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COMMON SENSE


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Updated November 27th 2014 by mfbreakout
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COMMON SENSE

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  #751 (permalink)
BOSTON, MA
 
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mfbreakout View Post
No longs in TF. Gave up all the gains from ealier short as i kept shorting when TF moved from 1045 to 1075. How? Not a pretty day but got the job done.


Held 2 cars short from yesterday. Shorted NQ this morning. US traders just tend to focus on US markets with nonsense comments like that S&P is down only 5% over 10 days etc., no need to panic. We do not panic, we just trade. How about Germany, UK etc being down day after day 2%, 3% , 4%. World is a village- at least when it comes to trading. Pretty soon i will start trading DAX and FTSE.

NOTE: Will be looking at APPL earnings on October 20th to gauage market sentiment. It's just one factor and lot of money is in it. If safe heavens start getting liquidated - WATCH OUT.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #752 (permalink)
BOSTON, MA
 
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danger

"1) Go flat and reshort on break of 80." We got #1 hand dealt.

where to short , how high it will bounce, where would be stop loss? No easy anwers. My stop loss is above 82.50 area.
Short 80.68 in case CL just get sold. Cover some. NY open will tell give clues as to how much down move is in the cards or there is a bounce brewing up underneath. Every trade as an element of Danger, some more than the others.




My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #753 (permalink)
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Credit


I have to give credit to a fellow trader who will not short E-mini till his weekly support/channel was broken- E-mini fell off about 110 points before he emailed me his chart and said he is no longer bullish . He has been shorting every bounce in E-mini since then and has done very well. In the end we all trade our CONVICTIONS. NO convictions = Trading randomness= Mickey Mouse trades.

I actually got more confident in shorting NQ, TF etc. after i saw him going shorts over last couple of days. It helps to see what other traders are looking at/doing.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #754 (permalink)
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TF. Basically nothing so far. Still holding shorts after 2 hours. Average short price around 1076. Same for NQ holding shorts from 3754 area.Will scale out on 4-5 points pullbacks but i am not taking longs at ORH area.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #755 (permalink)
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NQ

I am glad i focused more on NQ today. It's tough to hold for long hours and see P&L turn from GREEN to RED, RED to GREEN. I try not to look at P&L but when you are loaded with position size it's hard not to look at P&L.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #756 (permalink)
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CC is going NUTS due to EBOLA. No clear patterns though except very wide stop loss and then directional bet with long hold time.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #757 (permalink)
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Wow

Wow, wow-- One has to be prepared when something happens with CL like it did today. 99% of the time i am against trades which require QUICK THINKING and HANDS. However, one should leave room for 1%. Over 4 years i have seen something like this probably 5 times. I am glad i had Carlos Danger video on my mind this morning.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #758 (permalink)
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Awesome Reverse


mfbreakout View Post
Wow, wow-- One has to be prepared when something happens with CL like it did today. 99% of the time i am against trades which require QUICK THINKING and HANDS. However, one should leave room for 1%. Over 4 years i have seen something like this probably 5 times. I am glad i had Carlos Danger video on my mind this morning.

Looks like it hit the Down Trendline...i was not watching CL today until you posted this...Great Trade @mfbreakout.

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  #759 (permalink)
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mfbreakout View Post
I am glad i focused more on NQ today. It's tough to hold for long hours and see P&L turn from GREEN to RED, RED to GREEN. I try not to look at P&L but when you are loaded with position size it's hard not to look at P&L.

Market internals mixed at best. Added to shorts in NQ around 3782. So far have not been paid the way i want but enough while keeping some shorts on. The set up is reversion to the mean pullback. I see plenty of RED stocks across the board including BIG CAP technology names. Since 10 am nothing but shorts with some scaling out in between to keep the balance. I am not expecting NQ to fall out of bed but 20-30 points should be good enough for a pullback.
lets take example of CL today. It moved from 80 to 84.80 area, about 480 ticks. this is way beyond ATR within a macro bearish trend and it's was an easy short per my rules.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #760 (permalink)
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For ACD traders- the long set up was one of Mark Fisher classic. A up against extreme sell off/ -ve price action. Bad news good price action.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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November 27, 2014


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