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Good afternoon traders, had 2 trades today one winner one loser. Entered long just above support, PA then started to climb giving me about 10 ticks before it started to descend. At that point I decided to reduce my 14 tick risk to only 9 ticks.
There's a very high probability that if PA is within 4 to 5 ticks of stopping you out then if you don't reduce your risk you will most likely get stopped out on your full risk. The worst thing a trader could do is start moving their risk out even further when PA is going against you, I do the opposite. This is what we call Emotional trading.
My second trade went in my favor but I cut it short to plus 14 ticks. Why did I decide to cut it for only 14 ticks? When PA
traded below my support level I was looking for STOPS to be hit from the buyers who entered on 11/23/17. This usually will cause a domino effect causing buyers stops to being triggered. When this did not happen I decide to take my profit,
First 2 days of trading live i'm in profit $31.25 one contract at a time. This does not include commissions as I'm trying to figure out how to implement this on Ninja 8. Have a good day, JP....
Hi Jackbravo, if you notice on my chart we have lower lows and lower highs, If you are trying to hit a home run targeting the Gap then based on the charts you are fighting a losing battle. Trade what you see...
I would not be interested in the gap unless there are a few solid closes above 1.1850 (yellow line). Trade the charts one tick at a time being aware of support and resistance, trend lines and parallel trend lines, RSI divergence at PA convergences among other things... JP
Woke up a little later than previous days. About 1 hour until the NY open.
Noted from the Economic Calendar: Draghi at 16:00 GMT
H4: Price has made its way down to see 1780 and got its first sign of a reaction bounce off that level.
H1:
No way of knowing how strong this potential bounce will be here, or if it's already done and ready to continue dropping. We can see that the current impulse down is shorter and less steep than the previous 2 (so far). Shorting 1810 or 1800 or following a drop through 1780 are all options. But if the market shows it's not ready to move lower I want to keep listening to what the market is saying and not pick a side or get chopped up.
It's also worth noting that since the LND open the market has waffled around and done basically nada. I don't know if we'll get much of anything today. My kids are up early so I may not be at keyboard to do much until a bit later, if that.
M15:
Market didn't look like it wanted to drop. Decent buying back over 1800 and looked like 1794 was holding. I could have given the trade a bit more room and I'd still be in the trade for better or worse, but either way the market wasn't likely to do much so I kept risk very small on the off chance it did make a little run. It didn't, and result was another shakeout but not such a bad one in this case, since it was a calculated risk.
Today really felt like the first day I traded with clarity. I entered with two lots, I picked an entry that was neither a pure fade, nor a pure follow. Better maybe was just not trade at all, given the tight range and lack of energy in the market.
This trade had 9 pips of MFE just by virtue of the decent entry location before swinging back and taking me out for -4 pips on two lots. I feel if I take the same approach on a day when the market actually has some mojo in it, I'll be in a position to finally put some green on the board.
Dec 5: -$7.37
Dec 6: $-15.66
Dec 7: $-14.08
-----------------------
-$37.11
Someone wake me up when something happens. 10-15 tick range since RTH open? Zzzzzzz...
Yesterday I had two tiny losers and then was done for the day, nothing really worth posting but keeping track of the numbers. And today... well... yeah. We're heading to town a bit later for some chow and live music at an old watering hole so probably no trades today.
December is traditionally a pretty slow month anyway, yeah?
