Came late to the charts and discovered only today this NQ Trade: 85 ticks.
O.k. first official demo exchange on YM....
124 shorting it. Completed an ABCD .... I think it is beginners luck... but I need to learn tons more before I put down actual dinero!
Will attach a screen shot. I should have explained in depth. Ive only been trading this way since Christmas so I might be incorrect. When I woke up this morning an hour before market open I could see we were on our way down so my head was made that I would be looking for shorts. Considering that the swing was quite large and double the size of this swing we ought to have gotten a correction. I took a short at the 32 fib but as you can see price went higher and higher. A bit closed above the 78 fib. Buyers shouldn't haven been able to attain this. So at this point I sold again to get a better price and created a BE exit on that short that would have cost me -111 points. So price came down along with the buyers defended the 25148 and these nice large candles screamed in my mind to buy but since my previous expectation had neglected I backed down. This trade occurred and it was taken by me I had an off day. Does this feel. The reason price shouldn't have gotten into the 78 fib because the swing was much over the 1:1 therefore price ought to have made a LH.
I had this problem when I first went live, it is totally different as there is money involved, the excitement of winning then the wanting to get back to BE/profit whether you have any winners. Personally I kept on with it with my lowest risk potential. It helped me understand to forget about the cash and focus on the movement of the chart.
It can help going back to a demo account (I did exactly the exact same thing), began with the winners, went to live currency account and hit the wall. I just stuck it out with my real cash account since I am aware that it is the only way I will learn.
I understand Prock, thanks. One thing that I do a bit differently than , and I'd want to see the way you and everyone else does this.
I have a maximum reduction per trade. In Forex I can set that to the dollar, with Futures you do not have that flexibility because we're trading trades. Although my loss doesn't need to be to the cent but is much more like maximum reduction /- that the gap in a contract.
If I decide, because you did this afternoon, that there is great momentum, '' I should have a shallow pull straight back, and now that I input say around the 38, I am only going to enter partial contract dimensions. does this to some extent over the Longer Term swings but on Saturdays Period 233T swings he always enters with full dimension. So then if price pulls back to the 78, I am not looking to escape the transaction, my anticipation is still my anticipation, I am just looking to enter with my staying contracts up to my maximum loss, as long as I still think in the trade, which if it's not broken structure, is 99 percent of the time.
Started well with my trading now, then completed with a lot of BE (efficiently) transactions to complete the day. That said rules adopted, which is my main focus at the moment (since I know the profit will come out of it) so a winning afternoon.
Trade 1 - Price corrected to region of support, hit on the 32.8% also and slow momentum when compared with the previous push upward. As didn't like the candle too much do not enter on the rotation, then the time in this area obtained with no rejection. Started to trail and then got taken out for 35. The only thing I might have done better here would be to carefully trail when the 1:1 completed, this would have got me another 15 pips or so.
Trade 2 - After a NSH waited for a profound correction and obtained the spinning I was searching for at the golden zone so entered, then moved to BE when price got near structure and got taken out, shame as was 50 at one stage, but followed principles.
Trade 3 - After price correcting deeper obtained another fantastic rotation (candle looked a bit better than on the chart as I have reloaded since accepting the trade), price went against me my SL was below structure. Got another turning and entered again for a much better price (still inside my margins), although this SL was somewhat lower. My first trade was only taken out by a couple of pips for a loss of 50 (could/should that have been reduced?) , then price adjusted and also my trade dwelt on and place TP to get BE for both those transactions. Unfortunate that I was taken out as would have been some profit there.
Still 37 for the day.
Have a great weekend everyone!!