. It's not 12/12. Why?
1. Quite late. Better to tighten up both PT and SL.
2. Safeguard getting stuck around 709.00 area.
3. ADX thick green line has been above DM+ thin blue line for some time. May not have the strength to go further up.
It's a good practice opportunity. I adjusted 9 PT to 4 and existed green. I did not move SL as it's a comfortable 6-tick cushion (1 tick below the Low of the entry bar). Also represented a reasonable reward/risk ratio 3:2 before the PT adjustment. I am learning to be flexible when a trade does not look promising after entry. There will be occasions when I have to exit red/pink though trying not to have a full 12-tick SL.
With an overnight drop of 10 points, I am a little bear bias this morning. The long signal (in white arrow) was a valid one and I chose to SOH for the first 15 minutes to get a better feel on the market. Then a red downtriangle signal on both 8R and 4R around 9:48. I placed a Sell Stop 1 tick below the Lower Donchian (4R) which was same as the Support level on 8R. Quite a smooth sail as 12 PT was hit slightly over a minute.
Note: I did adjust SL to 10 upon entry (1 tick above the entry bar). To me, saving 2 ticks (also rep a reasonable exit point) = good money management.
With ADX thick green line above DM+ blue thin line, I was a little reluctant in placing a Buy Stop 1 tick above the Upper OR. Then it broke and did not give me a chance to enter .. no chasing! It went up almost 5 points and it's retracing now.
I do not have any stats on how far an OR breakout may go though it's 80% profitable (seemed to me that way). Believe one will manage the trade based on his/her plan incl warning signals. For me, I will likely have a predetermined PT/SL for the first contract and let the second one run (when I advance to multiple-contract trades .. haha).
Note: I'm sim-trading and/or sharpening my money management skill when reviewing potential trade signals ... ...