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Plan going into the London session: The HTF was indicating that there was still a clear path to run lower. If price crosses below the red line, look to sell short for a continuation lower. If price crosses above the green line, look for higher lows and buy a break over 1.2030.
Result: Still getting the hang of trading while sleeping. Missed the ideal entry as I dismissed my alert in a groggy stupor, got in later, used a pretty weak trailing stop resulting in a small loss. Without that trail-out the short is still on but market is quiet now anyways..
I am encouraged by the opportunities that are presenting themselves. I did not expect this adjustment to be easy. Still, would be nice to get a couple wins this week after this meh start, although two trades is not much to judge by.
Looks like we're finally getting a proper pullback... will be interesting to see what the ETH has to offer. Are we stairstepping down or is it turning around? I think there may be sellers hanging out in the 1990-2000 area.
Hey @FlyingMonkey, when you get up for the London session can you give me a wakeup call?
A decent day. Lots of mistakes and distractions, but I've never really played a range day like a range day (always looking for the breakout, next big move) so I figured why not? It worked itself out.
Have a couple of contracts going into the evening session, thinking another swing low. My first attempt at letting it ride for a swing. Here we go...
Hey Everyone,
I am new to this forum, and this is my first post. I like what you are doing here and was wondering if I can jump in and compete in the contest? I only have 2 trades since the first of the year, and am currently in the third. I will be more than happy to share my stats for the month. Good trading to everyone!
Great job identifying the likely range and capitalizing on it! Not sure if you just felt it coming, but I did notice heading into the NY session that this the 3rd strong push lower in the last 3 sessions was slowing up. Seems like at that point, yes the drop could go further, but after that much supply often we get a little rest period before the next run. Agree with you on potential further downside now that the market has let up for a bit.
Come on in Kent, the water's fine. I'm sure we're all happy to have a fresh pair of eyes around here. More the merrier. The only condition is please share more than stats. Charts, thoughts, commentary, etc. are what makes the thread go 'round.
Sorry for not posting but this month has been a total wreck. I been taking swing trades with an average 25 tick risk on 2 contracts. None have worked out, the risk adds up fast. I'm currently about $280 in the hole.
I see my mistakes but it's after the fact. I need to step back from the charts for a few days and regroup. Again I apologize for not posting charts but when my hobby puts me in a bad mental state it's time to step back for a few days, hopefully everyone will understand, JP.
Today should have been an absolute killer day for me. I was ready and waiting to buy a break over 1.20. Had some technical issues with NT8 alerts, partially my own fault from lack of testing, and unfortunately by the time I got to the screen at 3am here, it was off with out me. Then I was calmly not taking any trades but after a while some kind of demon took over me and I took an unplanned long for a loss. Nice clean action today, I hope some of you banked some profits!
@JMP3 totally feel your pain. It is rough on the ol' noggin going through trade after trade with no winners. And miserable posting results here when you know you should be doing better... but I would also encourage anyone with miserable performance (such as my own thus far), with no pressure to do so either way, to not feel too embarrassed posting here as commentary on losing trades can be constructive. This will I hope continue to be a shame-free environment. I know the thread would love to see some growth and progress from us amateurs, but so it goes ...
On the bright side for myself, my swing trading plan for the week involved trying to get long M6E if it dipped into the 19s. I had a buy stop to get me in at 1997 if we had some upward price movement. So I got triggered long for 2 lots at 1997. Working out OK still for now, although it was looking, ahem, way better earlier in the morning. Will not be counting this trade in my running total for this month, as it is another account and I am using totally distinct risk parameters than my method here.
