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2 trades CL, +29 and +47. Briefly, I bought at some very strong support, for 2 legs up. Rushed the exit slightly, should have waited longer for the 2nd leg failure, but the trade was Ok.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
This NQ trade didn't trigger, would have been a great scalp down to 28 after testing the BO point at 35. Wouldn't take it now even if it goes down from here, because it pulled back into the range, With-Trend. Buyers higher than 'should be', a sign of strength.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
As I may not have time to trade tonight or tomorrow, I traded during the day (night EST) today.
1 trade, right idea (sell pullback to strong resistance), but monkeyed around with the trade little too much. +3. Had I left it the way it was originally with the TP and SL orders, it would have closed with +20. Oh well. Once I decided, I should leave it as it is, come hell or high water.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
After messing around since I came back, I conclude that I want to move to a higher timeframe, 12 hr. charts. I will check the market only twice a day this way, don't have to spend my life watching 5 min. charts and can put the time towards my other businesses. Also, the PA is generally a lot more clean.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
A week ago, I started to trade with 12 hour charts. Did not post any trades on this thread, as there was nothing 'to write home about'. A bunch of tiny losers and small winners, winning overall....... BUT I discovered I don't want to (CANNOT) trade like that. Doesn't do it for me.
Here's who I am:
Day trader scalper
I want the same !@#$ing 10 ticks on CL over and over.
FREQUENT SMALL WINNERS. Occasional larger loser is fine.
Can the math work?
Sure, if I win often enough.
Suppose I have TP 10 ticks and SL 25 ticks.
If I win 75% of the time (DOABLE), then math is
0.75*10-0.25*25= 7.5 - 6.25 = 1.25
Profitable, but not exactly amazing.
If I win 90% of the time (HARD, but doable with selectivity), then math is
0.9*10-0.1*25= 9 - 2.5 = 6.5
I have to trade who I am.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
)
Enjoy. I just love to work here.