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Pretty choppy action this morning... I'm in a trade but shouldn't be, trying to get back to BE after being on the wrong side this morning. Chop. Chop. Chop. Patience...
First trade plus $25. My risk on this trade was $14.
A few factors I observed going into the trade. 1st PA was sitting on support formed on 11/30/17, long term extension line (black) converged with PA and RSI divergence AT SUPPORT. Based on my experience I took the trade long knowing that there was a very strong likely hood that PA would climb.
Once PA moved up and closed above the Median line of the Pitchfork the probabilities would be in my favor that PA would continue higher in the short term. it's December so I'm headed back on my SIMS for today and trading other instruments, JP...
Daily:
Action relatively muted the past couple days as the zone from 1825 to 1865 is tested for support.
H1:
Price approaches the 1840-1850 area which looks interesting for a long.
M5:
I don't really know what I'm doing when it comes to fades and scaling in. I tried and failed today on the first trade. I had levels at .50 and .40, so I entered one lot at each. I did not look for any sign of strength that buyers were stepping back in (like a higher low or just a 5-min-bar break). If I had waited for such a sign, I would not have been in this trade at that level. This was a pure fade and I don't tend to have the best results with that type of entry. In retrospect, either avoid this kind of entry completely, or I might take the same entry again but better to cut it lose on the first break below 1848, rather than hold and add. With this kind of fade I think I'm looking to see strength show up pretty quickly after my entry ... if it doesn't, bail.
A better long entry set up around 1825, but I was not present for that.
I did redeem myself with a short on the pullback to 1850, but only on one lot. I'm not accustomed to trading more than one contract so this will take some getting used to. Haven't settled on a particular approach.
Dec 5: -25 + 24 = -1 ticks on 3 round turns = -$7.37 after commissions.
I don't like how NT includes commissions in the tick-based trade results. This is new to me as I never included commissions before. Need to fix this or it throws off my spreadsheet log.
4 hour chart signposted the short move, also when a level has been hit that many times (such as the h1 level you bought from initially) the chances are it will break.
Completely agree that m5 price action would have kept you out and got you a long scalp.
Yep it tried but never quite got there. I'm no expert but the Euro seems to respect trend lines and S/R quite a bit more than anything else from my observation.
Here comes another newb question... what causes the gap between the RTH close Friday and the open on Sunday if no trading is taking place?
Well... I know that news events and other fundamentals can change over the span of the weekend, but I don't understand how the price can move if nobody is trading.
Fundamentals are just one of the "whys", but who is responsible for determining where an instrument will open on Sunday? If there is a gap or not? Why doesn't it just pick up where it left off?
Forgive me @rassi, but you know I can be thick skulled at times LOL
Edit: I'm thinking resistance and possible continuation of downtrend at 1820-1826, but dat shit is moving slow right now...
If there is a lack of bid/offer at any price level then price is free to slice through it. A gap refers to a gap in liquidity ie a lack of bids/offers.
