I made a somewhat replicable version of Right Line Trading (I'll call it Wrong Line Trading )
Using a 15 period ALMA (arnaud legoux moving average) and 50 period WMA. (I use Sierra Charts)
I see the 3LB trade you took and my thoughts is that had you stayed the course, you would not have entered the second trade but rather fulfilled the objective on the 3LB and on 3 contracts made 34 Ticks.
Just food for thought
The following user says Thank You to petep1234 for this post:
Nice.. WLT reference....
The 3LB trade was 1 candle later than you posted entry.
The 3LB must have 2/3rds penetration thru the 50MA, hence the second outlined candle. The would have stopped me out for sure by a tix or two.
2nd trade i received a 1 tix slip and when it was coming back against me, I just got annoyed and stopped myself out.
Since the NY Exhg was closed due to weather, which I wasn't aware of, made trading today dull and tough.
Will be back at it tomorrow!!!
Thx for your input and keep it coming.
The following user says Thank You to msull35706 for this post:
I got consumed in the outlined bar which signifies a 3LineBreak candle entry.
Just need a candle that clears the 50MA by 2/3rds. So I waited for the next candle.
Yes, had I entered on prior / ABC would have been able to ride it out...
The price action was extremely slow and dull...
Not making excuses but should have known better to shut down after staring at screen for 2.5hrs and no qualified trades...
yep, you're right ! I ALWAYS live to trade another day.
Got quite late back home from work yesterday, so due to lack of concentration I consequently didn't trade according to my plan.
Since I'm still at work right now, I couldn't resist looking into my VPS and just took a trade in NQ with BDT...
It was a standard second entry on the second leg of the uptrend, and I took my 3 points using a 10 tick stop.
...Too bad I missed the first move, but as I already mentioned I'm still working on my dayjob...
So, since you recently suggested posting a chart, here you go...
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The following 2 users say Thank You to Daytrader999 for this post:
Took 2 ABC engulfing trades today with only 6tix target on 2 contracts ea.
With inventory report due out today price action can be tricky.
Prices were gravitating between 10tix SR areas I made on chart with assistance of the Pivot Indy
of Right Line...
Last edited by msull35706; December 11th, 2013 at 07:04 PM.
The following 2 users say Thank You to msull35706 for this post: