i didnt trade them - they were pontential setups, not sure if i need to get involved more....even when nothing happens the levels are there to scalp. instead i just scalped a 1 lot at mid price, made a mistake -7. idiot - was selling 63s cos had a feeling this may run. right, be patient, have done the research to suggest that not trading is the best option - either stick to it or become a scalper (a sh1te one)!
re the open price - of the day? am sure if it worked there wld be an algo already doing it - front running retail, & if there was there wld be an algo countering it. there also initial balance etc which ppl look for later res/support, but these really shld to be only a small part of a trading plan. i tend to ignore stuff like that, but what do i know.
nothing looks great at the moment til a move away for me, hung around these areas far too long for any clean PA to come from it.
Ah good glad you didn't trade them-no more easy commissions for brokers!
I know what you mean, I've always struggled about not entering. I know deciding not be in the market is a trading decision as much as entering a position but it's hard.
One thing I read, or maybe I adapted it from a few sources is the following phrase. It really resonates more than the trading decision idea: "You are paid to wait for your set up to occur."
By trading less and waiting I tend to see the market more clearly that's for sure. Just entered a long (uhoh-reversal trade) on eurostoxx50)-made a couple of pips, nothing special, but by sitting back and waiting (because I get paid to wait) then for some reason I pick areas far better. Having said that i would've preferred to get in on the move lower but couldn't find an easy level to spot. But with hindsight....(as always).
R.e. the open price, of course it's not a 100% set up but it adds strength to a level if I'm interested in it. From market/volume profile I know that traders pay great attention to it as well as the opening range and if they're interested....
Eurgh just watching eurostoxx move even higher. Doh!
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Well we ve got FOMC tomorrow as well which could get more attention than usual. As for the last few days its always calm before the storm. ECB bought most of its German chunk the first days of the program. Everyone has a long mentality since last week. Now try to imagine the pain on the downside. This contract has pretty could history on stop searching
was quite good vid (unfort i cannot share it due to copyright via a prop firm), but was explaining that yields have broken their 5 weeks range into new lows & retested the range lower limit - this caused a quick dump in the bund (near where i got stopped out yest) but when the retest failed & came off again the bund rallied 23+ ticks with little resistance. hmm, just need reuters now for this real time data.
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the reversal was a better trade poss - 66s never traded again. i dont normally trade 2nd time into supply area but with the slow go range day today i didnt think it was high risk. SL @ 80s above the last swing high.