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Really? It seemed like watching paint dry? Definitely didn't seem like normal market speed to me, but maybe I am just rusty on what the market speed is as I haven't been really watching the morning open.
Maybe I need more practice with watching paint dry. haha... I think also what I mean is that the range isn't real big.
If the range is between 3-4 points and back and forth then if you hit every pivot you can do well (which you were beginning to do on that last trade), but I was looking for a break which if I was smart would have taken that at a higher value S&R area.
I guess because maybe you were trading over the holidays that your speed meter is acclimated.
Can you help answer these questions from other members on NexusFi?
Yes, TF was slow moving yesterday. It did pivot at areas though. That's what I was referring to, as you noted. This conversation reminded me of the indicator Priceguard. Set it near the area and it will sound off when price hits it. I'll try it.
Yes, that is a good idea... So you don't ware yourself down which is how I feel after about 30 minutes.
Yes, I think you can always find pivots that match up, for me my challenge is finding the longer term and the shorter term 'concept' and finding where they will lock together. Like today for instance.
I took a short, it matched up with my long term picture and I didn't let it run. And I seem to let all the 'losers' 'run' and knock me out. I need to figure out what that block is and get rid of it because it is hurting me. I had two good trades today and both times didn't wait for my TP because Price Action was telling me otherwise. I need to learn when to ignore and when to pay attention. I guess that comes with experience and learning the flow of the market.
It was slow this morning, but boy it picked up nicely!
Took a decent short after the open, but I didn't manage it well. I didn't really put a target on it and set it and forget and that was my mistake as I just left it above the support line which actually would have been much better.
I have been in a lot of non-starter moves so I guess I was more cautious lately on my expectations on how far that may go.
Then the 2nd trade was rubbish, and aggressive. 3rd trade I just had a little bad luck on and it just knocked me out and then the last trade made up for a bit of it.
No reason I couldn't be at 3+ points today. Just more cautious after yesterdays not-so-good trading.
Recapping, I think my big mistake was that I was following your lead with larger stops (which is good), but I didn't manage my stop properly on the 3rd trade. This cost me a point and to me, it made no sense just setting the 1 point when the pivot was right up above and what I would normally do. I would have been up another 1 point had I managed that one better.
I would not have done the 1st trade had I not been following you guys taking the larger stops...
Like Big Mike, Horst and several others are doing these days, with taking larger stops, it seems to be the in-fad thing. I know because of commissions/spreads on FOREX that I never liked smaller timeframes, so kind of going through a transitional period in my head on intraday trading.
After yesterday, the encouragement is much appreciated! I was pretty down on myself after my wife got done with me. haha...
Just more cautious after yesterdays not-so-good trading.
haha...