1-contract and 2-contract trades for A and A+ set ups respectively. Based on my observation for the past 3-4 weeks, we had at least one Inside/Reversal trade daily. Why not trading them all? I am very news conscious LOL! If it happens around the news zone, I will SOH and be a disciplined trader. Hopefully will still have 2-3 for me .. smile ..
I am going to use CCI indicators to identify an early exit opportunity if and when a trade is not working. Time is another factor .. say 5-7 minutes after entry and I should start looking as well. In short, I will do my best not having a full SL get hit.
Continue enjoying your weekend.
Beth (Nelson had 2 rough days .. I took him out for a delicious Thai lunch (my favorite restaurant). It's a value-added combo $10 incl a yummy spring roll, homemade soup or mango/cucumber salad + choices of 8 different entrees. It's so delicious that he over-ate and finished the whole combo meal. I had some leftover for tonight's dinner .. haha ..)
After having the CCI Continuation Chart for 1.5 weeks, I really like it esp the audio alert. There're occasions when it coincided with the three set ups stated in my earliest post, ie made the signals become A+ .. smile ..
For my next move, I will continue monitoring/learning its behaviour. It will definitely help my trading decision incl order size.
While waiting for an Inside Bar, sim traded 2 Outside Bar trades (blue bar). The first one was a smooth sail. I did not enter the second one upon its getting triggered. Rather I waited until CCI hooked down and got a better entry. Those who followed the entry rule might get a little bit of heat (10-12 ticks against the trade) for some minutes before its reaching the first PT 8.
Now we may have an Inside Bar. Unfortunately it's news zone (New Home Sales at 10:00 am) and I am not going to take it and wait for another one LOL!
Initial Balance: 1107.50 - 1097.75 (9.75 points) Value Area as at 10:30 am: 1104.75 - 1101.75 - 1097.75 (7 points)
Price opened @1101.00
Today's High and Low as at 10:30 am: 1107.75 and 1097.75
VPOCs: Top 1108.75 and Bottom VPOC 1091.00 Overnight High and Low: 1103.00 and 1097.00
New Home Sale news was over. Let's see if Mr Market may rotate Up or Down to extend the daily range.
After hours of waiting, we had an Inside Bar completed at 1:00 pm. Unfortunately, the Long only got to 4 ticks before going south. Since the CCI indicators looked positive, I stayed in the trade. Over 15 minutes passed by and it's still struggling below my entry. I tried to get out BE and ended up giving 6 ticks to Mr Market. When a new 15-minute bar started with its Open below the previous bar + Bid/Sell on the DOM told me it's falling, I chose to exit asap and not trying to B/E.
Post-Trade Review: If one held on for another 15 minutes (the trade would be 30+ minutes), he/she would get the initial PT 8.
Emotion-wise: No racing heart .. still numbed fingers .. The trade almost started going south immediately upon entry .. lots of heat though the SL cushion was 18. There were a few seconds that it's back to Green and I did not grasp the opportunity to close the position.
Realization: I definitely love "scalping" .. quick trade in-and-out and not staying long in a trade. If a trade is working, maybe it's fine to stay a little longer and move SL along to protect the gains. It's my prelim diagnosis on my trading preference.
Let me do my very best to regain the lost ground (6 ticks) in the coming days!