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I'm with you. I definately agree there's rungs of different traders. There's also traps. Traps and Traps. Ticks by seeing the trap or you get tapped by them. There's also an early, middle and late... in both traps, set ups and counters.
It's so much easier trading with the trend! I wasn't perfect today as I made one really bad entry which I let go against me too far, but other than that I am satisfied with how the day turned out.
I felt we might get a trending day because we opened up outside of the previous day's value, which meant the market was not in balance. I waited to see how the market would react to the number coming out at 9:00am, and it bounced hard right off the low of the day. That's when I started looking for longs.
I hope I can use today to build momentum and finish the week strong.
Thanks! Unfortunately, I had a setback today, basically a repeat of the the day before. It was strange, my analysis for the most part was telling me to do one thing, but for some reason I kept doing the opposite. I'll post my chart later.
that's ok. I was caught on the wrong side today too. It was brutal because I didn't expect markets to test all time highs around 2103-2105 zone, at end of day pre NFP. I had a sell limit on top of a position i was holding onto from 2099. Had to close out the previous order so i could make margin
Trade in the present: what do you see developing today?
Totally. I have the day off tomorrow from work. Plus I'm still stuck in a short at 2103.25 so I'm going to manage that. I'll catch the trend either way it goes. If it goes lower I'm going to add. If it's going to stay above 2105 then I'm going to reverse or catch the next leg up
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Trade in the present: what do you see developing today?
Today was another day where I was kind of fighting with the market. I'm not sure what happened at 8:48am, but there was a sharp drop and the YM traded down past the bottom of value from the yesterday. I'm thinking the trend is down, and I take a quick scalp, at least 10 ticks. It goes my way for 9 and I get stopped out +2. Now I'm looking for a bounce to get short again.
At around 8:55am, I noticed a hammer/pinbar had formed on the 5 min chart on both the YM and the NQ. I start thinking that this might be a great trade location for a long, especially because it was near the bottom of value from yesterday. But the sudden drop at 8:48am still had me thinking short at in the back of my mind. I felt like the market might go higher for a bit, but I still had a short bias. One small dip down, and I go short and get stuck going short for the rest of the day. At any time I could have changed direction and had a decent day, but again I was stubborn and couldn't get out of the short mindset.
I thought I was trading with the trend, which was down, but I wasn't flexible enough to see that the trend had changed. I also took a bunch a scalps and overtraded after being from over $300 trying to make it back, which only put me further in the hole. All in all a pretty bad day.
