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Actually, you are talking to me, because those are the exact things I've been doing and now am trying to get away from! lol
-it this a double bottom?
-have we hit support?
-i should book profits. Should I book profits or hope it breaks through?
-**(#*$
-crap, it's coming back up. gotta get out. getting out. i'm out for scratch to 1point.
-ah crap, it's going back down. hate myself.
wait until it breaks what I thought was the bottom then get out.
grrr...so mad. when didn't i just stick with my gut instinct??i'm getting back in now. better get back in quick!
so i guess a retest failure is based on people figuring they're on the wrong side of the trend and covering, which drives the trend further
Late shorts have to cover, their scanner to exit helps fuel prices higher
ThThe bottom pickers get stopped out only to ssee trend go off without them and they feel they are missing out and chase to get back in, helping fuel the rally further
The first buyers are the first mouse who hgt get trapped if they haven't picked the right bottom, so better to be the 2nd mouse on the retest fail and get the cheese. It's safer on the second go. It also shows sellers have failed on two occasions now to push market lower... That is powerful market info you have been told. It's confirmation. The bottom pickers don't have any thing to go on other than what their opinion is
I'm trying to learn that patience of waiting rather than jumping in. I think it's part of learning how the market moves and underlying structure, which I'm still trying to get cemented and trust that information. Appreciate your advice.
I often think of trade ideas, but seldom have time to perform analysis on them. I have even thought of hiring an "intern" type of person that could crunch numbers all day, but I thought I would try this thread first.
man, can't find a spot to get in. feeling very risk averse. i'm probably done for the day, unless there's a major trend change. here are today's trades. screwed up the second one by chasing. waited for pullbacks on the others and didn't do anything stupid like fade the trend. i am only disappointed in that i didn't have the confidence to hold on for my 5 point target in each trade, ended up with +8.25 points for the day.
EDIT: except the last trade where i tried to fade and failed. bastard!
down to +6.25
EDIT: got a last minute scalp in based on being wrong-footed above and the conviction of TigerTrader to 1900
man, got stamped trying to fade this morning before the open, hoping for a gap close attempt. reversed long at 17.50 and holding, trying to learn from yesterday's mistakes. it worries me though that we've already gone up close to yesterday's range, and it's only mid-morning. not sure if it one of those days where a reversal will happen, or is a slow grind day unstoppable no matter what???
Hey Jack great journal. Been through a lot of the stuff you are talking about. Are you still having trouble with IB OrderBook? If so let me know and I will help with some tricks.
Well, as soon as I recognized it was a grind up day, my plan was to hold on to the bitter end with the my first trade. unfortunately, I got sidetracked with the dip, the corollaries non-correlating, and other BS and got out of the trade. After that, I kept hopping in and out back and forth. Don'd know what my total is yet, but I think it should be +8.25 points (when it could have been +25 !! again !! ). I'm such a dimwit. I thought I had learned from yesterday, but apparently, I had not.
